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Stock Market & Financial Investment News

News Breaks
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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August 27, 2015
10:33 EDTBHPFreeport McMoRan surges after further cut to capital spending plans
Shares of Freeport-McMoRan (FCX) are surging in morning trading after the company announced plans to cut spending and production in response to current market conditions. It also plans to cut about 10% of employees and contractors at U.S. mining operations. WHAT'S NEW: Freeport-McMoRan this morning reduced its 2016 capital expenditure budget to $4B, approximately 29% lower than the $5.6B estimate on July 23, which it said reflects "aggressive" actions in response to current market conditions. The 2016 CapEx outlook includes $1.4B in mining projects, $600M in mining sustaining capital and $2B in oil and gas expenditures. The company said it will reduce copper sales by about 150M pounds per year in 2016 and 2017 and cut 2016 unit site production by 20%. Additionally, the company plans to reduce 2016 minerals exploration costs to $50M from $100M. Freeport also said it expects a 10% reduction in employees and contractors at U.S. mining operations. The company cited recent declines in copper prices for the reductions and said the actions announced today are the results of the previously announced review of operating plans for its mining business. Freeport said it views the long-term outlook for its business "positively," helped by limitations on copper supply. In the near-term, however, Freeport said it will continue to monitor market conditions and capital spending, but is currently "adjusting operations to maximize current cash flow under weak market conditions while preserving its large mineral resources and growth options for the longer term." WHAT'S NOTABLE: Since late 2014, Freeport has cut its 2015 capital expenditure budget to $6.3B from $7.5B, including reductions of $700M in oil and gas expenditures and $500M in mining expenditures. Earlier this month, Freeport cuts its oil and gas capital budgets for 2016 and 2017 by $900M each in response to market conditions and maintained its expectations for $2.8B in O&G CapEx for this year. In July, after reporting its second straight quarterly loss, Freeport said its cost reduction plans would include potential adjustments to mine plans and future copper and molybdenum production volumes to reduce costs and preserve valuable resources for anticipated improved market conditions in the future. Freeport previously commented that it would pursue additional capital cost reductions, potential additional divestitures or monetizations and other actions as required to maintain a strong balance sheet while preserving a strong resource position. PRICE ACTION: Freeport-McMoRan is up 16.5% to $9.22 in morning trading. Shares are down over 60% year to date. OTHERS TO WATCH: Other major integrated mining companies include Rio Tinto (RIO), BHP Billiton (BHP) and Vale S.A. (VALE).
10:00 EDTBHPOn The Fly: Analyst Upgrade Summary
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07:54 EDTBHPBHP Billiton upgraded to Neutral from Underperform at Exane BNP Paribas
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August 26, 2015
10:00 EDTBHPOn The Fly: Analyst Upgrade Summary
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08:16 EDTBHPBHP Billiton upgraded at RBC Capital
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07:08 EDTBHPBHP Billiton upgraded to Sector Perform from Underperform at RBC Capital
August 25, 2015
12:17 EDTBHPBHP Billiton technical comments ahead of earnings
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09:26 EDTBHPBHP Billiton sees FY16, FY17 capex to decline from $11B in FY15
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09:24 EDTBHPBHP Billiton says commitment to the progressive dividend unchanged
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09:23 EDTBHPBHP Billiton reports FY15 net profit down 86.2% to $1.91B
Reports FY15 revenue from continuing operations down 21.4% to $44.64B. Reports final dividend for current period of 62c, with a record date of September 11 and payment date of September 29.
August 21, 2015
12:17 EDTPOTDeere slides after Q3 results and outlook impacted by deteriorating farm economy
Despite reporting third quarter results that surpassed analyst expectations, shares of farm equipment maker Deere (DE) are falling after the company said it sees farm equipment sales for the year lower than previously thought, as the downturn in the agricultural economy continues. WHAT'S NEW: Deere reported Q3 EPS of $1.53, down from $2.33 in the year-ago quarter, and revenue of $7.6B, down 20% from last year's Q3. Analysts' consensus estimates for Q3 were for EPS of $1.44 on revenue of $7.17B. John Deere's Chief Executive Officer Samuel Allen said, "John Deere's third quarter results reflected the continuing impact of the downturn in the farm economy as well as lower demand for construction equipment." WHAT'S NOTABLE: Looking ahead, the farm equipment maker forecast full year 2015 world-wide sales of its farm equipment to be lower by about 25% for the year compared to the 24% it forecast in May with its Q2 report. On its Q3 earnings conference call, the company said crop prices are stabilizing near the long-term average and the dairy sector remains under pressure. Beef prices remain solid while pork prices remain at low levels, Deere added. In China, the company sees continued slowdown in economic growth, lower commodity prices impacting agricultural economy, and mechanizing trends and ongoing subsidies supportive of agriculture. In India, the company sees positive consumer and investor sentiment supporting economic growth, and two consecutive below normal monsoon seasons impacting farm incomes. In the Commonwealth of Independent States, the company sees a continued deterioration of economic growth and credit conditions remaining challenged. Deere sees crop value of agricultural production in Brazil to decrease 11% in 2015. PRICE ACTION: Shares of Deere are down $6.04, or 6.6%, to $84.61 in midday trading. OTHERS TO WATCH: Other companies that are leveraged to agriculture include AGCO (AGCO),Potash (POT), Mosaic(MOS), Agrium (AGU), Syngenta (SYT), CF Industries (CF), and DuPont (DD).
August 16, 2015
12:33 EDTPOTPotash shares could rally 30% by late 2016, Barron's says
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