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Stock Market & Financial Investment News

News Breaks
March 10, 2014
09:26 EDTFRO, VLCCFKnightsbridge Tankers to purchase six Capesize bulk carriers from Frontline
Knightsbridge Tankers (VLCCF) and Frontline (FRO) announced that they and Karpasia Shipping, a company controlled by a trust established by John Fredriksen for the benefit of his immediate family have agreed for Knightsbridge to acquire five fuel efficient 180,000 DWT Capesize bulk carrier newbuildings from Frontline and one Capesize bulk carrier built in 2013 from Karpasia. The newbuildings were ordered by Frontline from Shanghai Waigaoqiao Shipbuilding in China and have expected deliveries of between May 2014 and September. Knightsbridge has agreed to pay $61M for each of the five Capesize newbuildings and $55M for the Capesize built in 2013. Of the total consideration of $360M, $186M will be paid in shares of Knightsbridge at $10 per share, $150M in absorption of remaining newbuilding CapEx and $24M in cash. Accordingly, Knightsbridge has agreed to issue 15.5M shares to Frontline and 3.1M shares to Karpasia, or another company controlled by trusts established by John Fredriksen for the benefit of his immediate family, on closing of the transaction. Knightsbridge will seek to raise around $30M in bank debt per vessel.
News For VLCCF;FRO From The Last 14 Days
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February 9, 2016
10:00 EDTFROOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: ArcelorMittal (MT) upgraded to Neutral from Sell at Goldman... Electronic Arts (EA) upgraded to Buy from Neutral at Hilliard Lyons... First Interstate (FIBK) upgraded to Outperform from Market Perform at Fig Partners... Flagstar Bancorp (FBC) upgraded to Buy from Hold at Sandler O'Neill... Frontline (FRO) upgraded to Buy from Neutral at Clarksons Platou... Grifols (GRFS) upgraded to Buy from Hold at Berenberg... Grupo Financiero (GGAL) upgraded to Neutral from Underweight at JPMorgan... Kinross Gold (KGC) upgraded to Outperform from Neutral at Credit Suisse... Luxottica (LUX) upgraded to Hold from Underperform at Jefferies... PrivateBancorp (PVTB) upgraded on growth outlook at SunTrust... SS&C (SSNC) upgraded to Outperform from Market Perform at Raymond James... Salesforce (CRM) upgraded to Hold from Underperform at Jefferies... TCF Financial (TCB) upgraded to Neutral from Sell at Compass Point... TreeHouse (THS) upgraded to Overweight from Neutral at JPMorgan... WPX Energy (WPX) upgraded to Overweight from Equalweight at Capital One... Yelp (YELP) upgraded to Neutral from Sell at B. Riley.
09:26 EDTFROFrontline upgraded to Buy from Neutral at Clarksons Platou
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