Louisiana-Pacific director Kurt Landgraf has cashed in some of his stock options in the building materials manufacturer. Landgraf, a former president and CEO of Educational Testing Service, last Thursday converted almost 37,000 options that would have expired from 2018 to 2022 and then sold that number of shares. His profit on the deal topped $320,000. Shares of downtown-based LP (Ticker: LPX) have surged from $15.24 to almost $18 this month and are now up 8 percent year to date.
Analysts Paretosh Misra and Piyush Sood at Morgan Stanley say investors have a tactical opportunity to make some money in Noranda Aluminum in the short run. Yes, they're staying at 'underweight' for the Franklin-based company, which got hammered last week by a big secondary stock offering from investment firm Apollo Management. And the analysts say the company is threatened by aluminum imports and burdened with a lot of debt. But at about $2.30, Misra and Sood say the shares (Ticker: NOR) look cheap.
Nissan executives have expanded their recalls of cars that feature airbags made by supplier Takata. The latest notice covers more than 1.5 million vehicles built last decade, with about a fifth of them in North America. Read about the details (and rival Toyota's similar problems) here.
One of the biggest names in the global hedge fund industry likes the look of Delek US Holdings. In a filing with the Securities and Exchange Commision, the managers at Citadel say they now own 5.6 percent of Brentwood-based Delek, which last month said it planned to buy nearly half of Texas-based Alon USA Energy. Chicago-based Citadel, which manages $25 billion in capital, becomes the seventh entity to hold at least 5 percent of Delek.
Shares of Delek (Ticker: DK) are up about 1 percent this morning to $35.75. So far this year, they've climbed about 30 percent.
Investors are doling out a beating to Noranda Aluminum Holding shares, which late yesterday said its largest investor planned to sell all of its 33 percent stake. As of 11:10 a.m., the shares (Ticker: NOR) were off a whopping 27 percent to $2.18, their lowest level since going public five years ago. Volume was massive, with 10.4 million shares already having been traded versus a daily average of about 330,000.
Shares of Noranda Aluminum took a 5 percent hit Thursday and are struggling again this morning on the heels of a downgrade from analysts at UBS. Following Noranda's Q1 results, the firm cut its rating on Noranda to 'sell' from 'neutral' and lowered its price target to $2.75 from $3.25. Noranda shares (Ticker: NOR) were down 1.6 percent to $2.99 in early trading Friday.
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