3M, White House confirm plan to import 166.5M respirators over next 3 months » 19:0004/0604/06/20
3M and the Trump…
3M and the Trump Administration are announcing a plan to import 166.5 million respirators over the next three months to support healthcare workers in the United States. 3M and the Administration worked together to ensure that this plan does not create further humanitarian implications for countries currently fighting the COVID-19 outbreak, and committed to further collaborate to fight price gouging and counterfeiting. "I want to thank President Trump and the Administration for their leadership and collaboration," said 3M chairman and CEO Mike Roman. "We share the same goals of providing much-needed respirators to Americans across our country and combating criminals who seek to take advantage of the current crisis. These imports will supplement the 35 million N95 respirators we currently produce per month in the United States." 3M will import 166.5 million respirators over the next three months primarily from its manufacturing facility in China, starting in April. The Administration is committed to working to address and remove export and regulatory restrictions to enable this plan. The plan will also enable 3M to continue sending U.S. produced respirators to Canada and Latin America, where 3M is the primary source of supply. As a global company, 3M has manufacturing operations around the world to serve local and regional markets. As the pandemic unfolds in different stages around the world, 3M will continue to work with governments to direct respirators and other supplies to serve areas most in need. Beginning in January, 3M ramped up production of N95 respirators and doubled its global output to 1.1 billion per year - including the 35 million a month in the United States. 3M has already put into motion additional investments and actions that will enable it to double its capacity again to 2 billion globally within 12 months, with additional capacity to begin coming online in the next 60 to 90 days. In the United States, for example, 3M expects to be producing N95 respirators at a rate of 50 million per month in June, a 40 percent increase from current levels. Last week 3M announced additional actions to address price gouging and counterfeit activity related to its respirators. 3M has not changed the prices it charges for respirators, and will take decisive action against those seeking to take illegal and unethical advantage of the COVID-19 outbreak.
White House orders 167M face masks from 3M, WSJ reports » 18:3004/0604/06/20
The Trump administration…
The Trump administration will purchase nearly 167M face masks from 3M over the next three months as officials seek to find protective equipment for front-line workers confronting the COVID-19 outbreak, the Wall Street Journal's Alex Leary and Austen Hufford report, citing a White House official. The company came into conflict with Trump last week, as the president criticized 3M's mask-making efforts and invoked the Defense Production Act against it, the authors note. An official said today that the White House didn't plan to take any additional action against 3M under the DPA in addition to the mask purchases, the authors say, noting that the administration intends to purchase 55.5M masks from the company in each of the next three months. Reference Link
Ryder enhances liquidity position with bond offering » 17:4304/0604/06/20
Ryder System announced it…
Story temporarily locked.
White House official says no further DPA action planned against 3M , WSJ says 17:4104/0604/06/20
CSX resumed with a Buy at Stifel » 16:2104/0604/06/20
Stifel analyst David Ross…
Stifel analyst David Ross resumed coverage of CSX with a Buy rating and $71 price target. Before suspending coverage in July of 2019 the firm had a Hold rating on the shares with a $75 price target. With "strong" cash flow is strong, a "healthy" balance sheet and good service, CSX is not in a bad place to weather out the current storm caused by the coronavirus, Ross tells investors in a research note. The analyst likes CSX's management team "as a group of no-nonsense operators."
Kansas City Southern resumed with a Buy at Stifel » 16:1704/0604/06/20
Stifel analyst David Ross…
Stifel analyst David Ross resumed coverage of Kansas City Southern with a Buy rating and $146 price target. The analyst believes that the 25% decline in the stock price from February highs is a buying opportunity as he sees the company as being the best positioned among the U.S. rails to take advantage of the long-term trend toward re-shoring, near-shoring and growth in U.S./Mexico trade in addition to enjoying the benefits of its precision scheduled railroad initiatives.
3M responds to reporting on alleged seizure of N95 respirator shipments » 17:3004/0504/05/20
3M issued the following…
3M issued the following statement in response to media reports alleging a shipment of 3M personal protective equipment was seized and diverted by U.S. authorities on Friday, April 3, while in transit from a 3M China facility to Berlin Police: "3M has no evidence to suggest 3M products have been seized. 3M has no record of any order of respirators from China for the Berlin police. We cannot speculate where this report originated." According to the company's statement, 3M has extended an offer of help to the German authorities to try "to determine if this false report is the result of fraudulent activity. We have extended this offer to all countries seeking to verify the authenticity of offers to sell respirators. 3M is committed to combating any illegal activity in connection with our products and the COVID-19 outbreak and is working with law enforcement to identify and punish perpetrators."
Week in Review: How Trump's policies moved stocks » 07:2904/0404/04/20
XOM, CVX, NBL, XEC, FANG, RDS.A, RDS.B, DVN, BP, COP, MRO, BAC, WFC, C, JPM, MMM, VMC, EXP, GVA, NUE, PWR, J, MLM, DDAIF, FCAU, F, GM, HMC, NSANY, TSLA, TM, VWAGY
Catch up on the top…
Fly Intel: Wall Street's top stories for Friday » 16:3004/0304/03/20
MMM, TSLA, BBBY, BAC, JPM, WFC, C, AMZN, WMT, FATE, JNJ, INCY, MIC, AEHR, CHWY
The S&P 500 ended lower…
General Dynamics protest of Leidos award dismissed in part, denied in part » 15:3504/0304/03/20
The U.S. Government…
The U.S. Government Accountability Office announced that it dismissed the protest in part and denied the protest in part that was made by General Dynamics Information Technology (GD) of the award of a contract to Leidos (LDOS) under request for proposals No. HC1028-18-R-0024, issued by the Department of Defense, Defense Information Systems Agency for global solutions management - operations, or GSM-O II, services. Three offerors, including Leidos, the incumbent, and GDIT, submitted proposals by the January 7, 2019, closing date, the GAO notice stated. Reference Link