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April 15, 2014
11:44 EDTBHP, POTPotash Corp. advances after report says BHP could make new bid
Potash Corp. of Saskatchewan (POT) shares are higher this morning following a report that indicated BHP Billiton (BHP) may make another bid for the company. BHP Billiton, a diversified natural resources company, previously tried and failed to buy Potash Corp., an integrated fertilizer and related products maker, in 2010, but failed the government's "net benefit test" and the Saskatchewan government opposed a deal. WHAT'S NEW: The Globe and Mail this morning reported that BHP could consider making a new bid for Potash Corp. The Canadian publication notes that a deal is "not a sure thing," but adds that owning Potash Corp. would be the best way for BHP Billiton to get into the potash business. The Globe and Mail said the value of the potential deal could be "more like $40B," though the "real" cost would be less. BHP has not expressed interest in Potash's operations in phosphate and nitrogen, according to the report, which speculates that BHP could possibly look to sell off those operations and could also look to mothball Potash Corp's $15B Jansen project in Saskatchewan. WHAT'S NOTABLE: The Fly notes that Jochen Tilk will become president and CEO of Potash Corp. on July 1. ANALYST REACTION: Miller Tabak upgraded shares of Potash to Neutral from Sell following the Globe and Mail report. PRICE ACTION: Potash Corp. shares trading in New York were up 60c, or 1.77%, to $34.49 in late-morning trading. Meanwhile, BHP Billiton shares trading in New York were down $1.35, or 1.9%, to $69.89.
News For POT;BHP From The Last 14 Days
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October 6, 2015
10:22 EDTBHPBoard cut, unit review push Freeport shares higher
Shares of copper producer Freeport-McMoRan (FCX) are rallying in morning trading after the company announced plans to review strategic alternatives for its oil and gas business. The company also said it would shrink its board to nine members. WHAT'S NEW: Freeport-McMoRan said this morning that it is reviewing strategic alternatives for its oil and gas business, FM O&G, amid a tumble in commodity prices. In a statement, Freeport said it is studying options for achieving self-funding of the oil and gas unit. FM O&G's "high quality asset base, substantial underutilized Deepwater Gulf of Mexico infrastructure, large inventory of low risk development opportunities and talented and experienced personnel and management team provide alternatives to generate value," it wrote. A previously disclosed potential initial public offering of a minority interest in the oil and gas business remains an alternative for future consideration, the company said. The copper producer said that other alternatives under consideration include a spinoff of the company's oil and gas business to shareholders, joint venture arrangements and further spending reductions. In addition to the FM O&G news, Freeport-McMoRan also announced this morning that it reduced the size of its board of directors from 16 to nine members. These actions, the company said, follow "constructive discussions with many of its largest shareholders." The company said five directors have left the FCX board and have been appointed to the FM O&G board, with James Flores named FM O&G Chairman; Flores remains FM O&G's chief executive officer. WHAT'S NOTABLE: Freeport-McMoRan said earlier this year it would consider selling as much as 20% of its oil and gas unit in an IPO. In June, Chief Financial Officer Kathleen Quirk said the company would likely sell less than 20%, since keeping 80% of the unit would provide the company with some tax advantages. Activist investor Carl Icahn raised his stake in Freeport-McMoRan to 8.8% from 8.46% on September 18. Icahn told CNBC on September 30 that it was "right to expect" that he would get involved with the copper producer. Icahn said that too much copper is being produced now, depressing its price, but believes copper will turn in the future. PRICE ACTION: Freeport-McMoRan rose 6.26% to $11.88 in morning trading. Shares are down over 49% year to date. OTHERS TO WATCH: Other major integrated mining companies include Rio Tinto (RIO), BHP Billiton (BHP) and Vale S.A. (VALE).
October 5, 2015
05:13 EDTPOTPotash withdraws K+S Proposal
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October 4, 2015
16:11 EDTBHPBHP Billiton may postpone fundraising plans, Sunday Times says
BHP Billiton may postpone its hybrid bond fundraising efforts amid unfavorable market volatility, reports the Sunday Times, citing market sources. The company had hoped to price the bond this week, but could announce as early as Monday that it will delay its plans, sources told the Times. Reference Link
October 2, 2015
12:19 EDTBHPBHP Billiton downgraded to Hold from Buy at Societe Generale
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07:16 EDTBHPBHP Billiton volatility flat, shares near seven-year low
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October 1, 2015
10:32 EDTPOTBernstein U.S. chemicals analysts hold an analyst/industry conference call
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September 28, 2015
07:01 EDTBHPBHP Billiton volatility flat as shares near seven-year low
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September 24, 2015
07:20 EDTPOTPotash volatility increases as shares trend lower
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September 23, 2015
07:47 EDTPOTJPMorgan cuts targets for Mosaic and Potash but still sees value
JPMorgan analyst Jeffrey Zekauskas says weakening demand and price trends for potash does not bode well for the China and India contracts for 2016. The analyst reduced his earnings expectations for Potash (POT) and Mosaic (MOS), but keeps Overweight ratings on both citing their "value characteristics." He cut his price target for Potash to $26 from $34 and for Mosaic to $40 from $52.
