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February 7, 2014
07:44 EDTUTXUnited Technologies CFO won't comment on Sikorsky spin rumor, AP says
United Technologies CFO Greg Hayes said its Sikorsky helicopter unit has a "bright future," but declined to comment on a report that the conglomerate could sell or spin off the business, according to Associated Press, citing Hayes' comments at an aerospace defense conference. Reference Link
News For UTX From The Last 14 Days
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July 21, 2015
09:21 EDTUTXOn The Fly: Pre-market Movers
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09:00 EDTUTXUnited Technologies says 'disappointment would be a severe understatement'
The company said it has been more aggressive on the downside so that it doesn't want to over promise and not deliver. Cites pricing pressure in Otis after-market in Europe and slowdown in China. Expects headwinds of negative engine in Pratt, China slowdown, and slow Europe recovery will continue next year. Says US economic is better than expected and that should also continue.
08:57 EDTUTXUnited Technologies says 'done with big divestitures'
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08:55 EDTUTXUnited Technologies says Sikorsky deal allows it to be 'focused on core'
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08:55 EDTUTXUnited Technologies says commercial after-market sales to be up low single digit
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08:47 EDTUTXUnited Technologies says good demand for parts, but down compared to last year
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08:36 EDTUTXUnited Techonologiessees near-term weakness, but long-term is strong
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08:35 EDTUTXUnited Technologies sees Sikorsky transaction to close around year end
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07:11 EDTUTXUnited Technologies lowers FY15 cont. ops EPS to $6.15-$6.30, consensus $6.85
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07:08 EDTUTXUnited Technologies sees commercial Aerospace aftermarket below expectations
"With six months of trends behind us, it is now clear the commercial aftermarket at UTC Aerospace Systems will be significantly below our expectations for the year. This, along with continuing softness in Otis Europe and a slowing China, led us to reassess our 2015 outlook for UTC Aerospace Systems and Otis. We now expect 2015 operating profit at UTC Aerospace Systems to be down $25M-$75M and at Otis to be down $25M-$75M at constant currency. Including the adverse impact of FX, we expect profit at Otis to be down $300M-$350M compared to prior year. While this revised forecast is disappointing, we remain confident in our long term outlook for the business. We have industry leading franchises, strong recurring revenue streams and have focused our portfolio on attractive end markets. We will accelerate aggressive cost reduction across the businesses and look for additional structural cost actions that can drive earnings growth well into the future. We will also look to deploy additional capital to share repurchase and M&A," said Gregory Hayes, UTC President and CEO.
07:06 EDTUTXUnited Technologies reports Q2 EPS ex-items $1.81, consensus $1.71
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06:53 EDTUTXUnited Technologies eyes takeovers after Sikorsky deal, Reuters says
United Technologies (UTX), following a deal to sell its Sikorsky helicopter unit to Lockheed Martin (LMT), is expected to seek acquisition targets, Reuters says, citing analysts from Sterne Agee and Edward Jones. United Technologies said it planned to use SIkorsky's profit contribution to repurchase shares, the report says, though Sterne Agee analyst Peter Arment says that the sale gives United Tech the flexibility needed to pursue acquisitions. Reference Link
July 20, 2015
16:22 EDTUTXOn The Fly: Top stock stories for Monday
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15:01 EDTUTXNotable companies reporting before tomorrow's open
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14:54 EDTUTXUnited Technologies July weekly volatility increases into Q2 and outlook
United Technologies July weekly call option implied volatility is at 25, August is at 14, September is at 17; compared to its 52-week range of 12 to 26, suggesting large near term price movement into the expected release of Q2 results on July 21.
13:47 EDTUTXUnited Technologies technical notes ahead of earnings
The stock has been in a downtrend since hitting the 52-week high at $124.45 back in February. Weaker than expected earnings or outlook could keep the downtrend intact. In that event next support based on the current price of $109.98 would be at $107.95 which was a recent pivot low. A further break could see the following support levels become additional downside objectives: $104.86, $100.69, and $97.30 which is the 52-week low. If the news is a bullish surprise, the first important resistance level would be at the $113 area. A move above that level would break the existing downtrend. Additional resistance levels to watch as potential upside objectives would be at $115, $117.03, and $119.07.
