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Stock Market & Financial Investment News

News Breaks
February 12, 2014
11:44 EDTOC, MAS, PPG, LPXOwens Corning hits 52-week high after better than expected results
Shares of building materials maker Owens Corning (OC) are soaring after the company reported fourth quarter results that easily surpassed expectations. WHAT'S NEW: This morning, Owens Corning reported Q4 adjusted earnings per share of 44c and revenue of $1.28B, compared to expectations of 27c and $1.21B, respectively. WHAT'S NOTABLE: The company announced it will reinstate a quarterly dividend of 16c per share, and expects to deliver $500M in adjusted EBIT in 2014 based on its current outlook for an improving U.S. housing market and moderate global growth. The decision to declare a dividend conveys the confidence of the board of directors in the company's long-term financial outlook and cash flow generation, the company stated. ANALYST REACTION: Following the report, research firm Wedbush reiterated an Outperform rating and 12-month price target of $44 on the shares. Wedbush reaffirmed its positive stance on Owens Corning due to the company's strong earnings performance, the reinstatement of a dividend, and the more than 20% growth in EBIT expected for 2014. PRICE ACTION: In late morning trading, Owens Corning soared $5.23, or 13.2%, to $44.97 on more than twice its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week high of $45.62. Despite today's strong move, the stock has gained only about 3% over the past twelve months. OTHERS TO WATCH: Others in the building materials space include Masco Corporation (MAS), PPG Industries (PPG), and Louisiana-Pacific (LPX).
News For OC;MAS;PPG;LPX From The Last 14 Days
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October 22, 2014
07:30 EDTOCOwens Corning: Insulation business expected to return 50% operating leverage
Expects Insulation business to produce $100M or more EBIT in an environment of 1M US housing starts. Expects Composites business 2014 EBIT improvement of about $40M, largely driven by higher pricing. Expects Roofing business to be down in 2H14 and FY14 from prior year, with operating margins to be below guidance of average operating margins of mid-teens or higher. Corporate expenses in FY14 is expected to be $80M. Sees FY14 CapEx $370M. Sees FY14 adjusted effective tax rate of 28%-30%. The company had previously guided that it expected full-year adjusted EBIT to grow versus 2013. Continued weakness of roofing market shipments in the second half creates $15 million of downside risk versus last year's adjusted EBIT performance of $416 million.
07:29 EDTOCOwens Corning reports Q3 adjusted EPS 63c, consensus 49c
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07:00 EDTPPGPPG Industries management to meet with Deutsche Bank
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October 21, 2014
07:45 EDTPPGPPG Industries management to meet with Deutsche Bank
Meeting to be held in Frankfurt on October 21 hosted by Deutsche Bank.
October 20, 2014
11:24 EDTPPGPPG acquires Westmoreland Supply, terms not disclosed
PPG Industries announced that its North American architectural coatings business has reached a definitive agreement to acquire Westmoreland Supply. The transaction is expected to close in Q4, subject to customary closing conditions. Financial terms were not disclosed. The acquisition of Westmoreland Supply will expand PPG’s North American company-owned stores footprint. Following completion of the acquisition, the locations will operate as part of PPG’s network of more than 900 company-owned stores in North America, and will be rebranded under the company’s new PPG Paints store brand.
07:19 EDTOCOwens Corning downgraded at Wedbush
As previously reported, Wedbush downgraded Owens Corning to Neutral from Outperform. The firm downgraded shares based on continued pricing and margin pressures following a competitor dropping prices and a more challenging roofing environment. Price target lowered to $35 from $43.
07:14 EDTOCOwens Corning downgraded to Neutral from Outperform at Wedbush
07:11 EDTPPGPPG Industries upgraded to Buy from Neutral at SunTrust
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05:41 EDTPPGPPG Industries expands sealants capabilities at ASC in Germany
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October 16, 2014
14:59 EDTPPGPPG Industries says anticipating normal seasonal trends for Q4
Says Q4 is typically the company's slowest. Says recent drop in oil prices not an immediate benefit. Says seeing modest raw material increases. Says not envisioning any re-pricing of pending Comex acquisition due to recent stock market drop. Says will continue share buybacks in Q4 at a "higher level." Says expects to raise buybacks if deals less than expected. Says deadline for Mexico Comex decision is mid-December. Comments from company's Q3 earnings conference call.
08:13 EDTPPGPPG Industries still sees closing Comex deal in Q4
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08:12 EDTPPGPPG Industries reports Q3 adjusted EPS $2.82, consensus $2.75
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October 15, 2014
15:28 EDTPPGNotable companies reporting before tomorrow's open
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10:02 EDTMASOn The Fly: Analyst Downgrade Summary
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06:52 EDTMASMasco downgraded to Neutral from Outperform at Macquarie
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October 13, 2014
10:08 EDTMASOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Bankrate (RATE) downgraded to Equal Weight from Overweight at Stephens... CME Group (CME) downgraded to Market Perform from Outperform at Wells Fargo... Cliffs Natural (CLF) downgraded to Neutral from Overweight at JPMorgan... Dana Holding (DAN) downgraded to Sector Perform from Outperform at RBC Capital... Darden (DRI) downgraded to Neutral from Overweight at Piper Jaffray... Dover (DOV) downgraded to Neutral at RW Baird... DryShips (DRYS) downgraded to Underperform from Outperform at Imperial Capital... Infineon (IFNNY) downgraded to Neutral from Overweight at JPMorgan... J.C. Penney (JCP) downgraded to Sell from Neutral at UBS... Johnson Controls (JCI) downgraded to Outperform from Top Pick at RBC Capital... Juniper (JNPR) downgraded to Hold from Buy at Argus... Kennametal (KMT) downgraded to Market Perform from Outperform at Wells Fargo... Masco (MAS) downgraded to Equal Weight from Overweight at Barclays... New Gold (NGD) downgraded to Neutral from Overweight at JPMorgan... ON Semiconductor (ONNN) downgraded to Sector Perform from Outperform at Pacific Crest... PBF Energy (PBF) downgraded to Underweight from Equal Weight at Barclays... Parker-Hannifin (PH) downgraded to Market Perform from Outperform at Wells Fargo... STMicroelectronics (STM) downgraded to Neutral from Overweight at JPMorgan... Silicon Laboratories (SLAB) downgraded to Sector Perform at Pacific Crest... VOXX International (VOXX) downgraded to Market Perform from Outperform at Cowen.
09:08 EDTPPGMexico's FECC says extending review timeline for PPG's Comex acquisition
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08:52 EDTMASUS Building Products & Homebuilding sector lowered at Barclays
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07:15 EDTMASNational Association of Corporate Directors to hold a conference
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05:56 EDTMASMasco downgraded to Equal Weight from Overweight at Barclays
Barclays downgraded Masco to Equal Weight citing its preference for companies with commercial exposure. The firm lowered its price target for shares to $26 from $27.
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