On Monday, Eagle Materials, Inc. (NYSE:EXP)’s shares inclined 4.97% to $83.26.
Eagle Materials Inc. (EXP) declared that its Board of Directors has authorized the repurchase of additional shares of common stock, raising its current authorization to 7,500,000 shares (counting 717,300 shares under the existing authorization), representing about 15% of its outstanding common stock. As of July 30, 2015, there were 50,383,613 shares of Eagle Materials common stock outstanding.
Share repurchases may be made from time to time in the open market or in privately negotiated transactions. The Company anticipates to complete the share repurchase program over the next several years, though the actual timing and amount of any share repurchases will be based on an ongoing assessment of the capital investment opportunities of the Company, the market price of its common stock, general market and economic conditions and other factors. In some cases, share repurchases may be made pursuant to plans, programs, or directions established from time to time by the Company’s administration, counting plans intended to comply with the safe-harbor offered by Rule 10b5-1. Funding for such share repurchases will come from internally generated cash flow or with funds from existing or new credit facilities. The share repurchase program may be modified, suspended or suspended by the Board of Directors at any time without preceding notice.
Eagle Materials Inc. produces and sells construction products and building materials used in residential, industrial, commercial, and infrastructure construction; and products used in oil and natural gas extraction in the United States. The company operates in five segments: Cement, Gypsum Wallboard, Recycled Paperboard, Concrete and Aggregates, and Oil and Gas Proppants. The Cement segment is involved in the mining of limestone; and manufacture, production, distribution, and sale of portland cement, in addition to specialty oil well cement.
Cempra Inc (NASDAQ:CEMP)’s shares dropped -3.19% to $39.13.
Cempra, Inc. (CEMP), a clinical-stage pharmaceutical company focused on developing antibiotics to meet critical medical needs in the treatment of bacterial infectious diseases, recently declared the completion of enrollment for the global Solitaire-IV Phase 3 trial of solithromycin in adult patients with moderate to moderately severe community-attained bacterial pneumonia (CABP). Top-line efficacy and safety data from this study are predictable to be declared by the end of the year.
Cempra, Inc., a clinical-stage pharmaceutical company, focuses on developing antibiotics to meet medical needs in the treatment of bacterial infectious diseases in North America. Its lead product candidates comprise solithromycin (CEM-101), which is in Phase III clinical trials for the treatment of community attained bacterial pneumonia, in addition to for uncomplicated bacterial urethritis; and Taksta (CEM-102), an antibiotic that has accomplished Phase II clinical trials for refractory bone and joint infections.
At the end of Monday’s trade, AGCO Corporation (NYSE:AGCO)‘s shares surged 1.65% to $57.87.
AGCO, Your Agriculture Company (AGCO), a worldwide manufacturer and distributor of agricultural equipment and infrastructure, declared that it will take part in the 2015 Jefferies Industrials Conference in New York on Wednesday, August 12, 2015. The conference will comprise a presentation by Andy Beck, AGCO’s Senior Vice President and Chief Financial Officer, at 9:20 a.m. EDT. Investors may listen to a live webcast of the presentation by accessing the webcast button in the “Investors” section of the Company’s website at http://www.agcocorp.com/company/investors.aspx. The webcast will also be archived right away afterwards.
AGCO Corporation manufactures and distributes agricultural equipment and related replacement parts worldwide. The company offers tractors, counting high horsepower tractors that are used on larger farms primarily for row crop production; utility tractors for small- and medium-sized farms, in addition to for specialty agricultural industries comprising dairy, livestock, orchards, and vineyards; compact tractors for small farms, specialty agricultural industries, landscaping, and residential uses; and combines used in harvesting grain crops, such as corn, wheat, soybean, and rice products.
PPG Industries, Inc. (NYSE:PPG), ended its Monday’s trading session with 2.59% gain, and closed at $106.61.
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.
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