06:58 EDTBHPBHP Billiton volatility up as shares near seven-year low
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06:40 EDTPOTK+S investors urge company to reconsider Potash takeover, WSJ reports
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06:04 EDTBHPBHP Billiton now sees FY16 CapEx $8.5B
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06:02 EDTBHPBHP Billiton says paid $7.3B globally in taxes in FY15
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September 22, 2015
16:36 EDTPOTOn The Fly: Top stock stories for Tuesday
Stocks on Wall Street began the session sharply lower and remained that way throughout the session. There was little in the way of buying as each of the major equity indexes slid over 1% and the market internals were decidedly negative. The auto industry and biotech sector were both notably weak, after the French government called for an investigation into the entire auto industry in the wake of the Volkswagen (VLKAY) emissions scandal and Democratic Presidential hopeful Hillary Clinton presented a plan to limit the cost of drugs for consumers. ECONOMIC EVENTS: In the U.S., the FHFA home price index rose 0.6% to 224.5 in July, which was better than the 0.4% rise that was expected. The Richmond Fed factory index fell to -5 in September, versus the reading of 2 that was expected. In Asia, the Asian Development Bank cut its growth forecast for the region, citing a weaker outlook for China and India and a delayed recovery in the world's advanced economies. The bank now sees the Chinese economy growing 6.8% this year and 6.7% next year, down from its previous forecasts of 7.2% and 7%, respectively. COMPANY NEWS: Lloyd Blankfein, Goldman Sachs (GS) Chairman and CEO, disclosed that he was diagnosed with lymphoma. "Fortunately, my form of lymphoma is highly curable and my doctors' and my own expectation is that I will be cured," Blankfein stated in an open letter that was shared by the bank... Bank of America (BAC) shareholders approved a proposal to ratify the 2014 amendments to the company's bylaws that permitted the board of directors to determine its leadership structure, meaning Brian Moynihan can retain his dual role as both Chairman and CEO... Shares of several fertilizer companies slid after Mosaic (MOS) announced it will reduce its potash production in response to current crop nutrient market conditions, primarily related to delayed fertilizer purchases in Brazil and North America. Shares of Mosaic finished the day down 7% at $33.87 following last night's announcement, while Potash (POT) fell 6.5% and Agrium (AGU) dropped 3.5%. MAJOR MOVERS: Among the notable gainers was Ashland (ASH), which advanced $2.78, or 2.6%, to $108.50 after announcing it will proceed with a plan to separate into two independent, publicly traded companies. Also higher was Weatherford (WFT), which gained 90c, or 10.7%, to $9.31 after cancelling plans for a public share offering, after which research firms Jefferies and Iberia both reiterated Buy-equivalent ratings on the stock. Among the noteworthy losers were Office Depot (ODP) and Staples (SPLS), which declined a respective 4% and 5.8% after the New York Post quoted a source as saying the FTC may move to block their merger plan. Also lower was Groupon (GRPN), which slipped 2.2% to $4.08 after announcing plans to cut 1,100 jobs related primarily to its international operations. ConAgra (CAG), Carnival (CCL), and CarMax (KMX) fell 7%, 5.5%, and 4.65%, respectively, following their quarterly earnings reports. INDEXES: The Dow fell 179.72, or 1.09%, to 16,330.47, the Nasdaq lost 72.23, or 1.5%, to 4,756.72, and the S&P 500 dropped 24.23, or 1.23%, to 1,942.74.
11:41 EDTPOTFertilizer shares slide after Mosaic announces production cuts
Shares of fertilizer companies Potash (POT), Agrium (AGU) and Intrepid Potash (IPI) are sliding after peer Mosaic Company (MOS) announced it will reduce its potash production. WHAT'S NEW: Mosaic said in a press release yesterday that it will reduce its potash production in response to current crop nutrient market conditions, primarily related to delayed fertilizer purchases in Brazil and North America. The company added that since it announced guidance in August, domestic and international crop nutrient markets have softened. Currency volatility, lower grain and oilseed prices, political and economic uncertainty, as well as global equity market declines have adversely impacted market sentiment, according to Mosaic. Joc O'Rourke, Mosaic's chief executive officer, pointed out that the long-term positive outlook for crop nutrient demand is still intact, "but the industry faces some near-term challenges in the current environment." O'Rourke said the company will remain focused on looking for opportunities to create shareholder value which includes managing production levels to demand and controlling costs. WHAT'S NOTABLE: Mosaic noted that the reduced production is expected to impact per unit costs and segment margins. The company now sees third quarter phosphate volumes at the low end of the previously communicated range of 2.1M-2.4M tons, while the average DAP selling price is expected to be in the upper half of the company's previously provided range of $435-$455 per ton. The phosphates segment margin rate is expected to be in the low 20% range as previously guided, Mosaic said. Potash volumes are expected to be in the bottom half of the previously announced 1.6M-$2M ton range and the MOP average selling price is expected to be in the bottom half of the $260-$280 per ton range. As a result of these developments and lower operating rates, Mosaic now expects the potash segment gross margin rate to be in the high teens, compared to prior guidance of the low 20% range. ANALYST TAKE: In a note to investors this morning, Canaccord said it continues to prefer Agrium in the fertilizer space, citing its retail operations, its nitrogen sales to North America, volume growth in the wholesale business, free cash flow and valuation. Canaccord reiterated its Buy rating on Agrium, but lowered its price target to $112 from $115. PRICE ACTION: Shares of Mosaic fell 7.16% to $33.83 in late morning trading. Industry peers are also lower, with Agrium down 5.34%, Potash dropping 7% and Intrepid Potash falling 5.39%.
07:49 EDTPOTAgrium preferred company in fertilizer space, says Canaccord
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