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News Breaks
January 28, 2014
10:01 EDTTRSannounces dismissal of patent infringement, trade secret misappropriation suit
TriMas announced that the Federal District Court for the Eastern District of Arkansas granted summary judgment for Cequent Performance Products in a patent infringement and trade secret misappropriation lawsuit filed by MCB Sales & Installation Services. The suit alleged that Cequent infringed a U.S. patent owned by MCB and trade secret misappropriation. At the pleading stage, the Court dismissed all of MCB’s claims except for the patent infringement and misappropriation of trade secret claims. After discovery, Cequent moved for summary judgement on those remaining claims. The Court granted summary judgment of no patent infringement and no trade secret misappropriation in favor of Cequent, ordered MCB to pay Cequent’s costs, and entered final judgment dismissing the case in its entirety.
News For TRS From The Last 14 Days
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September 24, 2014
09:59 EDTTRSOn The Fly: Analyst Downgrade Summary
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05:28 EDTTRSTriMas downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo downgraded TriMas to Market Perform citing expectations for slower growth potential and margin improvement following the company's guidance cut. Wells lowered its price target range for shares to $28-$31 from $40-$43.
September 23, 2014
10:02 EDTTRSOn The Fly: Analyst Upgrade Summary
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07:32 EDTTRSTriMas upgraded to Speculative Buy from Accumulate at Global Hunter
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September 22, 2014
13:54 EDTTRSTriMas removed from Barrington Best Ideas List at Barrington
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12:16 EDTTRSOn The Fly: Midday Wrap
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11:50 EDTTRSTriMas plummets to 52-week low after cutting fiscal 2014 outlook
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07:12 EDTTRSTriMas to host conference call
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07:08 EDTTRSTriMas expects to obtain all clearance for Allfast deal by October end
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07:04 EDTTRSTriMas to acquire Allfast Fastening Systems for $360M
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07:02 EDTTRSTriMas cuts FY14 EPS view to $1.85-$1.95 from $2.15-$2.25
Consensus is $2.17. The company estimates that 2014 sales will increase 6%-7% as compared to 2013, consensus $1.5B. In addition, the company has maintained its guidance of $55M-$65M of Free Cash Flow, defined as Cash Flow from Operating Activities less Capital Expenditures, in 2014. As previously indicated, we have faced both external market pressures and operational challenges in our Energy and Aerospace businesses to date in 2014,” said David Wathen, TriMas President and CEO. “While we have taken actions to improve the performance in these segments, the reality is that the improvements have not taken place at the expected pace. In addition, our Cequent businesses have faced and will continue to face additional margin pressures during the back half of 2014. We do not take lightly the need to adjust market expectations and continue to focus on capturing the opportunities and mitigating the risks we face in these choppy end markets. While we do see positive trends in certain businesses, these trends are expected to be more than offset by the recent headwinds. We are taking actions to effectively address these challenges and remain positive on the longer-term prospects for EPS growth in our business.”
07:01 EDTTRSTriMas cuts FY guidance
06:57 EDTTRSTriMas trading halted, pending news
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September 18, 2014
13:19 EDTTRSTriMas management to meet with Jefferies
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