- Calgon Carbon (CCC-OLD +62.1%) is downgraded to Sell from Neutral by Janney analysts following the company's proposed $1.3B takeover by Japan chemical maker Kuraray.
- The deal offers a 63% premium, and Janney thinks Kuraray overpaid for the shares and sees additional risk "given that CCC has a specialty carbon business that supplies the U.S. military with gas masks and other personal protection items, so a foreign buyer could be an issue for U.S. government approval."
- Janney prefers Mueller Water Products (MWA +0.9%) and Rexnord (RXN), which it considers the best value picks in the industrial space.