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June 20, 2014
11:27 EDTMAS, BECN, PGEM, OC, LPX, AWIOwens Corning slips after roofing prompts lower earnings outlook
Shares of building materials maker Owens Corning (OC) are falling after the company cut its guidance for its full-year 2014 earnings before interest and taxes. WHAT'S NEW: Owens Corning reduced its FY14 EBIT outlook to $416M from $500M as well as slashed its roofing volumes guidance for the first half of this year to be 20% lower than volumes in the same period of last year. The company expects to recover a portion of this volume shortfall in the second half of the year, but noted that continued weakness in the second quarter has introduced further uncertainty in the FY14 financial outlook for the company's roofing business. The company continues to see improvement in the year-over-year performance of both its insulation and composites businesses. Earnings growth in these two businesses is expected to more than offset the weaker financial performance in the roofing business year-over-year, Owens Corning noted. WHAT'S NOTABLE: Three days ago, Goldman upgraded the building products sector to Attractive from Neutral based on reduced expectations and accelerating U.S. macroeconomic conditions. The firm said that non-residential construction is at an inflection and it expects existing homes sales growth to increase. As part of the sector change, the firm upgraded Armstrong World (AWI) to Conviction Buy from Buy and downgraded Ply Gem (PGEM) to Sell from Neutral. OTHERS TO WATCH: Others in the building materials space include Masco Corporation (MAS), Beacon Roofing Supply (BECN) and Louisiana-Pacific (LPX). PRICE ACTION: During morning trading, shares of Owens Corning fell $1.90 or 4.6%, to $39.40. Meanwhile, Masco was down 1.8%, Beacon Roofing Supply was down 3.6% and Ply Gem was down 0.6%.
News For OC;BECN;AWI;PGEM;MAS;LPX From The Last 14 Days
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July 27, 2015
17:36 EDTBECNOn The Fly: Top stock stories for Monday
Stocks began the session deep in negative territory, with weakness attributed to the Chinese market suffering its worst one day loss in over eight years. The U.S. indexes remained in the negatives throughout the day as traders prepare for one of the heaviest weeks for this earnings season. ECONOMIC EVENTS: In the U.S., durable goods orders advanced 3.4% in June versus expectations for a 3.2% increase. Excluding transportation items, the core reading was up 0.8% against estimates for a 0.5% gain. In China, the Shanghai composite index fell 8.5% and the Shenzhen composite dropped 7%, with the moves generally attributed to concerns over growth and fears that the government may pull its market support. Note that Dow Jones quoted the country's top securities regulator this morning as saying China plans to increase stock purchases by the state. COMPANY NEWS: Shares of Teva (TEVA) jumped $10.15, or 16.41%, to $72.07 after the generic drugmaker dropped its pursuit of Mylan (MYL), opting instead to acquire Allergan's (AGN) global generic pharmaceuticals business for $40.5B. Allergan shares rose 6.09% for the session, and Mylan fell 14.51% to $56.37 while reiterating its commitment to pursue Perrigo (PRGO), whose shares gained 3.81% to $193.60. MAJOR MOVERS: Among the notable gainers was Wabtec (WAB), which rose $6.59, or 7.21%, to $97.93 after agreeing to buy Faiveley Transport for roughly $1.8B, noting that it expects EPS accretion in 2016. In other M&A news, Magnetek (MAG) finished the session up $17.27, or 53.55%, to $49.52 after Columbus McKinnon (CMCO) agreed to acquire the company for $50 per share, while Beacon Roofing Supply (BECN) jumped $2.62, or 8.71%%, to $32.70 after agreeing to buy Roofing Supply Group at a transaction value of about $1.1B. Also higher were shares of Xueda Education (XUE), which surged 50.63% after Xiamen Insight Investment announced a deal to purchase the company for $5.50 per American Depository Share. Xueda's positive move came in stark contrast to numerous Chinese stocks traded in New York, with Baidu (BIDU) slipping 4.16% and Alibaba (BABA) losing 2.01% after China's Shanghai composite index plunged overnight. Also lower was McGraw Hill Financial (MHFI), declining $6.01, or 5.69%, to $99.59 after agreeing to acquire SNL Financial for roughly $2.225B in cash. Additionally, GrubHub (GRUB) lost 8.37% to $30.99 following a downgrade from Cowen citing competitive concerns and market saturation. INDEXES: The Dow fell 127.94, or 0.73%, to 17,440.59, the Nasdaq lost 48.85, or 0.96%, to 5,039.78, and the S&P 500 declined 12.01, or 0.58%, to 2,067.64.
