Worth Watching Active Stocks: Ford Motor Co. (NYSE:F), United States Steel Corp. (NYSE:X), Pioneer Natural Resources Co. (NYSE:PXD), Legg Mason Inc. (NYSE:LM)
On Thursday, Shares of Ford Motor Co. (NYSE:F), lost -0.27% to $14.60.
The United Auto Workers didnt share any details about the tentative labor agreement they reached, but Fiat Chrysler Automobiles CEO Sergio Marchionne offered several hints at whats under the hood of the deal, according to bizjournals.com.
The tentative labor agreement, which is headed to the UAWs International Executive Board for review, was declared Tuesday evening. After that, it will be sent to the various regional councils before ultimately being passed along to the membership for a vote. UAW President Dennis Williams said his team wont publicly share any details from the tentative agreement until they meet with the membership.
What I can say is that I believe the (agreement) is balanced and keeps the UAW in a competitive place, Williams said during a press conference. The UAW set three aims when we started this process. We wanted to start giving a (career) path to our membership. We wanted to reward them for the sacrifices they had made in the past several years. Finally, we wanted to deal with the escalating costs of health care. We believe we have met those aims. But ultimately the membership will make the final decision.
The deal only covers the 40,000 union workers at Fiat Chrysler, which the UAW named as the lead for negotiations. The deal will be used as an outline for labor agreements with Ford Motor Co. and General Motors Co. bizjournals.com Reports
Marchionne said he was glad the process was coming to an end, calling it an interesting journey. While he didnt provide specific details on the agreement, he did give a peek into what people can expect to see in there.
Ford Motor Company manufactures and distributes automobiles worldwide. The company operates through two sectors, Automotive and Financial Services. The Automotive sector develops, manufactures, distributes, and services vehicles, parts, and accessories. It offers vehicles primarily under the Ford and Lincoln brand names.
Shares of United States Steel Corp. (NYSE:X), inclined 0.44% to $13.79, during its last trading session.
According to Barron’s, Axiom Capital’s Gordon Johnson contends that a “Nightmare on Elm Street scenario [is] possible” for companies like U.S. Steel (X), Cliffs Natural Resources (CLF), Joy Global (JOY), Rio Tinto (RIO) and United Rentals (URI), as steel usage tumbles and truck and crane orders crumble. He explains:
US shipments of steel were 3.3mn s.tons in Aug., down 3.8% m/m & down 8.9% y/y, according to Metals Service Center Institute (“MSCI”) data released yesterday. YTD,
thru Aug., shipments are down 5.8% y/y. What’s more, the m/m & y/y changes in Aug. ’15 shipments, respectively, compare to the 6-yr avg. change of +6.7% & +5.1% in Aug., suggesting, in our view, when accounting for seasonality, US demand is unseasonably weak. This is
consistent with weakness in the energy sector, in addition to a number of US economic indicators pointing to recession…
…we point our readers to Konecranes’ – a global bellwether in the sale of cranes in the industrial space – decision to lower its full-year C15 top-line & profit guidance recently, due to “rapidly changing market sentiments” in the equipment space (stock down 7.5% thus far recently). Second, overnight, global pump bellwether Rotork cut both its C15 revenue & profit expectations due to lower order intake & cancellations (stock down 11.48% in recently’s trading session). Finally, based on data released from ACT this morning (FTR Associates’ data is not out yet), Aug. ’15 class-8 truck cancellations were the worst since Aug. ’09. As we have warned, we see the weakness in China’s macro backdrop, which appears to be worsening, spilling over into a number of US industrial-related sectors. On the back of this data, and what appears to be a Fed-induced rally over the past week, we would be adding to short positions in our SELL-rated stocks U.S. Steel, United Rentals, Cliffs Natural Resources, Fortescue Metals Group; we also see outsized risk to our downside C15 year-end price targets on NEUTRAL-rated Joy Global & Rio Tinto.
United States Steel Corporation produces and sells flat-rolled and tubular steel products in North America and Europe. It operates through three segments: Flat-Rolled Products (Flat-Rolled), U. S. Steel Europe (USSE), and Tubular Products (Tubular).
Shares of Pioneer Natural Resources Co. (NYSE:PXD), inclined 0.41% to $123.84, during its last trading session.
The shares opened for trading at $123.33 and hit $127.11 on the upside , eventually ending the session at $123.84, with a gain of 0.41% or 0.5 points. The heightened volatility saw the trading volume jump to 2,064,634 shares. The 52-week high of the share price is $208.72 and the company has a market cap of $18,490 million. The 52-week low of the share price is at $105.83.
Pioneer Natural Resources Co. has dropped 13.66% during the last 3-month period . Year-to-Date the stock performance stands at -16.78%. Shares of Pioneer Natural Resources Co. appreciated by 2.13% during the last five trading days but lost 4.03% on a 4-week basis.
Pioneer Natural Resources Company engages in the exploration and production of oil and gas in the United States. The company produces and sells oil, natural gas liquids (NGLs), and gas.
Finally, Shares of Legg Mason Inc. (NYSE:LM), ended its last trade with 0.46% gain, and closed at $44.04.
The Royce Funds Board of Trustees has approved changing the name of Royce 100 Fund to Royce Small-Cap Leaders Fund, effective recently. Royce is making this change to better describe the Funds investment approach and primary market cap range. On September 9, 2015 the Board of Trustees of The Royce Fund approved the name change.
While the Funds investment objective and strategy are not changing, it has adopted a new non-fundamental investment policy requiring at least 80% of its net assets to be invested in stocks with market caps up to $3 billion. Lead Portfolio Manager Lauren Romeo continues to seek companies that she believes are leaders, those that have strong business models and competitive positions, superior balance sheets, and attractive prospects for growth, trading at levels that she believes do not fully reflect these strengths.
Together with Royce Premier and Heritage Funds, Small-Cap Leaders is part of the firms premium quality investment franchise portfolios that primarily seek, among other attributes, companies with long histories of high returns on invested capital that Royce believes are sustainable. Chris Clark, Royces President, said, This name change, similar to others made earlier this year, is designed to clarify the investment choices Royce offers, so investors can build portfolios which meet their needs and investment outlook.
Royce & Associates, LLC is a wholly owned associate of Legg Mason Inc. (LM). Royce Fund Services, Inc., the Funds distributor, is a member of FINRA and the SIPC.
Legg Mason, Inc. is a publicly owned asset administration holding company. The firm provides investment administration and related services to institutional and individual clients, company-sponsored mutual funds and other pooled investment vehicles through its wholly owned auxiliaries. Legg Mason, Inc. was founded in 1899 and is based in Baltimore, Maryland.
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