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ACW

Accuride

$2.56

-0.01 (-0.39%)

09:04
10/07/16
10/07
09:04
10/07/16
09:04

Coliseum Capital says opposes Accuride's proposed sale to Crestview affiliates

Coliseum Capital Management, the largest shareholder of Accuride Corporation with an ownership of approximately 19% of the outstanding stock, announced that it has sent a letter to the Accuride Board of Directors stating its strong opposition to Accuride's agreement to be acquired by funds managed by Crestview Partners for $2.58 per share. Coliseum says, "We believe this transaction materially undervalues the Company, is the wrong strategic choice for Accuride and is not in the best interests of shareholders. We will be voting against the transaction... Now is the wrong time to sell Accuride. The Company has made substantial investments over the past five and a half years, spending over $150 million to upgrade manufacturing facilities and successfully restore its customer relationships. We believe that the truck market is at a cyclical low, but when the cycle turns the Company will be well-positioned to harvest the benefits of the hard work and investment. Shareholders who patiently supported these investments should participate in the upside. Accuride's prospects as an independent company are strong. The Company's own projections forecast 2018 Adjusted EBITDA of $98 million. Using the Company's blended Total Enterprise Value multiple of 5.5x produces a conservative valuation of $5.00 per share, which equates to a 94% return over the next two years. Furthermore, these projections do not incorporate any material deleveraging or additional value contributed by acquisitions, which could further enhance returns - benefits that would be captured by Crestview as a result of the transaction... Specifically, we believe the Company should consider a modest public equity raise from current shareholders in order to facilitate refinancing its senior notes, as well as pursue growth initiatives through strategic acquisitions. We do not believe the current debt balance is untenable. Additionally, we believe there are numerous actionable, value-enhancing acquisition opportunities ranging from Asian sourcing capacity to European footprint expansion."

ACW Accuride
$2.56

-0.01 (-0.39%)

05/04/16
GABE
05/04/16
UPGRADE
GABE
Buy
Accuride upgraded to Buy from Hold at Gabelli
05/04/16
05/04/16
UPGRADE

Buy
Accuride upgraded to Buy at Gabelli
As previously reported, Gabelli upgraded Accuride to Buy from Hold with a $4 price target. Analyst Matthew Paige said management sent a positive tone for the second half of the year, particularly for new wins at the Brillion segment. Given the improvement and new sales wins at Brillion, Paige no longer believes its appropriate to carry the business with a negative valuation and changed his rating.
09/07/16
GABE
09/07/16
DOWNGRADE
GABE
Hold
Accuride downgraded to Hold from Buy at Gabelli
Accuride (ACW) is being acquired by Crestview Partners for $2.58 per share.
09/07/16
09/07/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Discover (DFS) downgraded to Equal Weight from Overweight at Barclays with analyst Mark DeVries downgrading the stock after lowering his rating on the U.S. Consumer Finance sector to Neutral from Positive. 2. Eastman Chemical (EMN) and Celanese (CE) were downgraded to Neutral from Buy at Citi with analyst P.J. Juvekar saying he sees earnings growth risks from a secular decline in the "once dependable" filter tow business, which is used in cigarette filters. 3. Royal Caribbean (RCL) downgraded to Hold from Buy at Argus with analyst John Staszak citing the company's outlook for higher fuel costs and foreign exchange headwinds. 4. Accuride (ACW) downgraded to Hold from Buy at Gabelli. 5. Dollar General (DG) downgraded to Underperform from Peer Perform at Wolfe Research. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

FCX

Freeport McMoRan

$19.96

0.56 (2.89%)

21:10
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    Jan

DCM

NTT DoCoMo

$24.74

0.08 (0.32%)

21:09
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NTT DoCoMo rating change at HSBC »

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HAL

Halliburton

$53.01

0.65 (1.24%)

, PETS

PetMed Express

$53.24

2.67 (5.28%)

20:25
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Earnings
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HAL

Halliburton

$53.01

0.65 (1.24%)

PETS

PetMed Express

$53.24

2.67 (5.28%)

OPB

Opus Bank

$28.70

0.05 (0.17%)

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FB

Facebook

$181.29

1.49 (0.83%)

, NYT

New York Times

$21.90

1.7 (8.42%)

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FB

Facebook

$181.29

1.49 (0.83%)

NYT

New York Times

$21.90

1.7 (8.42%)

NWSA

News Corp.

