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Stock Market & Financial Investment News

News Breaks
June 11, 2014
11:59 EDTSOSouthern Company executives enter into 10b5-1 trading plans
Southern Company disclosed in a filing that on May 29, W. Paul Bowers, EVP of The Southern Company , entered into a Rule 10b5-1 plan with a broker to sell company common stock that will be acquired on Mr. Bowers’ exercise of certain company stock options. Under the Bowers Plan, up to 128,093 shares of company common stock may be sold beginning June 28. On June 2, Art. P. Beattie, EVP and CFO, entered into a Rule 10b5-1 plan with a broker to sell company common stock that will be acquired on Mr. Beattie’s exercise of certain Company stock options. Under the Beattie Plan, up to 57,983 shares of company common stock may be sold beginning July 3,.
News For SO From The Last 14 Days
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January 30, 2015
10:57 EDTSOChicago Bridge & Iron sinks after construction delay disclosed
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10:10 EDTSOVogtle delay negative for Chicago Bridge & Iron, says Deutsche Bank
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10:05 EDTSOChicago Bridge & Iron likely responsible for some delay costs, says Macquarie
Macquarie says Chicago Bridge & Iron (CBI) will likely be held responsible for some of the costs associated with the Vogtle Units project delay. It notes Southern Company (SO) and Georgia Power think the contractor consortium is responsible for around $1.2B in overages. Macquarie thinks that while CB&I indicated it will not be held responsible, it finds that "highly unlikely." The firm has an Underperform rating on Chicago Bridge & Iron with a $30 price target. The stock is down 11% in early trading to $34.10.
09:59 EDTSOChicago Bridge & Iron sinks after Plant Vogtle delay
Georgia Power disclosed last night that it has been notified by Westinghouse Electric and Chicago Bridge & Iron (CBI) / Stone & Webster of the contractor’s revised forecast for completion of Plant Vogtle Units 3 and 4, which would incrementally delay the previously disclosed estimated in-service dates by 18 months from Q4 of 2017 to Q2 of 2019 for Unit 3 and from Q4 of 2018 to the Q2 of 2020 for Unit 4. Georgia Power said it has not agreed to any changes to the guaranteed completion dates and does not believe that the contractor’s revised forecast reflects "all efforts that may be possible to mitigate" the delay. In addition, Georgia Power believes the contractor is responsible for the contractor’s costs related to the delay. It believes the co-owners are entitled to recover liquidated damages for the delay beyond the guaranteed substantial completion dates of April 2016 and April 2017 for Plant Vogtle Units 3 and 4, respectively. Shares of contractor Chicago Bridge & Iron are down 10% following the news.
January 22, 2015
13:09 EDTSOSouthern Company unit and HelioSage announce 120 MW of solar in Florida
HelioSage Energy and Gulf Power Company, a Florida investor-owned electric utility and subsidiary of Southern Company, have announced the development of three large-scale solar projects across Northwest Florida totaling 120 megawatts, or MW. Gulf Power and HelioSage have partnered with the U.S. Air Force and U.S. Navy to develop the solar facilities on three military sites along the Florida Gulf Coast. Once constructed, the projects will serve as the three largest photovoltaic solar facilities in Florida, and among the largest solar projects east of the Mississippi. Following approval by the Florida Public Service Commission, HelioSage will develop, finance, and operate the solar projects. The power generated by the facilities will then be sold to Gulf Power under a long-term Energy Purchase Agreement. Collectively, the solar facilities will produce enough energy to power over 18,000 homes each year. Construction is slated to begin early next year, with the projects reaching commercial operation by Q4 FY16. The solar facilities will be constructed at Eglin Air Force Base in Fort Walton Beach, 30 MW, Holley Naval Outlying Landing Field in Navarre, 40 MW, and Saufley Naval Outlying Landing Field in Pensacola, 50 MW.

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