Category: Manufacturing

Caterpillar denies that it broke tax laws

Caterpillar is denying that it broke federal tax laws a week after its headquarters and other facilities were raided by the Internal Revenue Service and other federal agencies. The exact reason for the raids remains unclear, but Caterpillar told the Securities and Exchange Commission in a filing last month that the IRS had notified the company it owed $2 billion in additional taxes because of profits from a Swiss unit.

AkzoNobel Shares Hit Record High Amid Push For Group To Talk to PPG

Akzo Nobel shares extended gains to a record high Friday as investors bet that PPG Industries’ $22 billion bid will unlock value in the previously dormant stock. Akzo Nobel NV shares extended gains to a record high Friday as investors bet that PPG Industries ‘ $22 billion bid for the Dutch chemicals group will unlock value in the previously dormant stock.

3M’s an Income Buy That’s Going Higher

There’s no denying 3M’s enduring ability to drive value. Over the past 15 years, the company has outperformed other diversified industrial companies as well as the S&P 500 What’s most reassuring about 3M is its rock-solid dividend , which it has raised for nearly six decades.

Nikkei Falls on Strong Yen, N.Korea Missile Launches

Japanese shares fell on Monday in thin trade as the yen firmed and as global geopolitical tensions rose after North Korea fired four missiles, three of which landed in Japan’s exclusive economic zone. Landmine maker Ishikawa Seisakusho jumped 5.1 percent, while Mitsubishi Heavy Industries rose 0.2 percent and Kawasaki Heavy Industries 0.3 percent.

Caterpillar Sued by a Shareholder After Federal Raid

Caterpillar Inc was sued on Friday for allegedly deceiving shareholders about its business, one day after federal law enforcers raided three of its buildings in connection with a probe into the heavy machinery manufacturer’s offshore tax practices. In a complaint filed in Chicago federal court, Jacob Newman accused Caterpillar of defrauding him and other shareholders in regulatory filings by touting its commitment to good ethics, while concealing how it “unlawfully used foreign subsidiaries” to avoid paying billions of dollars of U.S. taxes.

Caterpillar CEO Umpleby Apologizes Following Thursday’s Raids

Caterpillar CEO Jim Umpleby reiterated that Catepillar remains an ‘honorable company’ in a memo to employees following raids by federal authorities. Caterpillar CEO Jim Umpleby has apologized to the company’s employees for raids that took place on Thursday by federal authorities at the company’s Illinois facilities, including its headquarters in Peoria.

Caterpillar, a Trump Darling, Lands in Government Crosshairs

Caterpillar Inc., the bellwether U.S. equipment maker praised just last week by President Donald Trump, now finds itself a government target as federal tax and banking authorities raided its Illinois offices. The investigation comes as new Chief Executive Officer Jim Umpleby shifts its global headquarters to Chicago to bolster the machinery maker’s push into foreign markets.

Wall St Slips After Record Rally; Caterpillar Drags Dow

U.S. stocks retreated on Thursday as investors booked profits after a record run a day earlier, with Caterpillar’s slump dragging down the Dow Jones Industrial Average. The S&P 500 and the Nasdaq on Wednesday had their best day since the November election, boosted by President Donald Trump’s more measured tone in a speech to Congress and as bank stocks surged on increased chances of an interest rate hike this month.

Caterpillar Office Raid Fuels Biggest Slump in Eight Months

Caterpillar Inc. shares headed for the steepest decline in eight months as the world’s biggest maker of machinery for mining and construction had its offices raided by law enforcement officials. Searches were conducted Thursday in Peoria, East Peoria and Morton by the Internal Revenue Service, the Federal Deposit Insurance Corp. and the Commerce Department, Sharon Paul, a spokeswoman for the U.S. attorney’s office for the Central District of Illinois, said in by telephone.

Dow Chemical Subsidiary Must Pay $456 Million Award to Bayer

A federal appeals court ruled that a Dow Chemical subsidiary must pay $456 million for violating a patent licensing agreement with Bayer AG , affirming a lower court ruling. Jim Cramer ponders what motivates someone to call a market top, and talks about how the market could be playing ‘The Price Is Wrong.’

Boeing to Sue Denmark Following Failed Deal

Boeing will sue the country of Denmark over lack of access to documents used to make a decision to choose rival Lockheed Martin’s F-35 plane over Boeing’s F/A 18 Super Hornet. “Boeing has filed a lawsuit against the Ministry of Defence because the ministry has not responded to the request for access to the documents which are the foundation for the evaluation in the competition for the fighter jets,” Boeing said in statement.

Manitowoc CEO: Trumpa s Infrastructure Plan Will Help Rehire Our Workers

Manitowoc Company CEO & president Barry Pennypacker on Trump's $1 trillion infrastructure plan, and how a border tax would impact his company. “Crumbling infrastructure will be replaced with new roads, bridges, tunnels, airports and railways gleaming across our very, very beautiful land,” Trump said in his first address to a joint session of Congress on Tuesday.