$17.22

0.21 (1.23%)

FOXA

21st Century Fox

$36.65

0.47 (1.30%)

AMZN

Amazon.com

$1,294.58

1.26 (0.10%)

AAPL

Apple

$178.46

-0.8 (-0.45%)

NFLX

Netflix

$220.46

0.13 (0.06%)

SNE

Sony

$49.89

0.72 (1.46%)

BA

Boeing

$337.73

-2.43 (-0.71%)

WMT

Walmart

$104.59

0.29 (0.28%)

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XRX

Xerox

$31.80

0.43 (1.37%)

19:18
01/21/18
01/21
19:18
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Periodicals
Icahn, Deason pushing for Xerox to explored sale, WSJ reports »

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FB

Facebook

$181.29

1.49 (0.83%)

18:22
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01/21
18:22
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18:22
Periodicals
Facebook to open three new digital training hubs in Europe, Reuters says »

Facebook said it will…

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TWX

Time Warner

$93.36

0.39 (0.42%)

, CMCSA

Comcast

$42.50

0.65 (1.55%)

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TWX

Time Warner

$93.36

0.39 (0.42%)

CMCSA

Comcast

$42.50

0.65 (1.55%)

CMCSK

Comcast

SNE

Sony

$49.89

0.72 (1.46%)

FOX

21st Century Fox

$36.26

0.53 (1.48%)

FOXA

21st Century Fox

$36.65

0.47 (1.30%)

LGF.A

Lionsgate

$35.42

0.92 (2.67%)

DIS

Disney

$110.59

0.17 (0.15%)

VIAB

Viacom

$33.36

-0.59 (-1.74%)

VIA

Viacom

$39.20

-0.5 (-1.26%)

03/08/13
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    Feb

CTIC

CTI BioPharma

16:11
01/21/18
01/21
16:11
01/21/18
16:11
Conference/Events
CTI BioPharma to host special shareholder meeting »

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  • 26

    Feb

ZSAN

Zosano Pharma

$0.45

-0.0387 (-7.92%)

16:00
01/21/18
01/21
16:00
01/21/18
16:00
Conference/Events
Zosano Pharma to host special shareholder meeting »

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SANM

Sanmina

$35.45

0.5 (1.43%)

15:39
01/21/18
01/21
15:39
01/21/18
15:39
Conference/Events
Sanmina to hold a conference call »

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AMZN

Amazon.com

$1,294.58

1.26 (0.10%)

12:05
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Amazon automated grocery store opens Monday, Reuters says »

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TWTR

Twitter

$23.66

-0.38 (-1.58%)

09:07
01/21/18
01/21
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Periodicals
Twitter COO in discussions to become SoFi CEO, WSJ reports »

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  • 23

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CLF

Cleveland-Cliffs

$8.49

0.08 (0.95%)

09:02
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  • 25

    Jan

BMY

Bristol-Myers

$62.28

0.45 (0.73%)

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  • 25

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EXEL

Exelixis

$28.00

0.14 (0.50%)

, RHHBY

Roche

$30.69

0.18 (0.59%)

15:22
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EXEL

Exelixis

$28.00

0.14 (0.50%)

RHHBY

Roche

$30.69

0.18 (0.59%)

03/08/13
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ARRY

Array BioPharma

$13.14

0.26 (2.02%)

15:17
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01/20
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Array BioPharma updates results from BEACON Phase 3 trial »

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  • 30

    Jun

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    Jun

SO

Southern Company

$44.44

-0.46 (-1.02%)

15:13
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Southern Company accelerates restoration efforts in Puerto Rico »

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TECK

Teck Resources

$29.43

0.19 (0.65%)

15:10
01/20/18
01/20
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Teck Resources announces Elkview incident »

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  • 14

    Feb

TWTR

Twitter

$23.66

-0.38 (-1.58%)

