Important News & Updates: AMR Corporation, AK Steel Holding, Vale SA, SolarCity, Alcoa
NEW YORK, November 5, 2013 /PRNewswire/ --
Market Buzz Report, an investment community, Issues Important News & Updates For AMR Corporation(OTCQB:AAMRQ), AK Steel Holding Corporation (NYSE: AKS), Vale SA (NYSE: VALE), SolarCity Corp(NASDAQ: SCTY), Alcoa Inc(NYSE: AA).
AMR Corporation(OTCQB:AAMRQ)'s shares were the most active penny stock gainer and soared 25% to $9.67 on very high volume as Attorney General Eric Holder said that American Airlines and US Airways Group Inc. will have to shed assets at key airports across the country if they want to settle the U.S. lawsuit seeking to block their proposed merger.
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The airlines and the Justice Department are in settlement talks over the lawsuit even as the government is prepared to go to trial to block the merger if the talks aren't successful, Holder said today.
Shares of U.S. Steel , AK Steel Holding Corporation (NYSE: AKS) and Steel Dymanics (STLD) surge premarket after Goldman Sachs raises its view on the steel sector to Neutral and upgrade the shares of the individual steelmakers to Buy.Although volatility in the cyclical steel sector will remain the norm, risks associated with oversupply are priced in and "investors should start to look beyond near-term headwinds," the firm says.
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Supply-demand fundamentals for steel are starting to look more appealing, particularly for flat steel, while the firm's "very bearish" view on input costs (iron ore) bodes well for steel producers in the long run; also, recently filed trade cases, if successful, could help.
Vale SA (NYSE: VALE)'s shares were up 3.66% to $16.98. The company is all set to report its third quarter earnings announcement on Wednesday, November 6, 2013, The consensus analyst estimate has gone from 59 cents per share to the current projection of earnings of 64 cents per share.
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The consensus estimate has risen from 53 cents over the past three months. For the fiscal year, analysts are projecting earnings of $2.15 per share. Revenue is projected to be 14% above the year-earlier total of $10.73 billion at $12.27 billion for the quarter. For the year, revenue is expected to come in at $46.42 billion.
In other news, SolarCity Corp(NASDAQ: SCTY), which is the second-largest U.S. solar company in terms of market capitalization, is on the lookout for a buyer for their $54.4 million of asset-backed notes in a private placement. The notes have a scheduled maturity date of December 2026 and are secured by numerous systems, related leases and power-purchase agreements and other rights and agreements. Shares of SCTY soared 16.11% to $63.57 on more than 9.47 million shares - 2X its average volume.
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Recently, U.S. aluminum producer Alcoa Inc(NYSE: AA) warned on Wednesday that a planned electricity rate hike in Quebec would make its three smelters in the Canadian province uncompetitive.
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Alcoa has notified provincial power company Hydro-Québec that it plans to reduce its contractual obligations to buy power starting Nov. 1, 2014, the company said in an emailed statement. Rates are set to rise on Jan. 1, 2015.
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