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Chicago Bridge & Iron Company N.V. CBI Stock News

Chicago Bridge & Iron Company N.V. (NYSE: CBI) is having an interesting day in the market today. While the stock found itself in the red early on, most recently, the stock has been spiking as the result of rumors. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:59), CBI is trading at $15.99 per share after a gain of $0.82 per share or 5.41% thus far today.





CBI Gains On Takeover Chatter

As mentioned above, Chicago Bridge & Iron Company is having an interesting day in the market early on today. While the the stock was in the red early on, most recently, the stock has been spiking upward as rumors start to break. The rumor is that the company will soon be taken over at a price of $25.50 per share. This represents an overwhelmingly strong premium. However, as most market rumors, this one is relatively vague. There is no insinuation of who may be interested in purchasing the company and finding the source of the rumor is proving to be nearly impossible.




As is the case every time we cover rumors, it’s important that we remind readers that the CBI rumor isn’t the only one we’ve seen recently. In fact, rumors seem to be a daily occurrence in the market. Like most rumors, market rumors generally lack validity. In this case, because the rumor is overwhelmingly vague and tracking the source is nearly impossible, we aren’t getting our hopes up and don’t believe that you should either. So, if you’re going to trade on this news, please be sure to do so with caution.

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What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will be keeping a close eye on CBI. In particular, we’re interested in learning if there is any validity to these rumors. While we don’t believe that the company will be taken over, anything can happen in the market. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!

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Rite Aid Corporation RAD Stock News

Rite Aid Corporation (NYSE: RAD) is having a relatively strong start to the trading session in the pre-market this morning, and for good reason. The company announced today that it has received regulatory clearance to sell 1,932 stores and more. Of course, this led to excitement among investors, pushing the stock upward and prompting our partners at Trade Ideas to alert us to the movement. At the moment (8:30), RAD is trading at $2.76 per share after a gain of $0.03 per share or 1.10% thus far today.





RAD Gains On Regulatory Clearance To Sell Stores

As mentioned above, Rite Aid Corporation is having a relatively strong start in the pre-market hours this morning after it announced that it has received regulatory clearance to sell nearly 2,000 stores. Under the deal, Walgreens Boots Alliance, Inc. (NASDAQ: WBA) will purchase 1,932 stores, 3 distribution centers and related inventories. Under the terms of the agreement, WBA will be paying RAD a total of $4.375 billion in cash for the acquisition of the stores on a cash-free, debt-free basis. The deal also gives Rite Aid the ability to purchase generic drugs that are sourced through an affiliate of WBA at a cost that is equivalent to Walgreens for a period of 10 years.

The agreement is part of a deal that was announced earlier. However, the deal has been amended, giving RAD the ability to retain approximately 250 additional stores when compared to the original agreement that was signed in 2017. In a statement, John Standley, Chairman and CEO at RAD, had the following to offer…




Securing regulatory clearance provides us with a clear path forward to realize the benefits of this transaction. With a compelling and more profitable store footprint in key markets, enhanced purchasing capabilities and a stronger balance sheet and improved financial flexibility, we are well positioned to implement our plans to deliver improved results… I am proud of our entire Rite Aid team for their extraordinary efforts during this process and their tremendous dedication to taking great care of our customers and patients. We are committed to supporting a smooth transition as we remain focused on delivering a great customer experience, improving our business and creating value for all of our stakeholders.”

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What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will be keeping a close eye on RAD. In particular, we’re interested in following the story surrounding the sale of the stores and excited to see how the company uses the funds and the new opportunities on the generic purchasing front. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!

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Top Ships Inc TOPS Stock News

Top Ships Inc (NASDAQ: TOPS) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced that it has entered into a timed charter and loan agreement. Of course, this led to excitement among investors, leading to gains in the market. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:17), TOPS is trading at $0.66 per share after a gain of $0.28 per share or 74.50% thus far today.





