Enbridge FACES Additional Fines After Spill and 4 Hot Stocks on the Move
U.S. engineering company Shaw Group Inc (NYSE:SHAW) narrowed its quarterly loss to $16 million (24 cents per share) from last year’s loss of $70 million (89 cents a share); revenues beat to rise 5 percent to $1.56 billion. Full year estimates unchanged with earning per share expected between $2.20 – $2.30 on revenues in the range $5.5 – $6 billion; order backlog is forecast lower at $18 billion against prior $22 billion.
PepsiCo (NYSE:PEP) has opened a new food manufacturing facility in China located strategically to address the growing markets in western and central China.
American Campus Communities (NYSE:ACC) the largest owner, manager and developer of high-quality student housing properties in the U.S., announced a common stock offering of 15,000,000 shares to fund, in part, its acquisition of 15 student housing properties from Campus Acquisitions, LLC, and the balance to pay down its existing debt.
Las Vegas Sands (NYSE:LVS) CEO Sheldon Adelson finally broke his silence on a lawsuit filed by his former CEO of Sands China, Steve Jacobs linking the Sands and Adelson to a strategy that promotes prostitution on his casino floors: “There isn’t a shred of evidence. I’ll bet anyone a thousand to one that there will be no fire under the smoke that he’s blowing. If someone wants to put up a million they can hope to win one billion–but that won’t happen because there isn’t a breach of FCPA. Not even a hint,” claims Adelson.
The clean-up of a crude oil spill from a Enbridge (NYSE:ENB) pipeline that contaminated a Michigan river two years ago has already cost the company $700 million; however there could additional penalties or fines after the federal authorities release today their findings on the spill.