On Thursday, Goodyear Tire & Rubber Co (NASDAQ:GT)’s shares declined -0.13% to $31.01.
The Goodyear Tire & Rubber Company (GT) has reached a supply agreement with Yihai Food and Oil Industry in China for silica derived from rice husk ash. Goodyear will start using the silica this year in a consumer tire that will be manufactured in its factory in Pulandian, China, and sold in China.
Goodyear has tested silica derived from rice husk ash over the past two years at its Innovation Center in Akron and found its impact on tire performance to be equal to traditional sources.
Silica is used as a reinforcing agent in tire tread compounds. Contrast to carbon black, a traditional reinforcing agent for tires, silica reduces rolling resistance. Lower rolling resistance, in turn, improves a car’s fuel economy. It also can have a positive impact on a tire’s traction on wet surfaces.
The Goodyear Tire & Rubber Company develops, manufactures, distributes, and sells tires, and related products and services in North America, Europe, the Middle East, Africa, Latin America, and the Asia Pacific. The company offers various lines of rubber tires for automobiles, trucks, buses, aircraft, motorcycles, farm implements, earthmoving and mining equipment, industrial equipment, and various other applications under the Goodyear, Dunlop, Kelly, Debica, Sava, Fulda, and various other Goodyear owned house brands, in addition to under the private-label brands.
Paragon Offshore PLC (NYSE:PGN)’s shares dropped -9.23% to $1.52.
Paragon Offshore plc (PGN) declared that Lee M. Ahlstrom, Senior Vice President – Investor Relations, Strategy and Planning of Paragon, will present at the Global Hunter Securities 100 Energy Conference 2015 in Chicago, Illinois at 4:00 p.m. U.S. Central Time on Tuesday, June 23, 2015. A live webcast and presentation slides will be accessible at the time of the presentation on Paragon’s website at www.paragonoffshore.com, under “Events & Presentations” in the “Investor Relations” section of the website.
Paragon Offshore plc, together with its auxiliaries, provides offshore drilling rigs. The company is involved in contracting its rigs, related equipment, and work crews to conduct oil and gas drilling and workover operations for its exploration and production customers on a day rate basis. Its drilling fleet comprises of 34 jackups and 6 floaters, counting 4 drillships and 2 semisubmersibles.
At the end of Thursday’s trade, ARMOUR Residential REIT, Inc. (NYSE:ARR)‘s shares surged 1.39% to $2.91.
ARMOUR Residential REIT, Inc. (ARR) declared that it anticipates to enhance common stock dividends in Q3 2015 and that it’s Board of Directors has approved a reverse stock split of ARMOUR’s outstanding shares of common stock at a ratio of one-for-eight.
One-for-Eight Reverse Stock Split
The reverse stock split is planned to take effect at about 5:00 p.m. Eastern Time on July 31, 2015 (the “Effective Time”). At the Effective Time, every eight issued and outstanding shares of common stock of the Company will be converted into one share of common stock of the Company. In addition, at the Effective Time, the number of authorized shares of common stock will also be reduced on a one-for-eight basis. The par value of each share of common stock will remain unchanged. Trading in ARMOUR’s common stock on a split adjusted basis is predictable to start at the market open on August 3, 2015. ARMOUR’s common stock will continue trading on the NYSE under the symbol “ARR” but will be assigned a new CUSIP number. The Company believes that existing stockholders will benefit from the ability to attract a broader range of investors as a result of the reverse stock split and a higher per share stock price. In this regard, the Company notes that the average book value of ARMOUR’s common stock over the last five trading sessions was about $4.00 per share, which is about 28% above last night’s closing price of $2.87.
Q3 2015 Common Stock Dividends
The Board of Directors of ARMOUR recently declared the Company’s predictable third quarter 2015 cash dividend rates per common share as set forth below.
| Month | Dividend | Holder of Record Date | Payment Date |
| July 2015 | $0.04 | July 15, 2015 | July 27, 2015 |
| August 2015 | $0.33 | August 17, 2015 | August 27, 2015 |
| September 2015 | $0.33 | September 15, 2015 | September 28, 2015 |
The predictable July 2015 dividend rate of $0.04 per common share, which is the same as the Q2 2015 dividend rate, does not reflect the effect of the reverse stock split and would be equivalent to $0.32 per common share on a basis reflecting the one-for-eight reverse stock split. After the completion of the reverse stock split on July 31, 2015, ARMOUR’s August 2015 and September 2015 dividend rates are predictable to be set at $0.33 per share. As a result, the aggregate dividends per common share that ARMOUR anticipates to pay in Q3 2015 is an enhance over the aggregate dividends per common share that the Company paid in Q2 2015.
ARMOUR Residential REIT, Inc. invests in and manages a portfolio of residential mortgage backed securities in the United States. The company is managed by ARMOUR Capital Administration LP. Its securities portfolio primarily comprises of agency securities backed by fixed rate, hybrid adjustable rate, and adjustable rate home loans, in addition to unsecured notes and bonds issued by the government-sponsored entities and the United States treasuries; and money market instruments.
Allstate Corp (NYSE:ALL), ended its Thursday’s trading session with 1.76% gain, and closed at $68.35.
Allstate Corp (ALL) declared estimated catastrophe losses for the month of May 2015 of $178 million, pre-tax ($116 million after-tax). Catastrophe losses occurring in May comprised 8 events at an estimated cost of $180 million, pre-tax, partially offset by reduced reserve reestimates of prior stated catastrophe losses. Four severe weather events accounted for over 77% of the estimated catastrophe losses for May events. About 30% of the May catastrophe losses were related to auto claims due to large rain events accompanied by heavy flooding. Historically auto claims comprise about 15% of catastrophe losses in the second quarter.
The Allstate Corporation, through its auxiliaries, engages in the property-liability insurance and life insurance businesses in the United States and Canada. The company’s Allstate Protection segment sells private passenger auto and homeowners insurance products under the Allstate, Encompass, Esurance brand names.
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