TOPS Gains On Charter And Loan Agreement

As mentioned above, Top Ships is having an incredibly strong day in the market today after announcing that it has entered into a partnership and loan agreement. The agreement surrounds a ship that is expected to be delivered by Hyundai in the third quarter of 2018. At this time, M/T Eco Palm Desert will enter into a time charter employment with Central Ship Chartering Inc, a related party. The agreement will have a term of 3 years. Following the initial 3 year period, the charter has the option to extend the firm employment period by an additional two years. It is expected that gross revenue surrounding the time charter will reach up to $27.5 million. This figure includes optional periods.




On top of the time charter agreement, the company also entered into a bank loan facility with a European bank for the financing of Eco Palm Desert. The agreement will give the company $23.5 million to work with. In a statement, Evangelos Pistolis, President and CEO at TOPS, had the following to offer…

The total gross revenue backlog for the fixed charter period of all of the Company’s operating fleet stands at about $106 million and when adding the 50% of our joint venture vessels it increases to about $122 million, with cashflow visibility reaching into 2021. Our business strategy continues to be focused on further expanding our fleet as it is important that we can achieve a certain critical mass in terms of fleet size with an aim to maximize our operational efficiencies and synergies.”

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What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will continue to keep a close eye on TOPS. In particular, we’re interested in following the news surrounding the vessel that’s coming soon and keeping an eye on the operation surrounding the vessels that are currently in use. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!

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Seadrill Ltd SDRL Stock News

Seadrill Ltd (NYSE: SDRL) is having an overwhelmingly positive day in the market today after announcing that it has reached a restructuring agreement following the news of Chapter 11 bankruptcy. While the deal all but wipes shareholders out, excitement that the company will survive seems to be pushing the stock toward the top. As is nearly always the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:33), SDRL is trading at $0.27 per share after a gain of $0.05 per share or 19.81% thus far today.





SDRL Announces Restructuring Agreement

As mentioned above, Seadrill is having an incredibly strong day in the market after announcing that it has filed for Chapter 11 bankruptcy after closing a deal with banks and a minority bondholder. As a result of the deal, the company will receive $1 billion in new capital as well as extend or convert about $8 billion of loans into equity in the company.




According to the terms of the agreement, SDRL will be receiving $860 million in secured loans. On top of that, the company will be getting an additional $200 million through the sale of new equity. Bank lenders have also agreed to defer maturities on all secured credit facilities, which come to a total of $5.7 billion. These maturities will be deferred until the year 2020 and debt covenants have been rewritten. Finally, SDRL will be asking its unsecured creditors to convert $2.3 billion of unsecured bonds and other unsecured claims into a 15% equity stake in the company.

Shareholders All But Wiped Out

While the restructuring agreement will allow Seadrill to stay alive, shareholders have been all but wiped out in the deal. In fact, following the agreement, the shareholders will be left with only 2% of the post-restructuring company. While that’s a big cut to ownership, the company’s largest shareholders have given support to the deal and have even agreed to new capital investments.

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What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will be keeping a close eye on SDRL. In particular, we’ll be following the company through the restructuring process and interested to see where things go from here. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!

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Sprouts Farmers Market Inc SFM Stock News

Sprouts Farmers Market Inc (NASDAQ: SFM) is having a relatively strong start to the trading session today. The gains seem to be the result of rumors that the company may soon be taken over. Of course, this is exciting investors and leading to gains in the value of the stock. Of course, our partners at Trade Ideas were the first to alert us to the movement. At the moment (9:44), SFM is trading at $20.04 per share after a gain of $0.27 per share or 1.37% thus far today.





SFM Gains On Takeover Chatter

As mentioned above, Sprouts Farmers Market is having a strong time in the market at the moment after rumors broke that the company may soon be taken over. According to the rumors, Wal-Mart Stores Inc. (NYSE: WMT) is interested in taking the company over. At the moment, there is no insinuation as to at what price the takeover may happen. It’s also important to keep in mind that there has been no confirmation from either side regarding the rumors.




In any case like this, I always make it a point to remind investors that it’s not a good idea to act on rumors. The reality is that rumors in the market are just like any other rumor. They are generally statements that lack validity. In the market, rumors happen quite often, and unfortunately, most of them are false. The SFM rumor is likely the same story. So, if you’re going to act on these rumors, make sure that you act with caution.

