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Stock Market & Financial Investment News

News Breaks
July 8, 2014
11:07 EDTWLBWestmoreland Coal sees Q2 adjusted EBITDA $35M-$38M
In a regulatory filing, the company said, "Although our unaudited consolidated financial statements for the three months ended June 30, 2014 are not yet complete, we currently anticipate reporting Adjusted EBITDA in the range of $35.0-$38.0 million for the three months ended June 30, 2014. This represents an approximate 21%-31% increase from our Adjusted EBITDA of $28.9 million for the three months ended March 31, 2014. We have not completed the application of purchase accounting following closing of the Canadian Acquisition and are therefore unable to provide a range of net income (loss) for the three months ended June 30, 2014."
News For WLB From The Last 14 Days
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October 23, 2014
15:15 EDTWLBWestmoreland update on 2015 outlook reassuring, says Brean Capital
Brean Capital believes Westmoreland fundamental drivers remain intact and that the stock's current valuation "defies reason." The firm views the 2015 outlook update that the company gave along with its Q3 results as "reassuring" and it reiterates its Buy rating and $60 price target on the stock, which is down about 3.5% to $32.84 in afternoon trading.
10:14 EDTWLBWestmoreland Q3 results include $23.7M charge for derivative losses
Westmoreland Coal's Q3 net loss of $49.3M included charges of $23.7M of unrealized, non-cash derivative based losses and $3.3M of restructuring charges. The company said it is focused on closing its recently announced Oxford transaction and the associated refinancing of Westmoreland's debt, both of which it plans on accomplishing during Q4.
10:11 EDTWLBWestmoreland reports Q3 EPS ($2.95), consensus ($1.14)
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October 17, 2014
16:17 EDTWLBOn The Fly: Closing Wrap
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12:52 EDTWLBOn The Fly: Midday Wrap
Stocks on Wall Street were sharply higher at midday, as the averages bounce back following steep declines in several recent sessions. Better than expected earnings from General Electric (GE) and Morgan Stanley (MS), a rebound in European stock markets and a stronger than expected reading on U.S. consumer confidence may all be contributing to the brightened mood evidenced by today's trading. ECONOMIC EVENTS: In the U.S., housing starts rebounded 6.3% to a 1.017M pace in September, beating expectations for a monthly increase of 4.6%. Building permits increased 1.5% to a 1.018M rate, which was below the expected 2.3% rise. The first release on the University of Michigan's consumer sentiment index for October came in at 86.4, versus expectations for a decline to 84.0 from the prior 84.6 reading. COMPANY NEWS: General Electric shares rose over 3% after the company reported better than expected third quarter profit and nearly in-line revenues. Morgan Stanley, whose quarterly results also topped Street expectations, advanced 2.5%. MAJOR MOVERS: Among the notable gainers was Westmoreland Coal (WLB), which gained 23% after it stuck a deal to acquire Oxford GP, the general partner of Oxford Resource Partners (OXF), and contribute certain royalty bearing coal reserves to Oxford in return for Oxford common units. Afterward, Brean Capital raised its price target on Westmoreland to $60, noting the announcement represents an entry into the MLP space. Also higher were shares of Textron (TXT), which advanced 11% after the aircraft and defense company reported better than expected third quarter earnings per share and raised its profit outlook for fiscal 2014. Among the noteworthy losers was Urban Outfitters (URBN), which dropped 13% and was downgraded by at least three Street research firms after the owner of Anthropologie and its namesake clothing stores warned that its Q3 earnings may be negatively impacted by continued weakness in its comparable retail sales. Also lower was Myriad Genetics (MYGN), which fell 7% after guiding to lower than expected Q1 adjusted earnings, citing a higher than expected increase in costs to perform its myRisk Hereditary Cancer test following the test's national launch. INDEXES: Near midday, the Dow was up 295.34, or 1.83%, to 16,412.58, the Nasdaq was up 62.43, or 1.48%, to 4,279.82, and the S&P 500 was up 29.48, or 1.58%, to 1,892.24.
08:01 EDTWLBWestmoreland price target raised to $60 from $52 at Brean Capital
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