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Commercial Metals Company (CMC)

  • Jan. 12, 2012, 9:26 AM
    No Icahn, means no love from BofA toward shares of Commercial Metals (CMC). Analysts with the firm initiate coverage with a dour Underperform rating. Shares flat in premarket trading.
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  • Jan. 11, 2012, 9:14 AM
    Premarket gainers: EK +15%. YOKU +8%. CROX +7%. ALU +6%. TXT +5%. DECK +4%. ING +3%. BRCD +3%. VICL +3%. IDIX +3%.
    Losers: URBN -17%. HL -15%. SVU -9%. CMC -6%. ARNA -6%. CMVT -6%. RGLD -4%. RDS.A -3%. TWO -3%. SKM -3%.
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  • Jan. 11, 2012, 7:56 AM
    Bloomberg reports Carl Icahn has ended his attempt to purchase Commercial Metals (CMC). Shares -10.5% premarket. (previous)
  • Jan. 6, 2012, 2:28 PM
    Analysts weigh in on Commercial Metals' (CMC +6.1%) FQ1 report, with D.A. Davidson's Taryn Kuida calling out the significant profit improvement across segments and CRT Capital's Kuni Chen seeing the "good" report and Carl Icahn drama leading to higher bids in the weeks ahead.
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  • Jan. 6, 2012, 11:31 AM
    Commercial Metals (CMC +2.6%) CFO Barbara Smith responds to Carl Icahn's overture to shareholders on an earnings CC, saying the investor's offer "undervalues" the company.
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  • Jan. 6, 2012, 8:09 AM
    Commercial Metals (CMC): FQ1 EPS of $0.93 beats by $0.77. Revenue of $1.99B (+11.9% Y/Y) misses by $60M. (PR)
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  • Jan. 6, 2012, 12:05 AM
    Notable earnings before Friday's open: CMC
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  • Jan. 5, 2012, 11:13 AM
    Carl Icahn says he's willing to raise his $15-per-share bid for Commercial Metals (CMC -1.2%) and encourages shareholders to accept his unsolicited $1.73B tender offer for the scrap-metal processor. Icahn says if the shares are tendered and the board puts the company up for sale, he's willing to extend his offer to allow for a competitive sales process with a $15 floor.
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  • Jan. 4, 2012, 12:52 PM
    Commercial Metals' (CMC +2.8%) board urges stockholders reject billionaire Carl Icahn's board nominees, and once again calls to reject Icahn's unsolicited tender offer as well.
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  • Dec. 19, 2011, 8:04 AM
    Commercial Metals (CMC) recommends shareholders reject Icahn's $15/share tender offer, saying it "substantially undervalues CMC, is opportunistic and is not in the best interests of its stockholders." (previously)
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  • Dec. 9, 2011, 10:30 AM
    Plan B: After being rejected by the firm directly, Carl Icahn launches a $15/share tender offer to acquire a controlling interest of Commercial Metals (CMC +0.2%). Icahn calls on the firm's board to redeem a poison pill that could block his efforts.
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  • Dec. 6, 2011, 9:38 AM
    Carl Icahn goes hostile with his $1.73B bid to buy Commercial Metals (CMC), saying he intends to initiate a tender offer for all the company's outstanding common shares at $15 a piece. The move comes a day after the metals recycler rejected Icahn's advances. CMC +0.5% at $14.16 premarket.
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  • Dec. 5, 2011, 5:11 AM
    Commercial Metals (CMC) rejects Icahn's unsolicited $15/share offer, saying the $1.73B bid is opportunistic and fails to reflect CMC's true value. Icahn's company said it would "take matters into our own hands" if CMC failed to respond by today.
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  • Dec. 2, 2011, 2:39 PM
    Carl Icahn issues an open letter to Commercial Metals' (CMC -0.2%) board, in which he expresses disappointment at the board's failure to respond to the $15/share buyout offer he made on Monday. Icahn calls the lack of a response "wholly consistent with the pattern of irresponsibility demonstrated by the Company over the years."
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  • Nov. 28, 2011, 9:06 AM
    Bloomberg reports Carl Icahn has offered to buy Commercial Metals (CMC) for $15/share. Last trade on Friday: $11.45. Shares +25.3% premarket.
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  • Oct. 28, 2011, 8:22 AM
    Commercial Metals (CMC): FQ4 EPS of $1.04 vs. consensus of $0.19. Revenue of $2.3B (+24.9% Y/Y) in-line. (PR)
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Company Description
Commercial Metals Co recycles, manufactures, fabricates and distributes steel and metal products and related materials and services through a network of locations throughout the United States and internationally.
Industry: Steel & Iron
Country: United States