Market News
Allegheny Technologies (ATI)
Allegheny Technologies declared a regular quarterly dividend in the amount of $.18 per share payable March 26, 2010 to shareholders of record on March 11, 2010.
At today''s $43.12 stock price the dividend yield is 1.67%.
Feb 25 · 9:03:00 PM
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by Michael Oliveto
Airgas (ARG)
Airgas announced its supply agreement with Goodrich, the Charlotte, NC-based global supplier of systems and services to the aerospace, defense and homeland security industries has been extended for an additional two years.
Airgas will continue to be Goodrich`s preferred supplier of industrial gases, welding supplies and safety products, providing savings to those Goodrich facilities that use more than one product line. The agreement is part of the Airgas Strategic Accounts program, which provides supply chain management solutions to corporate customers with multiple manufacturing sites nationwide.
Feb 25 · 9:01:00 PM · Source: Reuters · Related: Goodrich
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by Michael Oliveto
Chevron (CVX)
Chevron Corporation today announced that executive vice president,
Charles A. James, will leave the company effective May 2, 2010. James, who
intends to retire from the active practice of law, will join the adjunct faculty
of the law school at Arizona State University and pursue other charitable
ventures. This move is part of a planned transition under which James led the
recruitment of his successor, R. Hewitt Pate, vice president and general
counsel. Pate joined the company in August 2009 and has reported to James during
this transition period.
"Charles has provided tremendous leadership to our global legal team over the
past eight years," said John Watson, Chevron`s chairman and CEO. "During his
tenure, he created a world-class law function and guided our legal strategy on a
range of complex and important legal matters. Charles will have an ongoing
consulting relationship with Chevron and we look forward to drawing on his deep
understanding of the law and our business. We wish him well."
No known reason to think this is anything other than a pre-planned transition, expected to go smoothly. If not, oil sheen in the executive suite would be evident.
Feb 25 · 8:59:00 PM · Source: Company Press Release
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by Jeffrey Epstein
Honeywell (HON)
Honeywell announced today that its 12th Turbine-Powered Civil Helicopter Purchase Outlook projects flat overall deliveries of new civil use helicopters during the five-year period 2010 – 2014 compared to the 2005 - 2009 period.
Continued soft economic growth prospects in key markets, lingering tight credit conditions, high inventories of used current production models for sale, and weak new order intake are still constraining growth.
Feb 25 · 8:57:00 PM · Source: Company Press Release
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by Michael Oliveto
Alcoa (AA)
Alcoa announced that it has been appointed by the U.S. Army Tank
Automotive Research, Development and Engineering Center (TARDEC) to collaborate
on the Army`s Fuel-Efficient Ground Vehicle Demonstrator (FED) project. In
partnership with Ricardo Inc., Alcoa Defense will produce a tactical wheeled
vehicle structure that significantly improves fuel efficiency while also
maintaining survivability, performance and payload capability.
TARDEC is embarking on the FED project to help achieve the Army`s long-term goal
of reducing fuel consumption on the battlefield, which will also reduce U.S.
dependence on foreign oil. The innovative solutions featured in the FED vehicle
may become widely adopted by industry to enhance fuel efficiency in the next
generation of tactical wheeled vehicles.
Feb 25 · 8:54:00 PM · Source: Reuters
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by Michael Oliveto
Contango Oil & Gas (MCF)
Three workers received minor injuries and an oil-gathering platform near Houston was temporarily shutdown after a rupture of a 20-inch wide underwater oil pipeline, Contango Oil & Gas Company said Wednesday. The company implemented its emergency spill response plan, even though it said it expect little oil loss, perhaps less than a barrel.
The accident occurred when a dredge contracted by the Army Corps of Engineers to
dredge the Atchafalaya River Channel, snagged the pipeline, Contango said. The three workers were apparently employees of the private dredging company performing the dredging, and received medical treatment.
Kenneth R. Peak, Contango`s Chairman and Chief Executive Officer, said "We are
fortunate that we have received no reports of serious injury and any
environmental impact at this time appears to be minimal. We have worked closely
with the Army Corps of Engineers, the United States Coast Guard, and the
Minerals Management Service and are gratified by the assistance we have
received. A fly-over by our crew spotted a light sheen that they estimated at
less than a barrel. Repair vessels and a diving crew are en-route to the
location to assess the extent of the damage to our pipeline."
Six wells were "shut-in" but several others are unaffected, the company said. Contango is a Houston-based, independent natural gas and oil company.
This appears to be more of a headache for Contango than a long-term setback. Investigations and work in getting the pipeline back in service will take some time, but since many other wells and lines remain in service, production will likely not be severely affected.
Feb 25 · 8:53:00 PM · Source: Company Press Release
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by Michael Oliveto
Unemployment
New orders for long-lasting U.S. manufactured goods excluding transportation unexpectedly fell in January, while the number of workers filing for jobless benefits rose last week, suggesting a loss of momentum in the pace of economic recovery.
The Commerce Department said on Thursday orders excluding transportation fell 0.6 percent last month after increasing 2.0 percent in December. That was below market expectations for a 1.0 percent rise.
However, overall orders jumped 3.0 percent, the biggest gain since July, as aircraft bookings soared. That was well above market expectations for a 1.5 percent rise. Orders increased 1.9 percent in December.
Separately, initial claims for unemployment benefits rose 22,000 to 496,000 last week, the Labor Department said.
Analysts had expected jobless claims to fall to 455,000.
Feb 25 · 5:10:00 PM · Source: CNBC
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by Michael Oliveto
Republic Airways (RJET)
Republic Airways Holdings Inc. (NASDAQ: RJET) announced today it has signed a
purchase agreement for 40 Bombardier CS300 jets, part of the next-generation CSeries aircraft, worth $3.1 billion. According to Reuters and Bombardier, Republic also has options for up to an additional 40 aircraft. The aircraft, which will be configured in a single-cabin, with two-by-three seating for 138 passengers, including 25 stretch seats, is scheduled for delivery beginning in the second quarter of 2015.
The aircraft are powered by Pratt & Whitney division of United Technologies Corp (NYSE:UTX) PW1000G engines. Republic has signed an exclusive 15-year PureSolution maintenance contract with Pratt & Whitney for the support of the engines.
"Republic is pleased to be the North American launch customer for the CSeries
aircraft," said Bryan Bedford, chairman, president and CEO of Republic Airways.
"This aircraft will bring next-generation advantages to all phases of its
mission, including passenger comfort, dependability, efficiency and economics."
Feb 25 · 4:22:00 PM · Source: Reuters
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by Steve Wieczorek
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