Jul. 2, 2014, 12:39 PM
- Shares of companies that rely on federal infrastructure investment are lower after the Obama administration warns that federal funding for bridge and highway repair would be curtailed beginning Aug. 1 without congressional action.
- The current two-year law authorizing federal road spending expires in September, a deadline that can be extended.
- Martin Marietta (MLM), which announced earlier that it had completed its acquisition of Texas Industries, -2.9%; also, EXP -1.6%, VMC -1.3%, GVA -0.9%.
Apr. 4, 2014, 10:40 AM
- Holcim (HCMLF +2.4%) and Lafarge (LFRGY +6.7%), the world’s two largest cement makers, are exploring a potential merger of equals that would create a company with a combined market value of more than $50B, Bloomberg reports.
- Holcim and Lafarge combining would allow the companies to cut production costs by melding production capabilities and cutting excess capacity, but a merger could face heavy antitrust issues from multiple governments.
- Peers are rising on the news: CX +4.2%, VMC +2.1%, MLM +3.4%, CRH +2.8%, GVA +0.3%.
Jan. 3, 2014, 11:58 AM
- More on Joy Global's (JOY -1.5%) downgrade to Sell at Goldman Sachs: The firm sees "significant commodity and equipment over-supply driving medium-term growth headwinds," and expects mining capex budgets will remain under pressure longer than the stock is discounting today, trading at a 30%-40% premium to machinery peers on 2014-15 P/E.
- Other global machinery makers are showing minimal movement: CAT -0.1%, EXP +0.8%, GVA +0.2%, DE +0.4%.
Feb. 28, 2013, 12:53 PM
Aug. 29, 2011, 1:41 PM
Aug. 8, 2011, 12:49 PM
Share of Granite Construction (GVA -5.5%) fall after Goldman lowers its price target to $22 from $25, and maintains a Sell rating. The firm also lowers its EPS projections for the infrastructure builder looking forward: FY11 $1.00 vs. $1.10, FY12 $1.20 vs. $1.40, FY13 $1.50 vs. $1.70.| Aug. 8, 2011, 12:49 PM