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Stock Market & Financial Investment News

News Breaks
January 7, 2013
09:15 EDTSTRS, CMAStratus Properties refinances Comerica revolving credit facility
Stratus Properties (STRS) announced that effective December 31, 2012, it entered into a Loan Agreement with Comerica Bank (CMA) that renews, extends and modifies Stratus' $45.0M credit facility with Comerica, comprised of a $35.0M revolving line of credit and a $10.0M term loan, that was scheduled to mature on December 31, 2012. The Loan Agreement provides for a $48.0M credit facility, divided into three tranches as follows: a $35M revolving line of credit, $3M for letters of credit, and a $10M construction loan. The interest rate applicable to amounts borrowed under each loan is an annual rate of LIBOR plus 4.0%, with a minimum interest rate of 6.0%. The credit facility will mature on November 30, 2014. Proceeds from the revolving loan may be used to fund Stratus' working capital needs, including land acquisitions; however, without prior approval from Comerica, individual land acquisitions shall not exceed $3.0M and aggregate land transactions shall not exceed $10.0M. Proceeds from the letter of credit tranche shall be used to fund additional working capital needs. Proceeds from the construction loan shall be used to develop the regional road and infrastructure for Section N of Barton Creek.
News For STRS;CMA From The Last 14 Days
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October 20, 2014
09:13 EDTCMAComerica downgraded to Hold from Buy at Rafferty Capital
Rafferty downgraded Comerica to Hold based on concerns the company will not be able to maintain its net interest income combined with operating expenses over the next few quarters. Price target lowered to$48 from $59. Note that Bernstein, Nomura, and Sandler O'Neill upgraded shares this morning.
08:16 EDTCMAComerica upgraded to Buy from Hold at Sandler O'Neill
Sandler O'Neill upgraded Comerica to Buy with a $49 price target due to valuation and increased confidence in cost controls. Note this is the third upgrade of the day.
06:49 EDTCMAComerica upgraded to Neutral from Reduce at Nomura
Nomura upgraded Comerica to Neutral based on reasonable valuation. Price target lowered to $41 from $42. Note that Bernstein upgraded shares to Market Perform this morning.
05:55 EDTCMAComerica upgraded to Market Perform from Underperform at Bernstein
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October 17, 2014
06:47 EDTCMAComerica now sees FY14 average loans growth of about 5%
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06:47 EDTCMAComerica sees slight growth in average loans in Q4
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06:42 EDTCMAComerica reports Q3 EPS 82c, consensus 80c
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October 16, 2014
15:26 EDTCMANotable companies reporting before tomorrow's open
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