Thu, Nov. 12, 10:32 AM
Tue, Oct. 20, 5:40 PM
Tue, Oct. 20, 5:29 PM
Mon, Oct. 19, 5:35 PM
Mon, Oct. 19, 3:03 PM
Thu, Oct. 15, 4:33 PM
- Terex (NYSE:TEX) appoints John Garrison, Jr. as its new President and CEO, effective Nov. 2, succeed retiring CEO Ronald DeFeo, who will continue to serve as Executive Chairman through year-end.
- Garrison joins TEX from Textron, where he served as President and CEO of the company's Bell Helicopter segment.
Thu, Oct. 15, 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.
Thu, Oct. 1, 8:33 AM
Fri, Sep. 25, 11:20 AM
- Barclays analyst Robert Wertheimer begins coverage of the U.S. machinery sector with a negative view, seeing consensus estimates too high across the board with revenue for the current cycle already peaking for most of the sector.
- The analyst expects a sharper than expected downturn for North American trucks, with another peak level eight years away; the tractor supercycle is only two years in a downturn, while the prior two supercycles saw seven consecutive down years in machinery sales, Wertheimer says.
- Of the 15 companies in the firm's sector coverage universe, only two are rated Overweight: United Rentals (URI +1.5%) and Allison Transmission (ALSN +0.4%).
- Started with Equal Weight ratings: Actuant (ATU -1.2%), AGCO (AGCO +1%), Caterpillar (CAT -1%), Joy Global (JOY -2.9%), Lincoln Electric (LECO -0.8%), Manitowoc (MTW -1.9%), Terex (TEX -0.7%) and WABCO (WBC -1.2%).
- Rated Underweight: Deere (DE -0.3%), CNH Industrial (CNHI +1.5%), Cummins (CMI -0.8%), PACCAR (PCAR -1%) and Navistar (NAV -2.9%).
Thu, Sep. 24, 11:22 AM
- Caterpillar's (CAT -6.3%) latest woes are wreaking havoc on other machinery stocks, including Deere (DE -3.4%), Joy Global (JOY -2.4%), Cummins (CMI -2.8%) and Terex (TEX -5.6%).
- CAT said today it is lowering its sales outlook for the year and will cut as many as 5K jobs between now and the end of 2016, and that sales and revenue could drop in 2016 for a record fourth straight year.
- Earlier this week, CAT gave its latest update on three-month rolling sales figures, which have now declined for 33 straight months.
Mon, Sep. 21, 8:04 AM
- Terex's (NYSE:TEX) China president is optimistic about the long-term outlook for the Chinese construction market, although he expects to see half of existing mainland machinery makers close amid a four-year market downturn.
- China is estimated to contribute 10%-15% of Terex's global sales by 2018, up from 5%-10% currently, Ken Lousberg told Reuters.
Thu, Sep. 17, 9:15 AM
Thu, Sep. 17, 8:00 AM
- Terex (NYSE:TEX) -7.4% premarket after Finnish crane company Konecranes (OTC:KNCRF) lowered its full-year financial guidance; the two companies agreed to a merger last month.
- Konecranes cites rapidly changing market sentiments within its Business Area Equipment segment, which are expected to lead to lower than expected deliveries during the rest of the year.
- Konecranes now sees 2015 sales slightly higher than in 2014, and expects 2015 operating profit roughly the same as 2014; the company previously expected 2015 sales to be higher than in 2014 and 2015 operating profit to improve from 2014.
Wed, Sep. 9, 12:29 PM
- Terex (TEX -0.7%) is downgraded to Underweight from Neutral with a $23 price target, lowered from $25, at J.P. Morgan, which is concerned that the merger deal with Konecranes fulfills several criteria that could result in failure.
- The firm sees likely downside risk to the synergies and restructuring savings expected from the deal, and says the cultures of the two companies appear meaningfully different, especially given each entity’s geographic focus and focus on services vs. new product sales.
Tue, Aug. 11, 12:45 PM
Tue, Aug. 11, 9:16 AM
Terex Corp is a lifting & material handling solutions company. It is engaged in delivering reliable, customer-driven solutions for commercial applications including construction, infrastructure, quarrying, mining & manufacturing, among others.
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