Terex: The Return Of The King
Money Green • 23 Comments
Money Green • 23 Comments
Wed, Apr. 13, 2:24 PM
- Investors should take profits on machinery stocks ahead of earnings, J.P. Morgan analysts say, as valuations are stretched after the sector outperformed the S&P in Q1 +17% vs. +1.3%, and investors likely will have little tolerance for weaker than expected performance.
- The firm suggests avoiding Deere (DE +1.9%), Agco (AGCO +3.5%) and CNH Industrial (CNHI +3%) on weaker fundamentals with downside risk to the market outlooks for each region, and Paccar (PCAR +2.9%) on weaker NAFTA HD truck demand vs. its guide for a 12% decline in U.S. and Canada retail sales.
- However, JPM likes Allison Transmission (ALSN +2.4%) heading into Q1 as it has underperformed peers while its exposure to HD Class 8 long haul is limited and MD orders are up 5% YTD.
- Rated Neutral CAT, MTW, JOY, NAV, TEX, MCRN, PH, KMT, ETN, ITW.
Wed, Apr. 6, 5:36 PM
Thu, Mar. 24, 9:18 AM
Wed, Mar. 23, 5:38 PM
Wed, Mar. 23, 4:23 PM
- Terex (TEX -2.7%) is up 9.3% after hours on word it will move forward on buyout talks with Zoomlion (OTCPK:ZLIOY), after receiving a revised (nonbinding) offer to buy Terex for $31/share in cash.
- The deal's been hung up on price rather than any regulatory concern. Last week, Zoomlion boosted its offer to more than $3.4B with a $30/share cash offer combined with a $1/share special dividend.
- Terex is pushing toward obtaining a binding offer that provides for "a high degree of closing certainty." Its board says it hasn't changed its recommendation in support of an existing proposed combination with Konecranes, which would have to agree on a deal termination or face a vote down from Terex shareholders.
Tue, Mar. 15, 2:05 PM
- Zoomlion (OTCPK:ZLIOY) has raised its takeover offer for Terex (TEX +7%) to more than $3.4B by adding a $1/share special dividend to its previous $30/share cash offer, and TEX has responded by asking for $32.75/share in cash to agree to sell itself to Zoomlion and terminate its merger agreement with Konecranes, Reuters reports.
- The main stumbling block is the price, rather than concerns that the U.S. could block the deal because of TEX's ties to the U.S. military and presence in U.S. ports, according to the report.
- The discussions have not advanced beyond price, and Zoomlion's banks are waiting for TEX to provide access required for their due diligence in order to finalize their financing commitments, Reuters says.
Fri, Feb. 19, 11:36 AM
- Terex (TEX +6.8%) spikes higher following a Reuters report that it has halted all work on its merger integration with Konecranes (OTC:KNCRF).
- Information sharing and integration work with Konecranes will stop until the TEX board decides whether it will proceed with that transaction or pursue a sale to Zoomlion (OTCPK:ZLIOY), which has offered ~$3B to acquire TEX.
- Finland's Konecranes and China's Zoomlion both want TEX to help them better cope with cooling Chinese and weak European demand.
Wed, Feb. 17, 9:14 AM
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.
Tue, Jan. 26, 11:47 AM
- Terex (TEX +14.4%) shoots higher after Bloomberg reports the company recently received a takeover approach from China’s Zoomlion Heavy Industry.
- TEX reportedly rebuffed the proposal and is focused on completing its merger with Konecranes; while Zoomlion has not abandoned its interest in TEX, it is not clear if the Chinese company will improve on its offer.
- Zoomlion is China’s second biggest maker of construction equipment by revenue.
Nov. 12, 2015, 10:32 AM
- Terex (TEX -5.9%) takes a tumble in early trade.
- Shares are down 32.5% over the past 52 weeks.
Oct. 20, 2015, 5:40 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.
Sep. 24, 2015, 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.
Sep. 17, 2015, 9:15 AM
Sep. 17, 2015, 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.
Terex Corp. engages in manufacturing of machinery products. It operates through five segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions, and Materials Processing. The Aerial Work Platforms segment designs, manufactures, services and markets aerial work... More
Sector: Industrial Goods
Industry: Farm & Construction Machinery
Country: United States
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