12:08 EDTUTXOn The Fly: Top stock stories at midday
Stocks on Wall Street were slightly higher at midday in the first trading day of a week that will be light on domestic economic data but heavy on earnings reports. Investors will be receiving profit reports from about 25% of the companies on the S&P 500 this week, making this the highest volume earnings week of this season. ECONOMIC EVENTS: In the U.S., no major data was released. In Europe, Greece reopened its banks three weeks after closing as the country worked out another bailout agreement. The country announced it has started the process of paying off its creditors, including the European Central Bank and the International Monetary Fund, with a bridge loan it just received. COMPANY NEWS: Lockheed Martin (LMT) agreed to buy the Sikorsky Aircraft business from United Technologies (UTX) for $9B, noting the price is "effectively reduced" to $7.1B after taking into account tax benefits resulting from the transaction. Shares of Lockheed, which also reported better than expected second quarter results and increased its fiscal year guidance, gained nearly 2% after the Sikorsky announcement and saying it will conduct a strategic review of its government IT infrastructure services business and technical services business... Shares of Morgan Stanley (MS) shares were little changed near noon after the bank reported earnings and revenue, excluding certain adjustments, that topped analysts' consensus forecasts... SunEdison (SUNE) announced a deal to acquire Vivint Solar (VSLR) for approximately $2.2B, payable in a combination of cash, shares of SunEdison common stock and SunEdison convertible notes. In connection with the proposed acquisition of Vivint Solar, SunEdison has entered into a definitive purchase agreement with a subsidiary of TerraForm Power (TERP) which, concurrently with the completion of SunEdison's acquisition of Vivint, will acquire Vivint Solar's rooftop solar portfolio, consisting of 523 MW expected to be installed by year-end 2015, for $922M in cash. Shares of Vivint rose 44% following the announcement, while SunEdison's stock gained 4% and TerraForm dropped 3%. Fellow residential solar installer SolarCity (SCTY), which is backed by Tesla's (TSLA) Elon Musk, rose 7% following the deal in the space. MAJOR MOVERS: Among the notable gainers was Exelixis (EXEL), which rallied 43% after the company reported that a study of cabozantinib in metastatic renal cell carcinoma met its primary endpoint of significant improvement in progression-free survival. The shares were indicated to rise even more in early pre-market trading, but lost some of their gains after Bristol-Myers (BMY) announced that its Opdivo study was stopped early after showing superior overall survival in a Phase 3 study of previously treated patients with advanced or metastatic renal cell carcinoma. Bristol-Myers rose a bit less than 1% to trade near $70 per share after its own announcement. Also higher was PayPal (PYPL), which gained more than 5.5% in its first day of trading after being spun out of eBay (EBAY). Meanwhile, eBay shares rose over 2%. Cal-Maine Foods (CALM) dropped 8% after posting lower than expected sales and profits in its fourth quarter and warning that while it should have an adequate supply of its primary feed ingredients, the company expects that prices will be "volatile" in the year ahead. Also lower were shares of several gold miners, including Barrick Gold (ABX) and Newmont Mining (NEM), which each fell about 11%, as gold prices declined about 2% near midday. INDEXES: Near midday, the Dow was up 31.66, or 0.18%, to 18,118.11, the Nasdaq was up 9.81, or 0.19%, to 5,219.96, and the S&P 500 was up 2.82, or 0.13%, to 2,129.46.
07:43 EDTUTXLockheed Martin to acquire Sikorsky Aircraft business for $9B
United Technologies (UTX) announced that it has reached an agreement to sell its Sikorsky Aircraft business to Lockheed Martin (LMT) for $9B in cash. The transaction, which is subject to regulatory approvals and customary closing conditions and adjustments, is projected to close by year-end or in the Q1 of FY16. Proceeds from the sale are expected to be used to fund additional share repurchase to offset the earnings impact related to the sale. The company will discuss this transaction at its previously scheduled conference call with investors. In addition, UTC's Board of Directors has authorized a share repurchase program for up to 75M shares of the company's common stock, which would be worth approximately $8.3B based on the NYSE closing price of UTC shares on July 17. The new authorization replaces a previous program, approved in February 2013, which was nearing completion. The precise timing and amount of repurchases will be determined based on the company's evaluation of market conditions and other factors, and the program may be suspended or discontinued at any time.
July 19, 2015
20:33 EDTUTXMedia reports say Lockheed to buy UTX's Sikorsky
According to media reports, Lockheed Martin (LMT) has agreed to purchase United Technologies' (UTX) Sikorsky unit. The news comes after several months of speculation surrounding Sikorsky, and an announcement could be made just a day prior to second quarter earnings for both United and Lockheed. WHAT'S NEW: Reuters reported on Sunday that Lockheed Martin has agreed to buy Sikorsky Aircraft from United Technologies for over $8B, according to two sources, adding that the deal is set to be formally announced on Monday. The news was later echoed by Bloomberg, citing a person familiar with the talks. WHAT'S NOTABLE: United Technologies first reported that it was exploring strategic options for its Sikorsky unit on March 11. At the time, the company noted that options included a spinoff or a stand-alone public company, saying that the split could allow United "to better focus on providing high-technology systems and services to the aerospace and building industries." Following the announcement, UBS remarked that it was "not surprised" and reiterated a $136 price target on United shares. On May 20, the Wall Street Journal quoted sources as saying Boeing (BA), Airbus (EADSY) and Lockheed submitted bids for the helicopter maker, with a speculated deal thought to reach the $10B area. A June 9 report from Reuters added Textron (TXT) to the list of bidders. Today's news -- though unconfirmed by either United or Lockheed -- comes ahead of second quarter earnings reports for both companies scheduled for Tuesday, July 21. PRICE ACTION: Shares of Lockheed Martin declined 0.22% to $201.18 at the close of trading on July 17, while those of United Technologies fell 0.45% to $110.76.
15:31 EDTUTXLockheed Martin to buy Sikorsky for over $8B, Reuters says
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