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News Breaks
May 6, 2014
08:13 EDTOISOil States board approves spin-off of Civeo
Oil States announced that its board has approved the spin-off of its accommodations business, recently named Civeo Corporation, through the distribution of all the shares of Civeo common stock to the holders of Oil States common stock. The distribution of Civeo shares is expected to occur on May 30, with Oil States shareholders receiving two shares of Civeo common stock for every one share of Oil States common stock held at the close of business on May 21, the record date for the distribution. Following the spin-off, Civeo will be an independent, publicly traded company, and Oil States will retain no ownership in Civeo. In connection with the spin-off, Civeo will make a cash distribution of $750.0 million to Oil States; Civeo intends to fund this distribution with cash proceeds from borrowings under its expected $775M term loan.
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July 17, 2014
09:15 EDTOISOn The Fly: Pre-market Movers
HIGHER: Dresser-Rand (DRC), up 15.5% after Manager Magazin says Siemens (SIEGY) preparing bid for the company. Other oil equipment companies with a market cap similar to Dresser-Rand's include Dril-Quip (DRQ) and Oil States (OIS)... Microsoft (MSFT), up 3.4% after announcing restructuring, including plans to cut up to 18K jobs. UP AFTER EARNINGS: Morgan Stanley (MS) up 1.5%... Sherwin-Williams (SHW), up 3%. DOWN AFTER EARNINGS: Mattel (MAT), down 7.3%... Sandisk (SNDK), down 7%... Yum! Brands (YUM), down 2.5%. LOWER: Orbitz (OWW), down 3% after results, 34M share spot secondary offering of stock priced at $8.25... Benefitfocus (BNFT), down 1% after 2.5M share Secondary priced at $38.50.

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