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Stock Market & Financial Investment News

News Breaks
March 3, 2014
06:13 EDTTYCTyco lowers Q2 EPS ex-items view to 39c-41c from 44c-46c, consensus 46c
As a result of the transaction, the company expects that approximately 5c of EPS in Q2 will now be reflected in discontinued operations. Therefore, the company is updating its EPS guidance solely for this reclassification. The company now expects EPS from continuing operations before special items for Q2 to be in the range of 39c-41c compared to original guidance of 44c-46c. The company will provide an update on FY14 guidance during the quarterly earnings call to be held in April.
News For TYC From The Last 14 Days
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January 22, 2015
10:03 EDTTYCOn the Fly: Analyst Initiation Summary
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January 21, 2015
17:15 EDTTYCTyco initiated with a Sell at UBS
UBS initiated Tyco with a Sell rating and $40 price target, as the firm believes any upside in the stock is already factored into the company's guidance.
January 14, 2015
08:39 EDTTYCTyco says acquired assets of Grinnel, resolved disputes with historical insurers
Tyco said in a filing that as previously disclosed, during 4Q14, Tyco recorded a net charge of $465M related to asbestos liabilities, of which $225M related to Yarway Corporation liabilities and $240M related primarily to Grinnell. The company also disclosed that, in connection with claims primarily related to Grinnell, the company had resolved disputes with certain of its historical insurers and agreed that certain insurance proceeds would be used to establish and fund a qualified settlement fund, within the meaning of the Internal Revenue Code, which would be used for the resolution of certain of these liabilities. On January 9, 2015, the company completed a series of restructuring transactions related to the establishment and funding of a dedicated structure pursuant to which the company acquired the assets of Grinnell and transferred cash and other assets totaling approximately $278M, not including $22M received by the QSF from historic third-party insurers in settlement of coverage disputes, to the structure. As part of the restructuring, subsidiaries in the structure assumed certain liabilities related to historic Grinnell, Scott and Figgie operations, including all historical Grinnell asbestos liabilities, and such subsidiaries purchased additional insurance by, through or from a wholly-owned subsidiary in the structure in order to supplement and enhance existing insurance assets. The structure and the QSF fully fund all historic Grinnell asbestos liabilities and provide for the efficient and streamlined management of claims related thereto.

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