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Stock Market & Financial Investment News

News Breaks
March 21, 2013
08:46 EDTENOC, GE, SO, ED, AEP, HON, DUKBernstein to host a conference
Electrical Equipment & U.S. Utilities Long View Conference is being held in Bernstein's New York offices on March 21.
News For SO;DUK;AEP;GE;HON;ED;ENOC From The Last 14 Days
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August 24, 2015
11:50 EDTSOSouthern Company to host a news conference on AGL Resources acquisition
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10:56 EDTSOSouthern Company says AGL shares were undervalued by markets
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10:22 EDTSOSouthern Company sees selling $3B of stock to fund AGL Resources deal
Says AGL (GAS) acquisition better positions Southern Company (SO) to succeed in future with increasing gas prices. Says now is the right time for this transaction. Expects natural gas use in the U.S. will increase. Sees natural gas use to rise as much as 2.2 BCF per day by 2020. AGL Resources planning $5B in capital spending over the next five years. Southern Co. sees equity sales beginning later this year. Comments taken from companies' conference call discussing the transaction. In morning trading, Southern Company shares were down 2.88% to $44.48 and AGL Resources shares were up 27.14% to $60.85.
09:18 EDTSOOn The Fly: Pre-market Movers
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07:46 EDTSOSouthern Company & AGL Resources to host joint conference call
Conference call to discuss merger agreement will be held on August 24 at 10 am. Webcast Link
07:41 EDTSOSouthern Company sees AGL Resources deal accretive to ongoing EPS in first year
Southern Company (SO) says expects to issue debt and equity as a result of the transaction to acquire AGL Resources (GAS), with equity issuances through 2019. Says deal will be accretive to ongoing EPS in first full year, with expected long-term EPS growth of 4%-5%. Sees opportunity to raise dividend growth rate, subject to board approval. Together, the companies will have over 1,500 bcf per year of combined natural gas consumption and throughput volume and approximately 9M regulated utility customers in nine states. Comments from slides that will be presented on the companies' conference call discussing the transaction.
07:33 EDTSOSouthern Company to acquire AGL Resources in $12B transaction=
Southern Company (SO) and AGL Resources (GAS) announced that the boards of directors of both companies have approved a definitive merger agreement to create America's leading U.S. electric and gas utility company. Pursuant to the agreement, AGL Resources will become a new wholly owned subsidiary of Southern Company in a transaction with an enterprise value of approximately $12B, including a total equity value of approximately $8B. For Southern Company, this transaction is anticipated to be accretive to earnings per share in the first full year following the close of the transaction, accelerate expected long-term EPS growth to 4%-5%, preserve its strong financial profile and further support investment in the company's diversified energy platform, and enhance the ability to increase the growth rate of its dividend, subject to board of directors' approval. Under the terms of the agreement, AGL Resources' shareholders will be entitled to receive $66 in cash for each share of AGL Resources common stock. This represents a premium of 36.3% to the volume-weighted average stock price of AGL Resources over the last 20 trading days ended Aug. 21, 2015. After closing, AGL Resources will continue to maintain its own management team and board of directors, and, as is the case with Southern Company's other operating subsidiaries, AGL Resources will continue to maintain its own corporate headquarters, which for AGL Resources is in Atlanta. Customers will continue to be served by their current gas and electric utility companies. Until the transaction has received all necessary approvals and has closed, the companies will continue to operate as separate entities. Completion of the transaction is conditioned upon, among other things, the approval of the AGL Resources shareholders and certain state utility and other regulatory commissions. The transaction is also subject to the notification and clearance and reporting requirements under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The companies expect to complete the transaction in the second half of 2016.
07:31 EDTSOSouthern Company to acquire AGL Resources in $12B transaction
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August 21, 2015
17:29 EDTAEP, DUKPJM releases results for 2018-2019 PJM Interconnection capacity auction
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17:02 EDTGEGeneral Electric completes sale of U.S. Sponsor Finance Business to CPPIB
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09:28 EDTAEPAmerican Electric sees FY16 EPS $3.45-$3.85, consensus $3.71
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09:27 EDTAEPAmerican Electric repeats FY15 EPS view $3.50-$3.65, consensus $3.59
Guidance taken from slides being presented at the Barclays Kohler Mid-West Utilities Conference.
August 20, 2015
10:01 EDTDUKDuke Energy seeks proposals for solar in South Carolina
Duke Energy issued a request for proposals for about 53 megawatts of utility-scale solar capacity to be in-service in its South Carolina service areas by the end of 2016. In a separate RFP, the company seeks up to 5 megawatts of solar capacity for its Shared Solar Program, an innovative offer that will allow multiple customers to subscribe to the output of a specific solar facility and share in the economic benefits of the power produced. Projects should be greater than 250 kilowatts and no more than 1 megawatt of capacity. The company anticipates the Shared Solar Program will be particularly attractive to customers who want to receive the benefits of renewable energy but may not be able to install solar on their premises, such as renters or those who live in multi-family housing.