Bayer Sells $1.5 Billion in Covestro Stock to Trim Debt

Bayer AG sold 1.46 billion euros worth of shares in plastics maker Covestro AG to gain financial leeway as it seeks clearance for its $66 billion takeover of agriculture giant Monsanto Co. Bayer sold 22 million shares for 66.50 euros each, paring its stake in its former division to 53.3 percent, the German conglomerate said in a statement on Wednesday.

S&P, Nasdaq Dip Ahead of Fed Minutes; Dow Hits Record High

The S&P 500 and the Nasdaq slipped on Wednesday as investors awaited the Federal Reserve’s minutes from its most recent meeting for clues on the timing of the next interest rate hike. However, the Dow Jones Industrial Average hit a record intraday high for the eighth time in nine sessions, powered by a 4 percent gain in DuPont shares.

S&P, Nasdaq Dip Ahead of Fed Minutes; Dow Hits Record High

The S&P 500 and the Nasdaq slipped on Wednesday as investors awaited the Federal Reserve’s minutes from its most recent meeting for clues on the timing of the next interest rate hike. However, the Dow Jones Industrial Average hit a record intraday high for the eighth time in nine sessions, powered by a 4 percent gain in DuPont shares.

Deere 1Q Profit Beats Estimates, Raises Forecast

U.S. farm equipment maker Deere & Co reported a better-than-expected quarterly profit and raised its fiscal 2017 equipment sales forecast as it expects key farm markets to stabilize this year. Deere’s sales have been hit in the past few years as bumper corn and soybeans harvests have driven down prices, leaving farmers with less cash to spend on equipment.

Deere Raises Profit Forecast as It Sees Signs of Recovery

Deere & Co., the world’s largest manufacturer of farming machinery, raised its 2017 profit forecast and said there are signs the worst may be over in a market that’s suffered a sustained slump lasting years. Net income will be about $1.5 billion in the year through October, Deere said Friday in a statement, exceeding both its own previous forecast and the average estimate among analysts, both of which were $1.4 billion.

Bridgestone in $1.3 Billion Share Buyback After Profit Drop

Bridgestone Corp. said it will purchase up to 150 billion yen in the Japanese tiremaker’s biggest stock buyback since at least 2000 to improve capital efficiency and boost enterprise value. The Tokyo-based company will buy back as many as 50 million shares, or 6.4 percent of stock outstanding, and cancel them in addition to another 20 million in treasury stock, it said in a statement on Friday.

Trump to Bring Down Price of Wall on Mexico’s Border

President Donald Trump pushed back early on Saturday on assertions that the wall he wants built on the U.S. border with Mexico would cost more than anticipated and said he would reduce the price. Trump made his comments in two Twitter posts but did not say how he would bring down the cost of the wall.

Trump could approve a giant merger that’s scaring American…

By the time President Donald Trump took office, he had already gotten involved in one of the world’s biggest mergers. In mid-January, the CEOs of Bayer and Monsanto, Werner Baumann and Hugh Grant, reported in a joint statement that they had a “very productive meeting” with the incoming president about their potential $66 billion merger.

Why Manitowoc Stock Jumped 14.2% in January

They were buoyed by Donald Trump’s inauguration speech on Jan. 20, in which he emphasized his “America first” ideology and restated his plans to rebuild the nation’s infrastructure. Expectations of strong numbers from Caterpillar Inc. Manitowoc shares gained momentum during the third week of January, which coincided with Trump’s swearing-in ceremony and Caterpillar’s fourth-quarter and 2016 earnings release.

U.S. Said to Plan Announcement of $8.2 Billion F-35 Contract

The White House is planning to announce on Friday a contract for 90 F-35 jets from Lockheed Martin Corp. valued at as much as $8.2 billion, according to a source familiar with the plan who asked not to be identified. The contract represents the 10th and latest tranche in a $379 billion program, the Pentagon’s most expensive, which has come under fire by President Donald Trump for “out of control” costs.

Apple Set to Begin Making iPhones in India by April’s End

Apple Inc. will begin assembling iPhones in India by the end of April, a regional minister says, heightening its focus on the world’s fastest-growing major smartphone market as growth slows elsewhere. The U.S. company has tapped Taiwan’s Wistron Corp. to put together its phones in the tech capital of Bangalore in Karnataka, said Priyank Kharge, the state’s information technology minister.

Northrop Grumman Crushed It on Earnings — Then Sold Off

Heading into earnings day on Thursday, I noted that Northrop Grumman had already come a long way toward meeting Wall Street’s targets for fiscal 2016, having already made three-quarters of the revenue it was supposed to collect and 81% of the profits it was supposed to earn. Nevertheless, the company was issuing cautious guidance of its own for the year, which seemed to imply there was a risk Northrop would fail to deliver.

Dow Chemical Crushes Estimates, Looks Toward Closing $130 Billion Mega Merger

Dow Chemical posted stronger-than-expected fourth-quarter operating earnings and revenue Thursday and said it remains focused on the closing of its $130 billion merger with DuPont Operating earnings for the three months ended in December were 99 cents a share, the company said, well ahead of estimates of 88 cents, and up 6.45% from the same period last year. Headline results, however, indicated a quarterly loss of 3 cents a share.