14:03
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Twitter begins notifying users exposed to Russian propaganda during elections »

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  • 23

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    Feb

SPY

SPDR S&P 500 ETF Trust

$280.41

1.27 (0.45%)

, SPX

S&P 500

13:58
01/20/18
01/20
13:58
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Government shuts down on anniversary of Trump presidency, Reuters reports »

President's Trump…

SPY

SPDR S&P 500 ETF Trust

$280.41

1.27 (0.45%)

SPX

S&P 500

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FB

Facebook

$181.29

1.49 (0.83%)

, NYT

New York Times

$21.90

1.7 (8.42%)

13:48
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01/20
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NY Times stock jumps after Facebook's announcement, Recode reports »

Facebook (FB) CEO Mark…

FB

Facebook

$181.29

1.49 (0.83%)

NYT

New York Times

$21.90

1.7 (8.42%)

NWSA

News Corp.

$17.22

0.21 (1.23%)

FOXA

21st Century Fox

$36.65

0.47 (1.30%)

03/08/13
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WMT

Walmart

$104.59

0.29 (0.28%)

13:36
01/20/18
01/20
13:36
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13:36
Periodicals
Still time to shop Walmart shares as company makes changes, Barron's says »

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  • 20

    Feb

AAPL

Apple

$178.46

-0.8 (-0.45%)

, NFLX

Netflix

$220.46

0.13 (0.06%)

08:59
01/20/18
01/20
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08:59
Periodicals
Netflix among likely candidates for an Apple purchase, Barron's says »

Especially for tech…

AAPL

Apple

$178.46

-0.8 (-0.45%)

NFLX

Netflix

$220.46

0.13 (0.06%)

03/08/13
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  • 22

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BA

Boeing

$337.73

-2.43 (-0.71%)

08:50
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01/20
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Boeing not a sell just yet, Barron's says »

Boeing stock has come…

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  • 31

    Jan

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AAPL

Apple

$178.46

-0.8 (-0.45%)

, EADSY

Airbus

$28.43

0.755 (2.73%)

08:24
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01/20
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Week in review: How Trump's policies moved stocks »

Catch up on the top…

AAPL

Apple

$178.46

-0.8 (-0.45%)

EADSY

Airbus

$28.43

0.755 (2.73%)

BA

Boeing

$337.73

-2.43 (-0.71%)

VZ

Verizon

$51.91

0.36 (0.70%)

NYT

New York Times

$21.90

1.7 (8.42%)

TWX

Time Warner

$93.36

0.39 (0.42%)

DIS

Disney

$110.59

0.17 (0.15%)

TIME

Time Inc.

$18.55

0.05 (0.27%)

AMZN

Amazon.com

$1,294.58

1.26 (0.10%)

BAC

Bank of America

$31.72

0.24 (0.76%)

GS

Goldman Sachs

$256.12

5.15 (2.05%)

BK

BNY Mellon

$56.61

1.26 (2.28%)

WLKP

Westlake Chemical Partners

$24.45

-0.1 (-0.41%)

MON

Monsanto

$120.66

1.8 (1.51%)

DLTR

Dollar Tree

$114.73

1.83 (1.62%)

CE

Celanese

$112.96

1.93 (1.74%)

LYB

LyondellBasell

$119.92

3.03 (2.59%)

TSE

Trinseo

$79.45

2.2 (2.85%)

EYE

National Vision

$43.13

1.12 (2.67%)

ETFC

E-Trade

$54.28

0.63 (1.17%)

LPLA

LPL Financial

$59.03

0.53 (0.91%)

AMTD

TD Ameritrade

$55.17

0.21 (0.38%)

SCHW

Charles Schwab

$55.48

0.15 (0.27%)

ADS

Alliance Data

$261.82

5.88 (2.30%)

FISV

Fiserv

$138.11

0.17 (0.12%)

FLT

FleetCor

$206.65

3.4 (1.67%)

HAWK

Blackhawk

$45.25

0.1 (0.22%)

MTZ

MasTec

$53.30

1.25 (2.40%)

03/08/13
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