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Stock Market & Financial Investment News

News Breaks
February 22, 2013
06:28 EDTRKTRockTenn says 15 box plants closed to date, 870 jobs cut
RockTenn said in investor day presentation slides that it closed 15 box plants to date and reduced full-time employees by 870. The company added that annualized run-rate savings of $27M at end of December 2012 has increased to $35M. RockTenn said annual synergies and performance benefits through Q1 were $42M, and that it expects expect $135M by the end of FY14. The company added that it will continue to seek "strategic, favorably priced acquisitions." RockTenn highlighted its improving earnings and cash flow. It sees FY14 free cash flow of $10.50-$11.50 per share assuming flat selling prices and 2% to 2.5% inflation on cost inputs from the end of FY13.
News For RKT From The Last 14 Days
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October 30, 2014
11:20 EDTRKTKapStone jumps after saying MLP being studied
Shares of KapStone Paper (KS) are rising after the company said on its third quarter earnings conference call that it is studying a potential master limited partnership, or MLP. WHAT'S NEW: KapStone management stated that the company has filed a request for a PLR, or private letter ruling, with the IRS regarding a potential MLP, though added that the move "does not indicate a decision" on its future direction. "We're only just trying to get in line. We are working with a good group of outside advisers and we remain intrigued by the concept and are studying our options," KapStone management stated. KapStone cautioned that the company still has not reached a designation and an MLP plan has not been submitted to its board for approval. Last night, KapStone reported third quarter adjusted earnings per share of 60c and revenue of $598.1M, which missed consensus forecasts of 67c and $604.18M, respectively. WHAT'S NOTABLE: On July 24, Bloomberg reported that Richard Perry's Perry Capital took positions or increased holdings in containerboard names KapStone, International Paper (IP), RockTenn (RKT) and Packaging Corp. (PKG). Perry stated in the fundís Q2 letter the he believes the companies can create master limited partnerships for their paper mills, driving share upside potential of 50%-100%, according to Bloomberg. PRICE ACTION: In morning trading, shares of KapStone are up more than 6% to $31 following the MLP comments made on the call.
October 24, 2014
14:07 EDTRKTRockTenn increases annual dividend 7% to 75c
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October 20, 2014
13:07 EDTRKTRockTenn initiated with a Buy at Dundee (pre-open)
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