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What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will be keeping a close eye on SFM. In particular, we’re interested in following the rumors to see if WMT is interested in taking over the company. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!

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Herbalife Ltd. HLF Stock News

Herbalife Ltd. (NYSE: HLF) is having an overwhelmingly strong time in the pre-market hours this morning, and for good reason. The company announced two big pieces of news, one surrounding a $600 million self-tender and one surrounding Icahn. Of course, the news led to excitement among investors who are pushing the stock up, prompting an alert from our partners at Trade Ideas. Currently (8:49), HLF is trading at $66.90 per share after a gain of $4.95 per share or 7.99% thus far today.





HLF Gains On Tender Offer And Icahn News

As mentioned above, Herbalife is having an overwhelmingly strong start to the session in the pre-market this morning after releasing a couple of pieces of big news. The first is that the company has announced a $600 million self-tender offer. This comes following news that talks to take the company private have come to an end. In fact, these talks were formally terminated on August 16, 2017. Shortly after, the company’s Board of Directors decided that it would provide tendering shareholders with protection, should the company be taken private in the next 2 years. This could result in remaining shareholders potentially being paid a higher price than the self-tender.




In other news, HLF announced that in connection to the tender offer, Carl Icahn and his controlled affiliates that currently own shares in the company as well as Herbalife themselves have entered into an agreement dated August 21st. Under this agreement, Icahn and his entities have agreed not to increase their aggregate beneficial ownership of the company to more than 50% of HLF outstanding shares unless they have agreed to acquire 100% of the company. The company as well as Icahn have also said that they do not intend to tender shares into the above-mentioned tender.

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What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will be keeping a close eye on HLF. In particular, we’re interested in following the self-tender as well as learning of any other talks the company may be having with regard to being acquired. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!

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Pandora Media P Stock News

Pandora Media Inc (NYSE: P) is off to a strong start to the day this morning in the pre-market after the company announced changes to management. Of course, this led to excitement among investors who are sending the stock upward. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (8:59), P is trading at $8.45 per share after a gain of $0.38 per share or 4.71% thus far today.





P Gains On Management Change

As mentioned above, Pandora Media is having a strong start to the day this morning in the pre-market hours after the company announced that it has completed a leadership change. Earlier this summer, the company’s founder stepped aside as the CEO of the company, opening the doors to new leadership.




Today, it was announced that Roger Lynch will be taking on the CEO position at the music streaming company. Lynch brings with him several years of experience. He has served in leadership roles at big name companies like Sling TV and Dish. In a statement, Roger Faxon, chairman at P, had the following to offer…

Roger brings a stellar leadership reputation, a wealth of consumer experience, and a lifelong passion for music to Pandora – all of which are critical ingredients in the continued evolution of our company.”

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What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will be keeping a close eye on P. In particular, we’re interested in following the changes that Roger Lynch will bring to the company as CEO. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!

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Home Depot Inc HD Stock News

Home Depot Inc (NYSE: HD) is off to a relatively strong start to the trading session in the pre-market this morning, and for good reason. The company released its earnings for the most recent quarter and updated its full-year earnings and sales expectations. Of course, the news was positive, leading to slight gains in the pre-market and prompting an alert from our partners at Trade Ideas! At the moment (6:55), HD is trading at $154.30 per share after a gain of $0.04 per share or 0.03% thus far today.





HD Gains On Strong Earnings

As mentioned above, Home Depot is slightly up in the market this morning after releasing its earnings for the second quarter. Here’s what we saw from the report…




  • Earnings – In terms of earnings, HD definitely did not disappoint. During the quarter, the company generated net earnings in the amount of $2.67 billion, a total of $2.25 per share. That’s a nice gain from $2.44 billion or $1.97 per share, and well ahead of analyst expectations at $2.21 per share.
  • Revenue – Revenue also proved to be positive for HD. During the quarter, analysts expected that the company would generate revenue in the amount of $27.83 billion. However, the company actually reported revenue in the amount of $28.11 billion, blowing away expectations and showing strong growth from $26.47 billion just one year ago.
  • Guidance – In terms of guidance, Home Depot said that it expects full year sales to rise by 5.3% while per share earnings should rise to $7.29, an increase of 13%.

