Analysts at Goldman Sachs have relaunched coverage of AmSurg Corp. with a 'buy' rating and a price target of $101. That leaves almost 20 percent of upside from where the Nashville-based ambulatory surgery and physician services company (Ticker: AMSG) was trading in early Monday action.
Shares of Clarcor (Ticker: CLC) were up about 1 percent to $53.15 Monday morning after Barron's this weekend said the stock could rise 20 percent or more from its current beaten-up state. While acknowledging that demand is likely to remain weak through 2016, David Englander says "a focused strategy on growing the filter business and cutting costs could help drive up earnings and free cash flow, even on flattish revenue."
Looking for shares of Noranda Aluminum this morning? You'll have to go to the over-the-counter market now that New York Stock Exchange officials have delisted the Franklin-based metal processing company for not having a market capitalization of at least $15 million for 30 consecutive trading days. Shares of Noranda (Ticker: NORN) are now changing hands around 50 cents, giving the company a market value of about $5 million.
Nissan has recruited Kristina Adamski to be its director of group communications for North America. Adamski comes to the Franklin-based company from Ford Motor, where she had for three years led communications for manufacturing facilities and hourly workers around the world. She fills a spot vacated by Travis Parman, who is on assignment with Renault, Nissan's strategic ally. Read more here.
Large German labor union IG Metall has partnered with the United Auto Workers to launch the Transnational Partnership Initiative, a program that calls for better pay and working conditions at the U.S. plants of German car makers, which employ some 100,000 people. The unions say the industry's shift toward the South has come with a deterioration in the quality of life for many of its workers.
The push for a German-style works council at the VW factory in Chattanooga, Tenn., has been the UAW’s highest profile effort to organize workers at a foreign-owned plant in the southern U.S. recently.
The effort has drawn the UAW to the powerful IG Metall trade union, whose former boss Berthold Huber was named interim chairman of VW AG’s supervisory board following the resignation of Ferdinand Piech last spring. Huber has been a vocal proponent of the UAW’s organizing drive at the VW’s Tennesee factory, urging workers in a 2013 letter to join the union, Reuters reported at the time.
Looking to keep your German sharp? Here's IG Metall's release on the topic.
Investors are starting to ask serious questions about the companies lending money to the post-peak energy and agriculture sectors, so it's natural that Barclays analyst Robert Wertheimer and his peers are being asked about Caterpillar Financial in addition to the Deere and CNH Industrial. But Wertheimer isn't concerned about the portfolio of West End-based Cat Financial, which is having to swallow some bitter medicine as its parent company retrenches. The lender, Wertheimer says, is growing market share and should benefit from its greater exposure to the construction sector. Read more of his thoughts here.
The long-suffering shares of Noranda Aluminum Holding are positively cratering today, plunging more than 30 percent to less than 80 cents. The drop, which adds to a slide since the spring from a (reverse-split-adjusted) slide from more than $23, has pulled down the market capitalization of Franklin-based Noranda to less than $10 million.
At this point, it seems only a monumental turnaround will enable the company to meet the New York Stock Exchange's listing requirements. The stock market's regulation team has demanded that Noranda get its shareholders' equity above $50 million and keep its stock price above $1. But a third-quarter write-down of almost $140 million has left Noranda with a massive shareholders' deficit.
From the company's quarterly report filed this week:
In addition, on August 7, 2015, the Company received another notice from NYSE Regulation, Inc. stating that we also were not in compliance with NYSE listing standards because our average market capitalization over a consecutive 30 trading-day period was less than $50 million and, at the same time, stockholders’ equity was less than $50 million. In September 2015, we submitted a plan to the NYSE that articulates steps we plan to take to regain compliance with the listing standard within 18 months following receipt of the notice. The NYSE has accepted our plan of compliance for continued listing on the NYSE. As a result, Noranda’s common stock will continue to be listed on the NYSE, subject to quarterly reviews by the NYSE to monitor the Company’s progress against the plan. If we fail to meet any material aspects of the plan or any quarterly milestones, or if we do not regain compliance within the 18 month period, we will be subject to suspension and delisting procedures. There is no assurance that we will regain compliance with the listing standard.
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