14:41 EDTBECNFollow-up: Beacon Roofing upgraded to Outperform at Raymond James
As previously reported, Raymond James upgraded Beacon Roofing to Outperform from Market Perform. The firm upgraded shares based on the attractive acquisition of privately held Roofing Supply Group and said the deal should improve long-term pricing dynamics.
14:13 EDTBECNBeacon Roofing upgraded to Outperform from Market Perform at Raymond James
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12:03 EDTBECNOn The Fly: Top stock stories at midday
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07:31 EDTBECNBeacon Roofing to acquire Roofing Supply Group for approx. $1.1B from CD&R
Beacon Roofing Supply announced that it has entered into a definitive merger agreement to acquire Roofing Supply Group, a roofing products distributor owned by investment firm Clayton, Dubilier & Rice, in a cash and stock transaction valued at approximately $1.1B. Under the terms of the agreement, RSG shareholders will receive approximately $286M in cash and $291M of Beacon common stock, and Beacon will refinance approximately $565M of RSG's net debt. Beacon will fund the cash portion of the purchase price through a new ABL Revolver, Term Loan B and a senior unsecured bond offering. The transaction is targeted to close on October 1, 2015. The transaction is expected to be immediately accretive to adjusted EPS and to generate annual run-rate synergies of approximately $50M. The tax-efficient transaction structure is expected to enable Beacon to retain approximately $130M in net operating losses, existing intangible deductions of approximately $190M and transaction-related deductions of approximately $50M. Beacon will finance the transaction with a new ABL Revolver, Term Loan B and a senior unsecured bond offering. Following completion of the transaction, Mr. Isabella will continue to serve as President and CEO of the combined company, and Mr. Buck will remain Chairman of the Board of Directors. Mr. Arvan will continue to manage the RSG business and report to Mr. Isabella. Philip Knisely, Chairman of RSG and an Advisor to CD&R Funds, and Mr. Sleeper will join the Board of Directors.
07:32 EDTBECNBeacon Roofing trading halted, pending news
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July 23, 2015
10:00 EDTOCOn The Fly: Analyst Upgrade Summary
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07:32 EDTOCOwens Corning rally a selling opportunity, says Citi
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07:25 EDTOCOwens Corning upgraded on results, valuation at Stifel
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06:38 EDTOCOwens Corning upgraded to Buy from Hold at Stifel
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July 22, 2015
14:37 EDTOC, MAS, BECNHome improvement stocks rally after Owens Corning results, home sales data
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13:23 EDTOCOwens Corning upgraded to Outperform from Market Perform at FBR Capital
10:10 EDTMASHigh option volume stocks
09:32 EDTOCOwens Corning outlook to temper share upside, says JPMorgan
JPMorgan analyst Michael Rehaut expects Owens Corning's full year EBIT guidance to limit the upside in shares following the better than expected Q2 earnings report. The outlook implies an earnings midpoint that is roughly in-line with the consensus, which suggests a second half of 2015 performance that is modestly below current expectations, JPMorgan tells investors. It keeps a Neutral rating on the stock.
09:07 EDTOCOn The Fly: Pre-market Movers
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07:32 EDTOCOwens Corning sees FY15 EBIT $460M-$500M
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07:30 EDTOCOwens Corning reports Q2 adjusted EPS 79c, consensus 54c
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July 21, 2015
15:02 EDTOCNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Coca-Cola (KO), consensus 60c... Boeing (BA), consensus $1.42... Abbott Laboratories (ABT), consensus 50c... Thermo Fisher Scientific (TMO), consensus $1.78... EMC (EMC), consensus 41c... Illinois Tool Works (ITW), consensus $1.28... St. Jude Medical (STJ), consensus $1.00... Northern Trust (NTRS), consensus 96c... Check Point Software (CHKP), consensus 95c... Polaris Industries (PII), consensus $1.58... Interpublic Group (IPG), consensus 27c... New York Community Bancorp (NYCB), consensus 26c... B/E Aerospace (BEAV), consensus 76c... Owens Corning (OC), consensus 54c... Knight Transportation (KNX), consensus 37c.
July 20, 2015
10:00 EDTPGEMOn The Fly: Analyst Upgrade Summary
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06:35 EDTPGEMPly Gem upgraded to Buy from Hold at Deutsche Bank
Deutsche Bank upgraded Ply Gem to Buy citing increasing housing demand, low expectations and the company's fundamental turnaround. Deutsche raised its price target for shares to $16 from $12.
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