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What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will be keeping a close eye on HD. In particular, we’re interested in following the company throughout the rest of the year to see if it can reach the high bar it has set for itself. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!

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Tesco Corporation TESO Stock News

Tesco Corporation (USA) (NASDAQ: TESO) is having an incredible day in the market today, and for good reason. The company announced that it has entered into an acquisition agreement. Of course, this led to excitement among investors, sending the stock toward the top and prompting an alert from our partners at Trade Ideas. At the moment (10:38), TESO is trading at $4.30 per share after a gain of $0.40 per share or 10.26% thus far today.





TESO Gains On Acquisition News

As mentioned above, Tesco Corporation is having a strong day in the market after announcing that it has entered into an Arrangement Agreement. Under the agreement, Nabors Industries Ltd. (NYSE: NBR) will be acquiring all of the issued and outstanding common shares of TESO. Each share of TESO will be exchanged for 0.68 shares of NBR. As a result of the acquisition, the combined company will be a leading rig equipment and drilling automation provider.




The acquisition transaction puts a value of $4.62 per share on Tesco Corporation common stock. Based on the close on August 11, that represents a premium of 19% over the current value of shares. In a statement, Fernando Assing, President and CEO at TESO, had the following to offer…

This is a very exciting opportunity to combine two world class companies that are highly focused on delivering best-in-class services to the oil and gas industry. This combination will further reinforce Nabors position as a leading rig equipment and drilling automation provider by integrating Tesco’s advanced tubular services technology and products into the Nabors global rig footprint and NDS services. The new expanded platform also creates significant career opportunities for Tesco’s employees as part of a much larger international organization.”

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What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will be keeping a close eye on TESO and NBR. While the acquisition is likely to take place, it is still subject to customary closing conditions. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!

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DryShips Inc. DRYS Stock News

DryShips Inc. (NASDAQ: DRYS) is having an incredible day in the market today, and for good reason. Lately, there’s been a lot of pressure on the company from the media with regard to their dealings with Kalani Investments. Well, this pressure seems to have led to a change. Of course, this is exciting investors, leading to gains in the stock and prompting our partners at Trade Ideas to alert us to the movement. At the moment (8:39), DRYS is trading at $3.80 per share after a gain of $1.75 per share (85.37%) thus far today.





DRYS Announces News With Regard To Kalani Investments

If you follow DryShips, you know the name Kalani Investments. Oftentimes, the company will sell shares to Kalani, who then dumps them on the public. Dilution at its finest. Nonetheless, news broke today with regard to dealings between DRYS and Kalani Investments.

In a press release, DRYS announced that in connection with proposed transactions announced with regard to Kalani Investments, the company has terminated the common stock purchase agreement dated April 3,2017. This termination is effective immediately. Also, CEO George Economou has agreed, either directly or through his affiliated entities, to refrain from re-selling, for six months, any shares acquired by him in the proposed transactions. The company has also agreed not to conduct any equity offerings until after December 31st, 2017, without the prior approval of the majority of its shareholders.




A Move In The Right Direction

Throughout my coverage on DryShips, I have been concerned about Economou and Kalani Investments. While this does not solve the problem of Economou funneling investor money through his own small businesses and into his pockets, it will stop the bleeding with regard to Kalini Investments and any other equity offering that would have taken place through the remainder of this year. So, DRYS does seem to be moving in the right direction here.

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What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will be keeping a close eye on DRYS. In particular, we’re interested in watching to see if we start to see a complete turn around by the company’s management. Instead of funneling investor money into their pockets, the company may start doing right by investors. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!

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Thought Leader Discussions

Gevo, Inc. GEVO Stock News

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Gevo, Inc. (NASDAQ: GEVO) Before we get into this interview, I'd like to extend a special thanks to my friend Joey who both set up the...