On Tuesday, Vale SA (NYSE:VALE)’s shares inclined 4.06% to $3.33.
VALE is currently valued at $15.52 billion. The company has 3.19 billion shares outstanding and 18.70% shares of the company were owned by institutional investors. The company has 0.74 value in price to sale ratio while price to book ratio was recorded as 0.38. It beta stands at 1.39.
Vale S.A., together with its auxiliaries, engages in the research, production, and sale of iron ore and pellets, nickel, fertilizer, copper, coal, manganese, ferroalloys, cobalt, platinum group metals, and precious metals in Brazil and internationally. Its Bulk Material segment produces and extracts iron ore and pellet.
Kennametal Inc. (NYSE:KMT)’s shares dropped -19.01% to $20.71.
Kennametal Inc. (KMT) declared that the company is reducing its formerly declared fiscal 2016 guidance.
The company’s revenue expectations have been negatively influenced by further declines in its end markets as evidenced by continued declines in industrial production indices since preceding guidance was issued in early November, particularly China automotive and US and China coal mining, in addition to further reductions in O&G activity. At this point in time, as a result of lower revenue expectations and the company’s current lack of visibility to its end markets, the company anticipates as much as a 30-60% decrease in formerly declared guidance for fiscal 2016 adjusted earnings per diluted share. The company will provide more detail at the time of the February 2016 Earnings call.
“Our served end markets are experiencing noteworthy volatility and we are being challenged by the current global macroeconomic environment. As a result, our visibility into our end markets is poor and we have decided to reduce guidance for fiscal 2016. In this difficult time of end-market weakness, we will focus on controlling what we can control by tightly managing our costs and working capital, while not losing the capability to respond when the markets recover. We will continue to update our investors with changing trends throughout the remainder of the fiscal year,” Don Nolan, President and CEO said. “Despite weak market conditions we continue to make meaningful progress on critical initiatives to strengthen our foundation and ultimately grow our business, which we will outline in our meeting with investors tomorrow. When market conditions improve, we are confident that Kennametal will deliver substantially improved results.”
The slides for tomorrow morning’s meeting will be posted on the company’s website right away preceding to the meeting. Once on the homepage, select “Investor Relations” and then “Events.”
Kennametal Inc. manufactures and supplies tooling, engineered components, and advanced materials consumed in production processes worldwide. It operates through two segments, Industrial and Infrastructure. The company offers standard and customized technologies for metalworking, such as metal cutting tools, tooling systems and services, and materials, counting cemented tungsten carbide products, super alloys, coatings, and investment castings.
At the end of Tuesday’s trade, Bristol-Myers Squibb Co (NYSE:BMY)‘s shares surged 2.32% to $70.21.
Bristol-Myers Squibb Company (BMY) declared that they have entered into a partnership agreement with UCLA as part of Bristol-Myers Squibb’s Immuno-Oncology Rare Population Malignancy (I-O RPM) research program in the U.S. The I-O RPM research program is a multi-institutional initiative with academic-based cancer centers focused on the clinical investigation of immuno-oncology therapeutics as potential treatment options for patients with high risk, poor prognostic cancers, defined as a rare population malignancy.
Bristol-Myers Squibb and the David Geffen School of Medicine at UCLA will conduct a range of early phase clinical studies as part of the I-O RPM research program, and Bristol-Myers Squibb will fund positions within UCLA’s fellowship program in the UCLA Division of Hematology/Oncology.
“The I-O RPM research program is an important complement to Bristol-Myers Squibb’s broad research and development program for immuno-oncology,” said Laura Bessen, M.D., head of U.S. Medical, Bristol-Myers Squibb. “We look forward to working with UCLA in an effort to continue advancing the science in this innovative field of research and cancer treatment.”
Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. It provides chemically-synthesized drugs or small molecules, and biologics in various therapeutic areas, counting virology comprising human immunodeficiency virus infection (HIV); oncology; neuroscience; immunoscience; and cardiovascular.