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Stock Market & Financial Investment News

News Breaks
February 19, 2013
17:47 EDTTEXTerex establishes 2015 EPS goal of $5.00 per share, $10B in net sales
Also establishes 2015 goal of 15% return on invested capital.
News For TEX From The Last 14 Days
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January 26, 2016
16:20 EDTTEXOn The Fly: Top stock stories for Tuesday
Stocks began Tuesday in positive territory, once again trading in tandem with oil prices. The Dow led today's gains thanks in part to earnings reports from 3M (MMM), Proctor & Gamble (PG) and Johnson & Johnson (JNJ), though the Nasdaq struggled early in the day. Following a better than expected reading on consumer confidence and a rip in oil prices, stocks continued to pile on gains in the afternoon, with the major indexes all going out near their highs. ECONOMIC EVENTS: In the U.S., the S&P/Case-Shiller 20-city home price index rose 5.8% from the prior year in November, topping expectations for a 5.7% year-over-year increase. The separate FHFA house price index showed a monthly gain of 0.5% in November, matching the consensus forecast. Markit's services PMI for January came in at 53.7, missing the 54.0 forecast. The preliminary reading of the Conference Board's consumer confidence index for January came in at 98.1, topping the 96.5 reading that was expected. In Asia, Japan's Nikkei index fell 2.35% while China's Shanghai composite slid 6.4%. COMPANY NEWS: Earnings season accelerated Tuesday as major members of the bluechip Dow Jones Industrial Average posted results before the opening bell. 3M lead the pack with a gain of 5.16% to $144.79, while Johnson & Johnson, Procter & Gamble and DuPont (DD) added 4.86%, 2.55% and 0.89%, respectively, following their reports... AIG (AIG) provided its much-anticipated strategy update, committing to return at least $25B to shareholders over the next two years and announcing the sale of AIG Advisor Group to Lightyear Capital and PSP Investments. The company, under ongoing pressure from activist investors including Carl Icahn, also said it will publicly offer a portion of its United Guaranty unit, though it expressly rejected a full company breakup. MAJOR MOVERS: Among the notable gainers was Terex (TEX), which surged 36.5% to $20.48 after receiving a $30 per share acquisition offer from China's Zoomlion. Terex peers Manitowoc (MTW), Joy Global (JOY) and Oshkosh (OSK) also saw respective gains of 16%, 9.5% and 5.5% after the news. In other M&A news, FirstMerit (FMER) jumped 18.35% after a merger agreement with Huntington Bancshares (HBAN). Also higher was Weight Watchers (WTW), which rose nearly 20% to $13.32 after noted shareholder and partner Oprah Winfrey tweeted a video detailing her progress and weight loss using the company's program. In addition, Sprint (S) soared 18.65% to $2.99 after reporting losses for the quarter that were not as steep as expected and raising its fiscal year EBITDA forecast. Among the noteworthy losers was Leidos (LDOS), which declined 9% to $48.83 after reaching an agreement with Lockheed Martin (LMT) to combine with the company's realigned Information Systems & Global Solutions unit in a Reverse Morris Trust transaction. Also lower was Centene (CNC), which lost 2.26% to $59.99 after revealing it has potentially misplaced six hard drives containing personal data on nearly 1M individuals. Meanwhile, Polaris (PII) dipped 9.15% to $72.99 after its fourth quarter report. INDEXES: The Dow rose 282.01, or 1.78%, to 16,167.23, the Nasdaq gained 49.18, or 1.09%, to 4,567.67, and the S&P 500 advanced 26.55, or 1.41%, to 1,903.63.
15:41 EDTTEXTerex discount to Zoomlion offer shows skepticism about deal, says RBC Capital
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13:35 EDTTEXTerex resumes, up 48% after receiving $30/share takeover offer from Zoomlion
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13:20 EDTTEXManitowoc calls active after Terex receives takeover proposal from Zoomlion
Manitowoc (MTW) February 15 and 16 calls are active on total call volume of 4300 contracts (2000 puts) after Terex (TEX) receives takeover proposal from Zoomlion. February call option implied volatility is at 61, March is at 58; compared to its 52-week range of 27 to 62. Active call volume suggests traders taking positions for large price movement.
13:17 EDTTEXJoy Global calls active after Terex receives takeover proposal from Zoomlion
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13:14 EDTTEXJoy Global up 12% after Terex receives takeover proposal from Zoomlion
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13:12 EDTTEXTerex: Board hasn't changed recommendation of proposed deal with Konecranes
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13:12 EDTTEXTerex says Zoomlion offers to acquire company for $30 per share in cash
13:12 EDTTEXManitowoc up 16% after peer Terex confirms receipt of unsolicited takeover bid
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13:11 EDTTEXTerex confirms receipt of unsolicited propsoal from Zoomlion
Terex Corporation announced that it has received an unsolicited, non-binding acquisition proposal from Zoomlion Heavy Industry Science and Technology to acquire all of the outstanding shares of Terex for $30.00 in cash. The proposal is conditioned on, among other things, receipt of US and Chinese regulatory approval and Zoomlion shareholder approval. Terex previously announced that it had entered into a Business Combination Agreement with Konecranes Plc providing for a combination of Terex and Konecranes. The Terex Board of Directors has not changed its recommendation of the proposed combination with Konecranes. Terex has entered into a confidentiality agreement with Zoomlion and is in discussions with Zoomlion regarding the proposal. Consistent with its fiduciary duties, the Terex Board of Directors, in consultation with its legal and financial advisors, is carefully reviewing the Zoomlion proposal to determine the course of action that it believes is in the best interests of Terex shareholders. Terex will have no further comment until the Board has completed its review. Credit Suisse Securities and Moelis & Company are serving as financial advisors to Terex and Fried Frank Harris Shriver & Jacobson LLP, Bryan Cave LLP and Avance Attorneys Ltd are acting as legal counsel to Terex.
12:48 EDTTEXTerex halted for news after jumping 17%
Shares of Terex (TEX) are halted for news pending after Bloomberg reported that the company rebuffed a takeover approach from China's Zoomlion. The stock jumped 17% to $17.57 following the halt. Shares of Manitowoc (MTW), a fellow manufacturer of cranes and other capital goods, are up in sympathy. The stock is up 8% to $14.05 at the time of the Terex halt.
12:44 EDTTEXTerex trading halted, pending news
11:55 EDTTEXManitowoc spikes after report of peer Terex rebuffing takeover attempt
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11:49 EDTTEXTerex rebuffed takeover approach from Zoomlion, Bloomberg reports
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11:42 EDTTEXOptions with increasing call volume; TEX MTW MTG SEE KBH SNDK WDC VALE VIAB PII
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11:06 EDTTEXTerex resumes, up 12% after said to rebuff Zoomlion takeover approach
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11:06 EDTTEXTerex February calls active after report of rebuffing Zoomlion
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11:02 EDTTEXTerex jumps 12%, halted for circuit breaker after report of rebuffing Zoomlion
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11:01 EDTTEXTerex turns down takeover approach from Zoomlion, Bloomberg reports
10:01 EDTTEXHigh option volume stocks
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