Greenbrier Rejects American Railcar Offer and 2 Morning Hot Stocks Seeing Action
Disputed payments by tobacco companies that have been lying in escrow accounts pending settlement of a decade-old dispute relating to payments on a historic tobacco settlement may now be released to a number of states and certain tobacco makers. About $4 billion in escrow would be paid over to 17 states including California and New Jersey while another $1.5 billion would be recouped by cigarette giants Reynolds American (NYSE:RAI), Altria Group (NYSE:MO) and Lorillard Inc (NYSE:LO) following a pact announced Tuesday.
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Greenbrier Cos Inc (NYSE:GBX), a manufacturer of rail cars, has rejected a bid by American Railcar Industries Inc (NASDAQ:ARII) to acquire its shares at $20 each, saying the offer is “inadequate, grossly undervalues the company and is not in the best interests of Greenbrier stockholders.” American Railcar is owned 55.6% by the Carl Icahn-owned entity Icahn Enterprises LP. Last month, Icahn disclosed owning 9.99% of Greenbrier, making him its largest shareholder.
Speaking to reporters after an event in Detroit, Ford Motor Co (NYSE:F) COO Mark Fields claimed that the company was doing well on the sales front and that consumers had a good perception of its products. Ford Motor Co has been in the news lately for a number of recalls, particularly its 2013 Escape crossover vehicle and the Ford Fusion. The company also faced heat from the US Environmental Protection Agency for allegedly advertising a higher fuel economy for its Fusion and C-Max crossover models than actually found in tests.