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Stock Market & Financial Investment News

News Breaks
June 27, 2014
09:10 EDTMTW, GSManitowoc acknowledges Relational's 13D filing
The Manitowoc Company (MTW) acknowledged that Relational Investors LLC has filed a Schedule 13D with the Securities and Exchange Commission reporting that it has acquired beneficial ownership of 8.52% of the company's common stock. “As an organization, we are committed to acting in the best interest of the company and all of its stakeholders. We have maintained, and will continue to maintain, an open dialogue with all of our shareholders. In fact, we have already had several conversations with Relational Investors. As part of our regular evaluation of the company’s enterprise-wide strategic imperatives to drive long-term shareholder value, we will continue to consider and review Relational Investors’ suggestions,” commented Glen E. Tellock, Manitowoc’s chairman and CEO. “We have great confidence in the strength of our business and our ability to manage the company in any market environment. The Board of Directors and management team remain committed to building value for all shareholders through the continued execution of our strategy, including margin expansion initiatives which are already delivering results, and the continued evaluation of our capital allocation policy following our substantial deleveraging since the Enodis transaction,” concluded Tellock. Goldman, Sachs & Co. (GS) is serving as financial advisor to The Manitowoc Company, Inc.
News For MTW;GS From The Last 14 Days
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October 13, 2014
06:44 EDTGSRegulators seeking banks' auto loan data, Reuters reports
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06:37 EDTGSBlackRock, Morgan Stanley to buy shares in Link Net, WSJ reports
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October 12, 2014
13:03 EDTGSBanks agree on derivatives procedures for future crisis scenario, WSJ says
Meeting at the Federal Reserve in Washington, top banking executives from 18 large U.S., European and Japanese banks agreed in principle to wait up to 48 hours before seeking to terminate derivatives contracts and collect associated payments from a troubled financial institution, says the Wall Street Journal. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
October 10, 2014
13:08 EDTMTWOn The Fly: Midday Wrap
Stocks on Wall Street opened in negative territory and saw several swings throughout the morning. Near midday the averages were mixed, with the Dow a bit higher and the Nasdaq weighed down by weakness across the semiconductor sector. ECONOMIC EVENTS: In the U.S., the import price index fell 0.5% in September, versus expectations for a 0.7% decline. COMPANY NEWS: Shares of a number of semiconductor makers, including industry giant Intel (INTC), were sharply lower after one of the companies in the space, Microchip Technology (MCHP), warned that it believes the sector has entered a correction. Microchip President and CEO Steve Sanghi claimed his company often sees the turn of the semiconductor industry ahead of others, noting that it does business with over 80,000 customers and that it built a significant amount of inventory in the distribution channel in the September quarter. Sanghi stated, "We believe that another industry correction has begun and that this correction will be seen more broadly across the industry in the near future.” Near noon, Microchip dropped 11%, Intel fell almost 4%, Texas Instruments (TXN) slipped over 6%, Micron (MU) dropped 6% and Fairchild (FCS) declined 12%. MAJOR MOVERS: Among the notable gainers was Exact Sciences (EXAS), which rallied 35% after the company announced last night that the Centers for Medicare & Medicaid Services, or CMS, had agreed to cover the company's colorectal cancer and pre-cancer test through Medicare. Among the noteworthy losers were a number of companies that, similarly to Microchip, warned that their quarterly results will likely miss expectations, including Procera Networks (PKT), which plunged 34%, Manitowoc (MTW), which fell 9%, and Sizmek (SZMK), which dropped 21%. INDEXES: Near midday, the Dow was up 38.02, or 0.23%, to 16,697.27, the Nasdaq was down 35.89, or 0.82%, to 4,342.45, and the S&P 500 was up 0.42, or 0.02%, to 1,928.63.
10:01 EDTMTWOn The Fly: Analyst Downgrade Summary
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09:00 EDTMTWOn The Fly: Pre-market Movers
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08:36 EDTMTWManitowoc downgraded at BMO Capital
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06:29 EDTMTWManitowoc downgraded to Underperform from Market Perform at BMO Capital
October 9, 2014
19:11 EDTMTWManitowoc sees FY14 Crane segment revenues declining
For FY14, Manitowoc now anticipates Crane segment revenues to decline by mid-to-high single-digit percentages compared to FY13 revenues, while it expects Crane operating margins for FY14 to be in the 7% range. In addition, Manitowoc now expects FY14 Foodservice segment revenues to be up by low-to-mid single-digit percentages as compared to revenues for the prior-year period. The company expects this segment’s operating margins for FY14 to be in the 15% range. In addition, the company is adjusting its guidance for end-of-year debt-to-EBITDA to approximately 3.5 times, versus below 3 times previously expected, and is reducing its interest expense guidance to a low-to-mid $90M range. The company is reaffirming the remainder of its full-year outlook: capital expenditures of approximately $90M, depreciation & amortization of approximately $120M, amortization of deferred financing fees of less than $5M, and effective tax rate in the mid-teens percentage range driven by expected Q3 discrete items.
19:06 EDTMTWManitowoc sees Q3 revenue 'just under' $1B, consensus $1.02B
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08:21 EDTGSGoldman, Credit Suisse invest in digital surveillance start-up, Bloomberg says
A group of banks, led by Goldman Sachs (GS) and Credit Suisse (CS), invested $24M in Digital Reasoning, a data analytics start-up whose CEO, Tim Estes, said the banks want a way to surveil millions of e-mails, instant messages, and transcripts of calls to spot suspicious behavior "when it happens, not in an investigation three years later.” Reference Link
October 8, 2014
07:13 EDTGSBank dealers agree to revised derivatives rules, FT reports
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06:56 EDTGSBarclays lists several Large-Cap banks with the most Q3 upside
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06:35 EDTGSGoldman Sachs' outlook questioned, NY Times says
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October 7, 2014
09:17 EDTGSSecurities Industry & Financial Markets Association to hold a conference
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07:28 EDTGSWells Fargo ups price target ranges for capital markets banks
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06:51 EDTGSJustice Department set to attack more large banks by year end, NY Times says
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October 6, 2014
08:00 EDTGSBanks cooperating on corporate bond 'shopping mall,' WSJ says
A group of 12 banks, including Credit Suisse (CS), Goldman Sachs (GS), HSBC (HSBC), JPMorgan (JPM), BNP Paribas (BNPQY), and Societe Generale (SCGLY), are cooperating on a new early-stage initiative, called “Neptune,” that is intended to be a "one-stop destination" for finding buyers and sellers of corporate bonds, said The Wall Street Journal, citing people familiar with the matter, who said no single bank is leading the project. Reference Link
07:29 EDTGSHead of NYDFS reaching out to banks in wake of JPMorgan breach, FT says
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06:27 EDTGSJPMorgan hackers hit about nine other firms, NY Times says
The group of hackers that infiltrated JPMorgan (JPM) also penetrated about nine other financial institutions, according to The New York Times. Washington intelligence officials and policy makers are much more concerned about the attacks than they have disclosed, the newspaper added. Other publicly traded large banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Publicly traded cybersecurity companies include Barracuda Networks (CUDA), Check Point (CHKP), F5 Networks (FFIV), FireEye (FEYE), Fortinet (FTNT), Imperva (IMPV), Palo Alto (PANW), Proofpoint (PFPT), Qualys (QLYS) and Symantec (SYMC).Reference Link
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