Phillips 66 Remains Committed to Expansion and 3 Stocks Hitting 52-Week Highs
Medidata Solutions (NASDAQ:MDSO) reports a Q3 revenue totaling $55.8 million, consensus $56.12 million. The shares closed at $42.02, up $4.51 or 12.02% on the day. They have traded in a 52-week range of $16.81 to $42.08.
Phillips 66 Common (NYSE:PSX) continues to be committed to creating more opportunity in the midstream industry as part of its strategy for the delivery of long-term profitable growth. Pursuant to an agreement in principle with Spectra Energy (NYSE:SE) and DCP Midstream (NYSE:DPM), the company believes it will acquire a one-third ownership in DCP’s Sand Hills and Southern Hills NGL pipelines, whish is estimated to total $700 million to $800 million. The investment will allow DCP to keep its growth plan through 2015. The Sand Hills pipeline should begin delivering NGL from Eagle Ford into Mont Belvieu by the end of the year. The second phase, with service from the Permian Basin, is expected to begin operating during Q2 of 2013. The Southern Hills pipeline, extending from DCP’s Midcontinent region to Mont Belvieu, continues to be on schedule to be completed during mid-2013. The shares closed at $47.16, down $0.34 or 0.72% on the day. They have traded in a 52-week range of $28.75 to $48.22.
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Phillips-Van Heusen (NYSE:PVH) and Warnaco (NYSE:WRC) have entered into a definitive merger agreement pursuant to which PVH is to acquire Warnaco and holders of Warnaco common stock are to receive $51.75 in cash and .1822 of a share of PVH common stock for each share of Warnaco common stock. The transaction gives Warnaco a value of about $2.9 billion. PVH predicts that nearly $100 million of annual run rate synergies from the transaction, which should be fully realized over three years. To achieve these synergies, PVH will likely incur one-time costs reaching $175 million over three years. PVH predicts that the transaction will reach 35c per share accretive to earnings in the first full year; this excludes one-time integration costs and transaction expenses but includes the effect of the possible license loss. When the $100 million worth of expense synergies are fully realized during the third year, PVH expects the transaction to be accretive to earnings by $1.00 per share, which excludes one-time integration costs and includes the effect of a possible license loss. The shares closed at $109.99, up $18.49 or 20.21% on the day. They have traded in a 52-week range of $62.81 to $99.05.
Quanta Services (NYSE:PWR) sees its FY12 revenue at $6.2 billion to $6.3 billion, consensus $6.07 billion. The company’s previous FY EPS view was $1.35-$1.45, revenue view was $5.9B-$6.1B. The shares closed at $25.93, up $2.33 or 9.87% on the day. They have traded in a 52-week range of $18.15 to $26.07.
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