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Stock Market & Financial Investment News

News Breaks
June 30, 2014
07:14 EDTRYAM, RYNRayonier downgraded at RBC Capital
As noted earlier, RBC Capital downgraded Rayonier (RYN) to Sector Perform from Outperform. The firm downgraded the stock based on valuation and lowered its price target on the shares to $37 from $52 to reflect the tax-free spinout of Rayonier Advanced Materials (RYAM).
News For RYN;RYAM From The Last 14 Days
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August 26, 2015
15:12 EDTRYAMRayonier Advanced CEO buys 15K shares
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August 21, 2015
11:58 EDTRYAMRayonier Advanced Materials comments on implications of strategic repositioning
In investor presentation slides, Rayonier Advanced Materials commented on the implications of its strategic repositioning. Sees expected annual cost savings of approx. $14M. Sees commodity production capacity increases by 11% to approx. 245,000 MT annually. Says CS capacity will be reduced by 190,000 MT or 28%. Says the reconfiguration requires a capital investment of approx. $25M and includes a one-time, non-cash write off of $28M. For 2015, sees CS volumes comparable with 2014/2013 levels, CS prices 7%-8% below 2014 average prices. Sees commodity sales volumes higher than 2014, EBITDA $210M-$225M. Sees cost savings of $20M-$40M, CapEx of $80M. Priorities for capital allocation include: Reducing debt/increasing financial flexibility, investing in business, funding modest dividend. Rayonier Advanced Materials is up 3.96% to $6.82 in late morning trading.
August 19, 2015
16:58 EDTRYAMOn The Fly: Top stock stories for Wednesday
The market opened deep in negative territory after a tumultuous trading session in China and a softer than expected U.S. consumer prices report. Sellers continued to push the averages lower throughout the morning, with the Dow tacking on losses of more than 200 points as investors waited for the release of the Fed minutes. The market rallied following an early leak of the minutes, which suggested officials are getting closer to raising rates but appear to be waiting for additional data. Despite the afternoon rally, the averages sold off once again heading into the close, leaving all three indices in the negatives for Wednesday. ECONOMIC EVENTS: In the U.S., the July consumer price index edged up 0.1% against expectations for 0.2% reading. The core reading, which excludes food and energy, also came in at 0.1% versus consensus estimates of 0.2%. There were no revisions to the 0.3% headline gain in June or the 0.2% growth in the ex-food and energy component. Component gains were muted across the board, with Energy prices up just 0.1% in July. Meanwhile, FOMC minutes showed no definitive indication of a September rate hike. Most committee members "judged that the conditions for policy firming had not yet been achieved, but they noted that conditions were approaching that point." Other members, however, believed that the inflation outlook "might not soon meet one of the conditions... for initiating a firming of policy." COMPANY NEWS: Shares of Dot Hill Systems (HILL) soared $4.50, or 86.87%, to $9.68 after Seagate Technology (STX) agreed to acquire the company for $9.75 per share, noting that it expects the deal to be non-GAAP EPS accretive in fiscal 2016. Shares of the hard drive giant fell 5.03% to $49.43 for the session... Lowe's (LOW) shares saw gains of $1.34, or 1.84%, to $74.36 following the company's earnings report this morning, while Target (TGT) rose $59c, or 0.73%, to $80.89 after beating on both top and bottom lines. On a subsequent conference call, Target executives forecast a "choppy" competitive environment in Q3, though they added that the company "will not get beat" on promotions in Q4. Separately, American Eagle (AEO) lost 7.42% to $16.92 after its quarterly numbers. MAJOR MOVERS: Among the notable gainers were Palatin (PTN) and Apricus (APRI), showing respective advances of 3.19% and 7.89% after the FDA approved Sprout's female sexual dysfunction drug Addyi, with the agency remarking that it "continues to encourage drug development in this area." Note that both Palatin and Apricus are developing their own treatments in the space, and Apricus reaffirmed this morning its intent to seek a global partner as it advances its Femprox sexual dysfunction medication. Also higher was Yum! Brands (YUM), which gained $1.90, or 2.26%, to $86.10 after appointing a new CEO of its China division, adding that its same-store sales in the region "have turned significantly positive." Among the noteworthy losers was Rayonier Advanced Materials (RYAM), plunging $6.01, or 44.09%, to $7.62 after disclosing a legal battle with its customer Eastman Chemical (EMN) over "meet or release" contract stipulations which may impact Eastman's purchase obligations. Also lower was Caesarstone (CSTE), which lost $3.43, or 7.14%, to $44.61 after short-selling hedge fund Spruce Point said the stock has up to 75% downside due to heightened raw material costs and competitive concerns, among other factors. Separately, EOG Resources (EOG), Baytex Energy (BTE), and Vanguard Natural (VNR) saw respective losses of 4.15%, 15.53%, and 13.83% after WTI crude fell 5.02% for the session. INDEXES: The Dow declined 162.61, or 0.93%, to 17,348.73, the Nasdaq fell 40.30, or 0.80%, to 5,019.05, and the S&P 500 lost 17.31, or 0.83%, to 2,079.61.
13:30 EDTRYAMOn The Fly: Top stock stories at midday
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12:52 EDTRYAMRayonier Advanced Materials trading resumes, shares down $6.93 to $6.71
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12:45 EDTRYAMRayonier Advanced Materials says legal position 'correct one and will be upheld'
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12:41 EDTRYAMRayonier Advanced Materials says contract dispute should not impact 2015
12:24 EDTRYAMRayonier Advanced Materials downgraded to Hold at Vertical Research (earlier)
Vertical Research analyst Chip Dillon earlier today downgraded Rayonier Advanced Materials (RYAM) to Hold from Buy with a $12 price target. Dillon sees increased uncertainty as the company battles its top customer Eastman Chemical (EMN) in court over a contract. Shares of Rayonier Advanced Materials are halted for news pending after declining 55% to $6.12.
12:20 EDTRYAMRayonier Advanced sinks amid court battle with top customer Eastman
Rayonier Advanced Materials (RYAM) disclosed earlier today that on August 13, it filed a declaratory judgment action against Eastman Chemical (EMN) in the Superior Court of Gwinnett County, Georgia regarding the company's chemical cellulose specialty products contract with Eastman. Eastman was served with this action on August 14. The company's filing asks the court to confirm the meaning of certain "meet or release" pricing and volume provisions in the agreement that require the company, under certain circumstances, to respond to offers made to Eastman by other suppliers. Rayonier Advanced Materials seeks a declaration that these provisions apply to a maximum of 7,500 metric tons of product per year. In addition, the company has asked the court to confirm the meaning of certain contract provisions relating to pricing in future contract years. On the evening of August 12, the company learned that Eastman had filed a similar declaratory judgment action on August 4 in the Chancery Court for Sullivan County, Tennessee, concerning the same contract "meet or release" provisions. Eastman's filing seeks a declaration that all of its contracted volume is subject to the meet or release provision or, in the absence of such interpretation, that the contract is invalid. Rayonier Advanced Materials was served with that action on August 13. It believes that the "contract is valid and enforceable in accordance with its terms as to both price and volume requirements, and that the meet or release provisions should be enforced in accordance with the Company's position." Rayonier Advanced Materials sank 55%, or $7.51, to $6.12 in today's trading before being halted for news pending.
12:14 EDTRYAMRayonier Advanced Materials halted for news after dropping 55% to $6.12
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