08:01 EDTGEGE to provide CESP with 30MW battery energy storage system
GE announced it will provide Coachella Energy Storage Partners with a 30-MW battery energy storage system as part of CESP's supply contract with the Imperial Irrigation District. Representing GE's largest energy storage project to date, the plant will be located in California's Imperial Valley, approximately 100 miles east of San Diego. The facility will aid grid flexibility and increase reliability on the IID network by providing solar ramping, frequency regulation, power balancing and black start capability for an adjacent gas turbine. GE will provide CESP with an integrated energy storage solution, configured using GE's Mark* VI plant controls, GE Brilliance MW inverters, GE Prolec transformers, medium-voltage switchgear and advanced lithium ion batteries housed in a GE purpose-built enclosure. The plant will be operated by ZGlobal, an engineering collaborator with CESP, for the first 18 months, after which control will transfer to the IID. The deal marks GE's third project using lithium ion battery technology since expanding its portfolio in recent months. GE anticipates project construction will begin early next year, with commercial operation scheduled for the third quarter of 2016.
August 19, 2015
16:14 EDTSOGeorgia Power reaches 'milestone' in Vogtle nuclear expansion
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08:05 EDTGEGE Capital unit selected by Bush Hog for financing solutions
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August 18, 2015
14:18 EDTSOGeorgia Power announces PSC approval of $169M in capital, construction costs
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10:00 EDTAEPOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Abercrombie & Fitch (ANF) initiated with an Underperform at Wolfe Research... Abiomed (ABMD) initiated with a Buy at CRT Capital... Aeropostale (ARO) initiated with a Peer Perform at Wolfe Research... American Eagle (AEO) initiated with an Outperform, Top Pick at Wolfe Research... American Electric (AEP) initiated with a Buy at Mizuho... Benefitfocus (BNFT) initiated with an Overweight at First Analysis... Blue Buffalo Pet Products (BUFF) initiated with an Equal Weight at Morgan Stanley... Capitala Finance (CPTA) initiated with an Equal Weight at Stephens... Chico's (CHS) initiated with a Peer Perform at Wolfe Research... Children's Place (PLCE) initiated with an Outperform at Wolfe Research... Chimerix (CMRX) initiated with an Outperform at FBR Capital... Ciena (CIEN) initiated with a Market Perform at Northland... Crane (CR) initiated with an Outperform at William Blair... Entergy (ETR) initiated with a Neutral at Mizuho... Express (EXPR) initiated with an Outperform, Top Pick at Wolfe Research... Finisar (FNSR) initiated with a Market Perform at Northland... Francesca's (FRAN) initiated with a Peer Perform at Wolfe Research... Gap (GPS) initiated with an Underperform at Wolfe Research... Infinera (INFN) initiated with an Outperform at Northland... International Game (IGT) initiated with a Buy at Union Gaming... Juno Therapeutics (JUNO) initiated with an Outperform at FBR Capital... L Brands (LB) initiated with a Peer Perform at Wolfe Research... Luca Technologies (LUCA) initiated with an Outperform at Northland... Lumentum (LITE) initiated with an Outperform at Northland... M/A-COM (MTSI) reinstated with a Buy at Jefferies... MRV Communications (MRVC) initiated with an Outperform at Northland... Michael Kors (KORS) initiated with a Peer Perform at Wolfe Research... NN, Inc. (NNBR) initiated with a Buy at Stifel... NeoPhotonics (NPTN) initiated with an Outperform at Northland... Oclaro (OCLR) initiated with an Outperform at Northland... Scientific Games (SGMS) initiated with a Buy at Sterne Agee CRT... SolarCity (SCTY) initiated with a Neutral at UBS... Summit Materials (SUM) initiated with a Neutral at Citi... Tech Data (TECD) initiated with an Underperform at BofA/Merrill... Urban Outfitters (URBN) initiated with a Peer Perform at Wolfe Research... Zumiez (ZUMZ) initiated with an Underperform at Wolfe Research... lululemon (LULU) initiated with a Peer Perform at Wolfe Research.
09:32 EDTGEGE unveils $100M-plus washer investment in Louisville plant
GE announced an investment of $100M-plus in a new top load washer design and expanded manufacturing capability at its laundry plant in Louisville. This marks the largest laundry launch for GE in 20 years and is another example of the company's continued commitment to U.S. manufacturing.
06:26 EDTAEPAmerican Electric initiated with a Buy at Mizuho
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