Fly Intel: After-Hours Movers » 19:1304/0604/06/20
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HIGHER -• Viemed…
Flowserve withdraws FY20 guidance due to COVID-19 impact » 16:3104/0604/06/20
Flowserve Corporation provided an update on its business and operations in light of the COVID-19 pandemic. Many of the company's global locations, including manufacturing facilities, Quick Response Centers (QRCs), Global Technology & Engineering Centers (GTEC) and corporate headquarters, have incurred periods of temporary closures. Despite country, state and local authorities issuing various shelter in place orders, Flowserve's products and services are classified as an essential business in most of the locations where the company operates, and serving our customers and restoring operations is of utmost importance. The majority of our facilities continue to make products and provide services for its customers. In these locations, the company has taken steps to enforce social distancing practices, augment the cleaning practices of the facility, and enhance the hygiene protocol in shared spaces. Additionally, Flowserve has implemented a work-from-home policy for all employees in affected locations who are able to do so. Flowserve continues to monitor the situation closely, and will act in accordance with decrees, orders and laws in the countries and geographies where the company operates. On February 17, 2020, Flowserve provided its guidance on certain financial metrics for full-year 2020, prior to the global spread of COVID-19. Due to the rapidly evolving impact of COVID-19, as well as end-market uncertainty, Flowserve is withdrawing its 2020 financial guidance at this time. Flowserve's products and services remain important to existing process industries, and the company's installed base requires ongoing attention. In 2019, over half of Flowserve's revenues were for parts, services and repairs to support our extensive installed base of equipment. Additionally, the majority of original equipment sales in 2019 were also to existing and operating facilities through customer's MRO budgets. These facilities continue to operate, and Flowserve remains committed to helping them run safely and efficiently, it said.
Ametek price target lowered to $95 from $115 at DA Davidson » 08:3904/0304/03/20
DA Davidson analyst Matt…
DA Davidson analyst Matt Summerville lowered the firm's price target on Ametek to $95 from $115 but keeps a Buy rating on the shares. The analyst is citing the impact of COVID-19 headwinds, including a potentially sharp fall-off in aerospace demand and other manufacturing disruptions, even though he sees the company's medical-facing businesses experiencing some uplift from the virus pandemic with military/defense and food/pharma businesses also holding up particularly well. Longer term, Summerville sees Ametek as a "solid, core industrial technology holding with a well-proven track record".
Xylem withdraws Q1, FY20 guidance » 16:1703/3103/31/20
Xylem withdrew its…
Xylem withdrew its financial guidance for Q1 and for FY20, because of the impact of COVID-19. Guidance provided on February 6 for the first quarter had anticipated one to two percentage points of organic revenue softening and three to four cents of adjusted earnings per share impact from the initial, localized emergence of COVID-19 in China. However, the rapid international spread of the disease, especially in recent weeks, has since disrupted commercial activity and supply chains more broadly. CEO Patrick Decker says: "We have a strong balance sheet, healthy cash reserves and ready access to capital. We are also moving quickly to adapt our operating and capital spending. While we are withdrawing our previous guidance to reflect the reduced visibility driven by COVID-19, we believe we are very well-positioned to come through this period of uncertainty, continuing to deliver for our customers and creating significant economic and social value."
Idex Corp. upgraded to Outperform at Cowen » 07:5103/3103/31/20
As reported previously,…
As reported previously, Cowen analyst Joseph Giordano upgraded Idex Corp. to Outperform from Market Perform citing its zero debts, diverse profile across industrial and healthcare markets, an excellent management team, and pricing power. Giordano raised his price target to $160 from $145 on Idex Corp. shares.
Xylem downgraded to Neutral from Overweight at Atlantic Equities » 05:4903/3103/31/20
Atlantic Equities analyst…
Atlantic Equities analyst Richard Radbourne downgraded Xylem to Neutral from Overweight with a $75 price target.
Idex Corp. upgraded to Outperform from Market Perform at Cowen » 05:4003/3103/31/20
Cowen analyst Joseph…
Cowen analyst Joseph Giordano upgraded Idex Corp. to Outperform from Market Perform with a price target of $160, up from $145.
|Over a week ago|
Mueller Water management to meet with RBC Capital » 04:5503/3003/30/20
Meeting to be held in…
Meeting to be held in Atlanta on March 30 hosted by RBC Capital.
Xylem downgraded to Perform from Outperform at Oppenheimer » 07:4603/2703/27/20
Oppenheimer analyst Bryan…
Oppenheimer analyst Bryan Blair downgraded Xylem to Perform from Outperform given significant near-term estimate risk and an increasingly wide range of potential 2021 earnings. Blair says the downgrade is tactical in nature, and looks for evidence of stabilizing/improving fundamentals to get constructive on the name.
Gladstone Land says expects distribution intact amid coronavirus » 11:4103/2603/26/20
Gladstone Land announced…
Gladstone Land announced that it has provided the following update to its shareholders: Farming Operations: The company does not believe the current Coronavirus pandemic has had a major impact on its operations or that of its tenant-farmers at this point in time. Farmland values are expected to remain stable, as they generally have throughout history during times of economic volatility, and rental payments from tenants leasing the company's farms are expected to continue on time. ..Distributions: At this time, the company believes it is in a good position and intends to ask the company's board of directors to declare cash distributions for the second quarter that are at least equal to the current distribution rate. In short, the company's farmers seem to be having a good year, and more and more people are trending towards healthier diets. The board of directors will meet on April 14, to decide on the monthly cash distribution for each of April, May, and June. While it is possible that an event will occur that negatively impacts operations, the company does not currently see such an event on the horizon.