Market Currents

• Monday, December 21, 2009

• 12:02 PM Canadian fertilizer maker Agrium's (AGU +2.3%) hostile bid for CF Industries (CF -0.3%), which was to expire Dec. 18, has been extended to Jan. 22. Agrium has a $45 cash-and-stock offer on the table and plans to nominate a slate of directors at CF's 2010 annual meeting. Comment!

• Monday, December 7, 2009

• 08:28 AM CF (CF), itself the target of a hostile bid from Agrium (AGU), said in a letter to Terra's board that it was "prepared to meet immediately and to sign a merger agreement before the market opens on Monday, December 7th." Last month, Terra shareholders voted to add three people proposed by CF to its board, increasing the chances CF's bid would be successful. Premarket: CF -5.1%. TRA +8.1%. AGU +1.8%. 1 Comment

• Friday, November 20, 2009

• 12:08 PM More developments in fertilizer's three-way "forever war": Terra Industries (TRA +2.8%) investors elect a slate of three directors backed by CF Industries Holdings (CF -0.5%), potentially adding momentum to CF's 2009 campaign to buy Terra. And Agrium (AGU -0.1%) says holders of 62% of CF's shares support its hostile bid for CF - the same number as earlier this year with a $5/share lower offer. 2 Comments

• Monday, November 9, 2009

• 12:24 PM Fertilizer's three-way "forever war" between Agrium (AGU), CF Industries (CF) and Terra (TRA) - Agrium bidding for CF, CF bidding for Terra - may be coming into its endgame. Comment!

• Thursday, November 5, 2009

• 08:04 AM Agrium (AGU) makes its "best and final offer" for CF Industries (CF) of $45/share in cash, plus one Agrium share - or a total of about $93/share. Agrium's previous offer was $40 plus a share. (PR) CF is itself locked in a battle to take over Terra Industries (TRA). Premarket: AGU +1.6%. CF -6.7%. TRA +5.5%. Comment!

• Wednesday, November 4, 2009

• 08:01 AM Agrium (AGU): Q3 EPS of $0.16 in-line. Revenue of $1.84B (-40.8%) vs. $2.07B. (PR) Comment!
• 00:05 AM Notable premarket earnings: ABK, ADP, AGU, BDX, BHI, CMCSA, DVN, FWLT, GRMN, HUN, IAG, LIZ, MFA, MMC, PHM, PWR, RDN, RIG, RRD, TAP, TEL, TOT, TRW, TWX, WTR, XTO 1 Comment

• Friday, October 23, 2009

• 09:00 AM Premarket gainers: AMZN +18%. SYNA +13%. CIT +10%. MSFT +9%. COF +9%. BQI +6%. BUCY +5%. ALU +5%. FBCM +5%. RFMD +4%. CEO +4%.
  Losers: SPWRA -10%. ELN -10%. IBKR -9%. SNV -9%. BRCM -7%. BIIB -5%. AGU -4%. AIB -4%. Comment!

• Tuesday, October 20, 2009

• 10:37 AM Goldman says its checks indicate reports that the Belarusian Potash authority was in final-stage negotiations of its 2010 contract with China were taken out of context, and that talks aren't as far along as thought. Firm now expects negotiations to lead to prices in the low $300/ton range, well below Street expectations. POT -1%. AGU -1.5%. 3 Comments

• Wednesday, August 5, 2009

• 10:27 AM CF Industries (CF +0.1%) boosts its all-stock offer for Terra Industries (TRA +4.8%) to $3.7B, a 29% premium to yesterday's close, and also says it's prepared to return at least $1B in cash to TRA shareholders if the deal closes. Meanwhile Agrium (AGU +2.2%) says it remains committed to acquiring CF. Comment!
• 07:15 AM Agrium (AGU): Q2 EPS of $2.35 beats by $0.54. Revenue of $4.1B (+6%) vs. $3.4B. (PR) Comment!
• 00:05 AM Notable earnings before Wednesday's open: AGU, AVT, AXL, BHI, BYD, CNP, DF, DVN, EXM, FIG, FWLT, GRMN, MMC, OC, OSG, PCG, PG, PQ, PWR, RDN, RIG, RL, RRD, XTO Comment!

• Wednesday, June 17, 2009

• 09:38 AM K+S, Europe's largest potash producer, expects “further significant reduction in revenues and earnings” this year, sending potash stocks down: POT -7.0%, MOS -7.5%, IPI -7.3%, CF -3.7%, AGU -4.7%, SQM -3.1%, SYT -1.8%. Comment!

• Wednesday, May 27, 2009

• 09:05 AM Monsanto (MON): Sees Q3 EPS of $1.15 vs. consensus of $1.58 and full-year EPS of $4.40 vs. $4.61. (PR) Shares -4.2% premarket. Peers: SYT -3.7%. MOS -1.5%. AGU -1.3%. POT -1.2%. Comment!

• Thursday, May 14, 2009

• 09:26 AM Agrium (AGU) CEO Mike Wilson doubts he can seal his hostile bid for CF Industries (CF), even if more than half of that company's shareholders agree to tender to AGU's latest offer. "If you look at the spread, it has not narrowed," Wilson says. "That's usually an indication that there's some people out there believing [CF] just doesn't care about the shareholders, they just won't engage, period." Comment!

• Monday, May 11, 2009

• 08:57 AM Agrium (AGU) boosts the cash portion of its $4.18B hostile bid for rival CF Industries (CF) by 14%. CF, which is trying to acquire a third peer, Terra Industries (TRA), has continued to call Agrium's offer "grossly inadequate." AGU -1.4%. CF +4.3%. Comment!