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Stock Market & Financial Investment News

News Breaks
March 26, 2014
07:32 EDTPRIM, CBIPrimoris names David King as COO
Primoris Services Corporation (PRIM) announced the hiring of David King to fill the newly created position of COO, which will report directly to Brian Pratt, CEO. King comes to Primoris from CB&I (CBI), where he most recently served as President of Lummus Engineered Products.
News For PRIM;CBI From The Last 14 Days
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April 24, 2015
07:16 EDTCBIChicago Bridge & Iron price target raised to $61 from $51 at Deutsche Bank
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April 23, 2015
19:16 EDTCBIOn The Fly: After Hours Movers
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16:17 EDTCBIChicago Bridge & Iron awarded over $640M worth of contracts
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16:16 EDTCBIChicago Bridge & Iron reports Q1 EPS $1.21, consensus $1.14
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15:00 EDTCBINotable companies reporting after market close
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08:17 EDTCBIChicago Bridge & Iron April weekly volatility elevated into Q1 and outlook
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05:50 EDTCBIStocks with implied volatility movement; TRN CBI
Stocks with implied volatility movement; Trinity Industries (TRN) 47, Chicago Bridge & Iron (CBI) 61 according to iVolatility.
April 20, 2015
15:16 EDTCBIGreenlight starts new GM long position, rolls Lorillard short bet to Reynolds
David Einhorn's Greenlight Capital hedge fund said in its latest quarterly letter to investors that it had established new long positions in General Motors (GM), Chicago Bridge & Iron (CBI) and AerCap Holdings (AER) last quarter. WHAT'S NEW: Greenlight believes GM should benefit from low gas prices, low raw material costs, and its decision to launch share buybacks, Greenlight stated. GM has an excellent chance of beating 2015 EPS expectations, added the firm. Einhorn's group said they found the valuation of Chicago Bridge and Iron, an engineering and construction company with significant exposure to energy, attractive following the stock's decline. Although energy prices may stay low for some time, the company has a significant backlog that should support its earnings for several years, Greenlight stated. Additionally, the market is overestimating how much of the cost overruns for two nuclear energy projects with be shouldered by the company, Greenlight contended. AerCap, the largest publicly traded aircraft leasing company, bought AIG's (AIG) aircraft leasing business last year at a bargain price, Greenlight stated. The combined business will benefit from AerCap's low tax rate, as well as efficiencies, the hedge fund believes. WHAT'S NOTABLE: Greenlight exited its short position in Lorillard (LO). Greenlight noted that it has rolled its short bet on Lorillard into a fresh position in Reynolds American (RAI), since it still believes that the FDA is gearing up to do "something major" in terms of regulation of menthol cigarettes, but is moving "slowly and deliberately" because it anticipates an extremely aggressive industry response. The firm also exited two other short positions because the companies agreed to takeovers: Safeway (SWY) and Freescale Semiconductor (FSL), which has agreed to sell itself to NXP Semicondictors (NXPI).
14:16 EDTCBIEinhorn lists AerCap, CBI, GM as new longs, Bloomberg reports
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08:03 EDTCBIChicago Bridge & Iron awarded contract by NefteGazIndustriya
CB&I announced it has been awarded a contract by NefteGazIndustriya through project developer MAVEG, to provide engineering and procurement services for the Afipsky Oil Refinery in Krasnodar, Russia. CB&I's project scope includes early detail engineering and procurement services for multiple new process units, including a 2.5M ton per annum hydrocracker unit.
April 16, 2015
07:30 EDTPRIMPrimoris announces underground award valued at $26M
Primoris Services Corporation announced a new underground award valued at $26M. The contract was secured by Q3 Contracting, part of the West Construction Services segment. The project is scheduled to begin in the second quarter of 2015 and is anticipated to be completed in the third quarter of 2016. The award is with a major utility customer for work in St. Paul, Minnesota. The work will consist of replacing an existing 18 and 24 natural gas distribution line with new 20 pipe, as well as adding updated regulator stations.
April 14, 2015
07:31 EDTPRIMPrimoris announces heavy civil awards valued at $60M
Primoris Services announced two new heavy civil awards totaling $60M. The contracts were secured by the Primoris James Construction Group, part of the East Construction Services segment. Work is scheduled to commence on the projects in the second quarter of 2015 and to be completed in the first quarter of 2017. The projects were awarded by the Arkansas State Highway and Transportation Department and are located in St. Francis County, Arkansas. The projects are similar in size and scope. Both awards involve the construction of a main lane bridge and roadway approaches on Interstate 40. The scope of work includes 84 cofferdams, 36,780 linear feet of steel pipe, and 9,800 cubic yards of bridge concrete.

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