On Thursday, Shares of Century Aluminum Co (NASDAQ:CENX), gained 24.03% to $5.42.
Century Aluminum of Kentucky issued a notice to employees at its Hawesville, Kentucky aluminum smelter of its intent to curtail its plant operations starting on October 24, 2015 unless the current pricing environment substantially changes. The declaration was made following the federal Working Adjustment and Retraining Notification Act (WARN).
“We regret the need to issue this notice at this time and fully understand the impact it will have on our employees, in our community and with our customers,” commented Michael Bless, President and CEO. “The simple fact is that the recent noteworthy decline in the aluminum price is being driven by unfair trade behavior over which our industry has no control. Chinese overcapacity and the improper export of heavily subsidized Chinese aluminum products have undercut an otherwise viable plant. These issues must be addressed right away. The strategy we set forth for Hawesville continues to be valid. It is solely the collapse in industry pricing, brought about by this improper trade behavior, that has put this excellent plant in jeopardy,” Bless said.
Century Aluminum Company, together with its auxiliaries, produces primary aluminum in the United States and Iceland. It produces standard grade and value-added primary aluminum products; and carbon products, such as anodes and cathodes.
Shares of ING Groep NV (ADR) (NYSE:ING), inclined 1.70% to $15.54, during its last trading session.
THL Credit, declared an amendment, extension and the reduction of pricing of its existing term loan credit facility and an amendment and extension of its revolving credit facility. The financing was led by ING Capital LLC.
The Term Loan Facility’s bullet maturity was extended from April 2019 to August 2021. The pricing on the Term Loan Facility was reduced to LIBOR (with no floor) plus 2.75 percent from LIBOR (with no floor) plus 3.25 percent.
Additionally, the Revolving Facility’s availability period was extended from May 2017 to August 2019, followed by a one-year amortization period with a final maturity in August 2020. The pricing on the Revolving Facility will remain the same at LIBOR (with no floor) plus 2.50 percent.
Commitments under the Revolving Facility and Term Loan Facility remain at $303.5 million and $106.5 million, respectively. The Revolving Facility and Term Loan Facility each comprise an accordion feature permitting subsequent enhances to either facility up to an aggregate maximum of $600 million of commitments.
ING Groep N.V., a financial institution, provides banking products and services to individuals, small and medium enterprises, and mid-corporate. It operates through Retail Netherlands; Retail Belgium; Retail Germany; Retail Rest of World; and Commercial Banking segments.
At the end of Thursday’s trade, Shares of Patterson Companies, Inc. (NASDAQ:PDCO), lost -6.30% to $45.94.
Patterson Companies, stated merged sales from ongoing operations of $1.1 billion (see attached Sales Summary for further details) in its fiscal first quarter ended August 1, 2015, up 22 percent over the same period last year. Sales in the fiscal 2016 period reflect a contribution from recently attained Animal Health International, Inc. and an extra week of results as compared to the preceding year.
Adjusted net income from ongoing operations1, which reflects the adjustments to exclude certain non-recurring costs and amortization of deal costs, was $46.9 million for the first quarter of 2016, a 17 percent enhance over $40.2 million in the same quarter last year. Adjusted diluted earnings per share from ongoing operations was $0.47 in the 2016 first quarter, an 18 percent year-over-year enhance. The company stated GAAP net income from ongoing operations of $20.3 million, or $0.20 per diluted share, contrast to $38.3 million, or $0.38 per share, in last year’s fiscal first quarter.
“The past several months have been a particularly exciting time for Patterson Companies as we move forward with our efforts to transform the long-term growth profile of our business,” said Scott Anderson, chairman and chief executive officer. “During the quarter, we began the process of unifying Animal Health International with our legacy veterinary operations and moved forward with the sale of non-core Patterson Medical. Our performance was in line with our internal plan and we remain confident in both the market opportunities we face and our ability to capitalize on them.”
Patterson Companies, Inc. distributes dental, veterinary, and rehabilitation supplies. Its Dental Supply segment offers consumable dental supplies; impression and restorative materials; hand pieces; hand instruments; sterilization products; anesthetics; infection control products; paper, cotton, and other disposable products; and toothbrushes and dental accessories.
Finally, Progressive Corp (NYSE:PGR), ended its last trade with 2.54% gain, and closed at $30.26.
Despite rising salaries and the dearth of tech talent, millennials in the IT and tech industries are not just in it for the money. According to a recent survey from Progressive® Insurance, 81 percent of millennials interested in a new job in IT would accept a less attractive compensation package to do work they were more passionate about.
The survey also revealed that 82 percent of millennials interested in IT are willing to relocate for a job they’re interested in, and on average, they would be willing to move more than 600 miles.
“With nearly 3,500 tech positions at Progressive, it’s important for us to invest in what makes this demographic tick to ensure we’re poised for attracting the top talent,” said Lynley Williams, recruiting director for Progressive Insurance. “By and large what we found is that millennials interested in IT want a job that allows them flexibility and growth opportunities, and which inspires them. The great thing is, we’re already there. Some of the things our tech employees tell us they like best about Progressive are our college campus-like atmosphere; our risk, learn and grow culture; and our dedication to continuous innovation – one example of that is the Business Innovation Garage we opened on-campus this year.”
The survey was conducted by Wakefield Research on behalf of Progressive and surveyed 1,000 U.S. Millennials interested in IT jobs.
The Progressive Corporation, an insurance holding company, provides personal and commercial property-casualty insurance, and other specialty property-casualty insurance and related services primarily in the United States.
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