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  • Businesses Fighting Against Stagnation - DrStockPick.com - NEU, CBST, PKG, NAV 0 comments
    Oct 19, 2010 11:27 AM

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    The Board of Directors of NewMarket Corporation (NYSE:NEU) declared a quarterly dividend in the amount of 44.0 cents per share on the common stock of the Corporation.

    The dividend is payable January 1, 2011 to NewMarket shareholders of record at the close of business on December 15, 2010. This is an increase of 6.5 cents per share.

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    Cubist Pharmaceuticals, Inc. (NASDAQ: CBST) reported its intention to offer, subject to market and other conditions, up to $250 million aggregate principal amount of its Convertible Senior Notes due 2017.

    The notes will be convertible, under certain circumstances, into cash, shares of Cubist Pharmaceuticals' common stock, or a combination, at Cubist Pharmaceuticals' election.

    The interest rate, conversion price, and certain other terms of the offering are to be determined at the time of pricing. Cubist Pharmaceuticals intends to grant the underwriters an option to purchase up to an additional $37.5 million aggregate principal amount of notes.

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    Packaging Corporation of America (NYSE: PKG) reported third quarter 2010 net income of $93 million, or $0.91 per share.

    Reported results include a $33 million, or $0.33 per share, addition to income from cellulosic bio-fuel credits generated in 2009, and after-tax charges totaling $2 million, or $0.02 per share, from asset disposals related to the Counce and Valdosta mills’ major energy projects and costs related to the closure of a corrugated products facility.

    Reported results for the third quarter of 2009 were $73 million, or $0.71 per share, which included income of $47 million, or $0.46 per share, from alternative fuel mixture tax credits.

    Net sales in the third quarter were a record $643 million, up 16% compared to third quarter 2009 net sales of $554 million.

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    Navistar Financial Corporation, an affiliate of Navistar International Corporation (NYSE: NAV), has completed the sale of $290 million of asset-backed notes in a 144-A transaction.

    This is Navistar Financial's second retail securitization in calendar-year 2010, bringing its total transaction volume to more than $1.1 billion and enabling NFC to reduce debt costs and build liquidity.

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