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Stock Market & Financial Investment News

News Breaks
March 26, 2014
07:32 EDTCBI, PRIMPrimoris 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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March 5, 2015
08:05 EDTCBIChicago Bridge & Iron awarded $60M storage tank contract in Kuwait
CB&I has been awarded a contract valued at approximately $60M by JGSK JV, a joint venture between JGC Corp., GS E&C and SK E&C. The project scope includes the engineering, procurement, fabrication and construction of 39 storage tanks and 2 spheres for the Clean Fuel Project, a major initiative of Kuwait National Petroleum Company to upgrade and expand two existing KNPC refineries.
March 3, 2015
16:23 EDTPRIMOn The Fly: Closing Wrap
Stocks on Wall Street were lower, as the major averages receded from record levels. The Dow and S&P 500 closed yesterday at all-time highs, though the market was unable to build upon those records. Auto sales for February included disappointments for several companies, but that was quickly blamed on the poor weather during the month. With the economic calendar light, investors began looking forward to end of the week, when the highly anticipated monthly nonfarm payrolls are released. ECONOMIC EVENTS: In the U.S., no major economic data was reported. COMPANY NEWS: Automakers reported on their sales in the U.S. during February, with several falling short of expectations. Ford (F) reported sales fell about 2% last month compared to the prior year, and its stock fell 40c, or 2.41%, to $16.17 afterward. Shares of Fiat Chrysler (FCAU), which reported a 6% increase in U.S. sales last month, declined 52c, or 3.28%, to $15.31. General Motors (GM) reported its February U.S. sales rose a bit over 4%, but that was below the nearly 6% increase that had been forecast by analysts, and shares gained 19c, or 0.51%, to $37.80... Target (TGT) shares gained 32c, or 0.41%, to $78.00 as the company held its investor day meeting. During the meeting, the retailer guided for its fiscal 2015 EPS to be $4.45-$4.65, versus consensus $4.50, and projected that its sales will grow 2%-3% during the fiscal year. Target also said it is targeting $2B in share repurchases this year and said it expects 5%-10% annual dividend growth. MAJOR MOVERS: Among the notable gainers was Orexigen (OREX), which surged $1.85, or 31.95%, to $7.64 after the company disclosed that its weight loss drug, Contrave, demonstrated a statistically significant benefit over placebo for cardiovascular events when announcing a method of treatment patent was issued by the USPTO. Also higher was Springleaf Holdings (LEAF), which gained $12.19, or 32.05%, to $50.23 after agreeing to acquire OneMain Financial from Citigroup (C) for $4.25B. Among the noteworthy losers was Primoris Services (PRIM), which fell $3.87, or 18.35%, to $17.22 after reporting fourth quarter results that fell short of consensus expectations and were below last year’s fourth quarter. Also lower were shares of Micron (MU), which fell $1.58, or 5.06%, to $29.66 after Nomura downgraded the stock to Neutral from Buy. INDEXES: The Dow fell 85.26, or 0.47%, to 18,203.37, the Nasdaq lost 28.20, or 0.56%, to 4,979.90, and the S&P 500 declined 9.61, or 0.45%, to 2,107.78.
09:26 EDTPRIMOn The Fly: Pre-market Movers
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07:35 EDTPRIMPrimoris acquires Aevenia from Otter Tail for $23M
Primoris Services (PRIM) announced that it has acquired Aevenia, a subsidiary of Otter Tail Corporation (OTTR). Aevenia is an energy and electrical construction company. The transaction closed on February 28, 2015 and was valued at approximately $23M. For the year ended December 31, 2014, Aevenia generated EBITDA of $5.9M on revenues of $44.4M.
07:33 EDTPRIMPrimoris reports Q4 EPS 17c, consensus 49c
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February 25, 2015
11:02 EDTCBIChicago Bridge & Iron gaps up, runs higher, following earnings
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07:12 EDTCBIChicago Bridge & Iron guidance cut less than feared, says Deutsche Bank
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February 24, 2015
18:15 EDTCBIOn The Fly: After Hours Movers
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16:12 EDTCBIChicago Bridge & Iron sees 2015 EPS $5.55-$6.05, consensus $5.63
Sees 2015 revenue $14.4B-$15.2B, consensus $14.35B. The company said, "We project less than 5 percent of our revenue from new bookings could be affected by timing risks associated with lower oil prices. Accordingly, we think it is prudent to marginally adjust our guidance to revenue of $14.4 billion - $15.2 billion and earnings per share of $5.55 - $6.05."
16:11 EDTCBIChicago Bridge & Iron reports Q4 adjusted EPS $1.47, consensus $1.44
Reports Q4 revenue $3.37B, consensus $3.43B.
February 23, 2015
13:50 EDTCBIChicago Bridge & Iron February weekly volatility elevated into Q4 and outlook
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08:37 EDTCBIChicago Bridge & Iron price target lowered to $57 from $82 at Cowen
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