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Thu, Feb. 11, 10:17 AM
Thu, Jan. 28, 5:16 PM
Wed, Jan. 27, 5:35 PM| Wed, Jan. 27, 5:35 PM | 9 Comments
Tue, Jan. 26, 2:12 PM
- Terex (TEX +43%) shares resume trading after a halt, soaring higher as the company confirms receiving a $30/share takeover offer from Zoomlion of China.
- TEX says it has entered into a confidentiality agreement with Zoomlion and is discussing the proposal, which values the company at ~$3.3B; TEX says it will not comment further until the board has completed its review.
- TEX had entered into an agreement to merge with industrial crane maker Konecranes (OTC:KNCRF) and TEX's board says it continues to support the proposed deal.
- Word of the proposal had been reported earlier by Bloomberg.
- Peers Manitowoc (MTW +14.3%) and Joy Global (JOY +8.6%) also trade higher on the news.
Dec. 28, 2015, 4:59 PM
Dec. 7, 2015, 8:51 AM
Nov. 13, 2015, 12:28 PM
- Manitowoc (MTW +3.1%) shares rack up strong gains as Jefferies analyst Stephen Volkmann raises his price target to $21 from $17 and says the company is getting no credit for its weak Cranes business.
- "MTW will split food from crane in mid 1Q16, and the market at this point is basically valuing the crane business near zero, which we find absurd given the strong global franchise, leading brands and significant installed base supported by a broad and deep distribution capability," Volkmann writes.
- MTW’s depressed crane business should generate at least $1.5B in revenue in 2016, according to the analyst.
Oct. 28, 2015, 6:17 PM
- Manitowoc (NYSE:MTW) declares $0.08/share annual dividend, in line with previous.
- Forward yield 0.54%
- Payable Dec. 10; for shareholders of record Nov. 27; ex-div Nov. 24.
Oct. 28, 2015, 5:58 PM
- Manitowoc (NYSE:MTW) says Glen Tellock has resigned as Chairman, President and CEO to pursue other opportunities, and names board member Kenneth Krueger to assume all three positions on an interim basis, effective immediately.
- Krueger most recently served as COO at Bucyrus International before retiring; he had been CFO at A.O. Smith and Rockwell Automation.
- Earlier: Manitowoc misses by $0.01, misses on revenue
Oct. 28, 2015, 5:38 PM
- Manitowoc (NYSE:MTW): Q3 EPS of $0.09 misses by $0.01.
- Revenue of $863.5M (-12.5% Y/Y) misses by $17.93M.
Oct. 27, 2015, 5:35 PM
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Oct. 27, 2015, 11:25 AM
- Select vehicle stocks are weaker after Paccar (PCAR -5.9%) fell short of revenue estimates with Q3 earnings and Cummins (CMI -8.5%) warned on demand trends in Brazil and China.
- Paccar reported deliveries to the U.S. and Canada were up 3% during the quarter. New truck deliveries to Europe increased 11%. The story at Cummins was darker as revenue guidance was dropped.
- There's a bit of a contagion effect as truck, heavy-duty machinery, and RV sellers such as Navistar (NAV -13.2%), Winnebago (WGO -3.5%), Thor Industries (THO -1.6%), Caterpillar (CAT -0.8%), Manitowoc (MTW -3.6%), Polaris Industries (PII -0.8%), Arctic Cat (ACAT -4.6%), and Spartan Motors (SPAR -4.3%) are all weaker.
- Ford is also down off after an earnings miss and GM issued another million-car plus recall.
- Previously: Ford Motor misses by $0.02, beats on revenue (Oct. 27 2015)
- Previously: GM recalls 1.4M older vehicles due to fire risk (Oct. 27 2015)
Oct. 26, 2015, 9:19 AM
Oct. 15, 2015, 2:58 PM
- Manitowoc (MTW -10.7%) is downgraded at Stifel and Baird following the company's worse than expected preliminary Q3 revenue guidance amid a "deteriorating" demand environment in its Cranes segment.
- Stifel cuts MTW to Hold from Buy, noting the company has issued two preannouncements this year alone that have dampened the hopes for a crane recovery during this cycle; while the planned split of the foodservice and crane businesses should help support shares in the mid-teens, the firm now sees no identifiable demand catalyst on the near-term horizon.
- Baird cuts shares to Neutral from Outperform with a $15 price target, lowered from $22, are crane fundamentals deteriorate more than expected, adding risk to the business separation as the foodservice unit likely will be saddled with more than 5x debt-to-EBITDA while risk aversion is creeping back into high yield markets.
Oct. 15, 2015, 12:46 PM
Oct. 15, 2015, 9:14 AM
- Terex (NYSE:TEX) -3.6% premarket after Manitowoc (NYSE:MTW) pre-announced lower than expected Q3 revenue following yesterday's close, pointing specifically to weakness in its cranes segment.
- MTW said its cranes segment continues to be hurt by a deteriorating demand environment, particularly in the Middle East and Asia, and lower than expected tower and crawler crane shipments exacerbated the Q3 shortfall in revenues.
- Other companies in the commercial equipment sector include Accuride (NYSE:ACW), Meritor (NYSE:MTOR), Deere (NYSE:DE) and Caterpillar (NYSE:CAT).
- MTW -14.4% premarket.
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