During Monday’s Current trade, Shares of PPG Industries, Inc. (NYSE:PPG), lost -3.02% to $94.27.
PPG Industries (PPG) held a meeting for securities analysts in Cabo San Lucas, Mexico. The meeting comprised of presentations by Michael McGarry, PPG president and chief operating officer; and Marcos Achar Levy, PPG vice president, architectural coatings, Latin America, and chief executive officer, PPG-Comex.
During the meeting, PPG reviewed details of PPG-Comex Mexican operations, offered information about the growth of the Mexican economy and PPG-Comex, and toured PPG-Comex concessionaire locations. The company indicated during the meeting it anticipates cost synergies associated with the Comex acquisition to be $45 million to $50 million by the end of 2016, up from the company’s previous guidance of $30 million to $40 million.
PPG also issued new acquisition-related revenue synergy targets for the PPG-Comex acquisition. The company anticipates to generate $40 million to $50 million in revenue within two years from sales of legacy PPG products through the PPG-Comex distribution network. PPG set a separate revenue target of $60 million to $70 million within five years for incremental coatings sales in Central America. PPG had formerly issued no incremental revenue guidance regarding Comex.
PPG Industries, Inc. manufactures and distributes coatings, specialty materials, and glass products. The company’s Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; sealants, coatings, maintenance cleaners, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor for specialty applications; and chemical administration services.
Shares of FuelCell Energy Inc (NASDAQ:FCEL), declined -4.93% to $0.700, during its current trading session.
FuelCell Energy, Inc. (FCEL), a global leader in the design, manufacture, operation and service of ultra‐clean, efficient and reliable fuel cell power plants, recently declared the appointment of two new members to the Company’s Board of Directors, counting Paul F. Browning, former President and Chief Executive Officer, Irving Oil Company Limited and Matthew F. Hilzinger, Executive Vice President and Chief Financial Officer, USG Corporation. These additions to the FuelCell Energy Board of Directors enhance the total number of members to ten.
FuelCell Energy, Inc., together its auxiliaries, designs, manufactures, sells, installs, operates, and services stationary fuel cell power plants for distributed power generation. The company is also involved in the development, design, production, and sale of fuel cell products under the Direct FuelCell name. Its power plants electrochemically produce electricity and heat using various fuels, counting natural gas, methanol, diesel, biogas, coal gas, coal mine methane, and propane.
Amazon.com, Inc.(NASDAQ:AMZN), during its Monday’s current trading session decreased -3.96% to $474.70.
Audible, Inc., an Amazon.com, Inc. partner (AMZN), Audible Studios, a production arm of Audible.com, recently declared the release of White Man’s Problems, a collection of short stories from a virtuosic new voice in American fiction, Kevin Morris. The audiobook comprises nine stories that strike a riveting balance between comedy and catastrophe, each one performed by one of Hollywood’s most talented voices. Narrators are Academy Award winner Matthew McConaughey, South Park creators Trey Parker and Matt Stone, Lost star Josh Holloway, singer-songwriter Pete Yorn, Academy Award nominee Minnie Driver, actor-director Sarah Polley and Scrubs star John C. McGinley. The author joins this star-studded cast in narrating the collection’s final story. White Man’s Problems is accessible for download at audible.com/wmp.
Audible, the world’s largest seller and producer of downloadable audiobooks and other spoken-word content, invented and commercialized the first digital audio player in 1997, and has since been at the forefront of the explosively growing audiobook download segment. In 2014, listeners around the world downloaded 1.2 billion hours of audio from Audible.com outlets; Audible members downloaded an average of more than 17 books over the course of the year. More than half of current Audible members are first-time audiobook buyers.
Amazon.com, Inc. operates as an online retailer in North America and internationally. It operates in two segments, North America and International. The company serves consumers through retail Websites, such as amazon.com and amazon.ca, which primarily comprise merchandise and content purchased for resale from vendors and those offered by third-party sellers.
Finally, Plains GP Holdings LP (NYSE:PAGP), decreased -2.24%, to $18.10.
Plains All American Pipeline, L.P. ( PAA ) and Plains GP Holdings ( PAGP ) stated second-quarter 2015 results.
PAA stated solid second quarter results, with adjusted EBITDA of $486 million, which was about $26 million above the mid-point of our quarterly guidance range, said Greg L. Armstrong, Chairman and CEO of Plains All American. PAA will pay a quarterly distribution of $0.695 per limited partner unit next week, which is the equivalent of $2.78 per unit on an annualized basis, while PAGP will pay a quarterly distribution of $0.227 per Class A share, or $0.908 per share on an annualized basis. These distributions represent a 7.8% and 23.8% enhance over comparative distributions paid in the same quarter of 2014, respectively.
Over the intermediate to long-term, we remain very constructive on the outlook for the North American crude oil industry. Near term, we are cautious as high crude oil and refined product inventory levels will influence oilfield activity and crude oil production levels over the next six to twelve months and competition for the marginal barrel will intensify. Additionally, our current forecast assumes that our All American pipeline in California will not be returned to service during the balance of 2015.
Second-quarter 2015 Transportation adjusted segment profit raised 12% as compared to comparable 2014 results. This enhance was driven by earnings from our 50% interest in the BridgeTex pipeline attained in November 2014 and higher crude oil pipeline volumes associated with recently accomplished organic growth projects primarily within the Permian Basin and Eagle Ford producing regions.
Second-quarter 2015 Facilities adjusted segment profit raised by 6% over comparable 2014 results. This enhance was primarily due to lower field operating costs associated with our NGL fractionation and Canadian natural gas processing activities.
Plains GP Holdings, L.P., through its interest in Plains AAP, L.P., owns and operates midstream energy infrastructure and provides logistics services for crude oil, natural gas liquids, natural gas, and refined products in the United States and Canada. The company operates through three segments: Transportation, Facilities, and Supply and Logistics. The Transportation segment is involved in transporting crude oil and NGL on pipelines, gathering systems, trucks, and barges. As of December 31, 2014, this segment had owned and leased assets comprising 17,800 miles of active crude oil and NGL pipelines and gathering systems; 29 million barrels of active, above-ground tank capacity; 800 trailers; and 149 transport and storage barges, in addition to 72 transport tugs.
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