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Stock Market & Financial Investment News

News Breaks
April 25, 2014
08:24 EDTTYCTyco starting to see modest pulift in topline and growth in services and product
The company does not expect any sizable transactions to come to a close in the new term, but it said it is "actively" looking for a number of opportunities of varying sizes. Tyco continues to see strong growth in Asia and other growth markets, continued stabilization in Europe, expecting it to be a modest contributor to growth in 2H14. The overall economy continues to be soft in Australia, with the mining sector significantly impacted. Tyco has seen a pick up in orders in April and with the backlog of $5B, the company expects a solid second half of the year. Comments taken from Q2 earnings conference call.
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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