Analyst action: Clarcor, CVS, SunTrust
Posted on November 20, 2009 at 10:42 amBB&T analyst Kevin Maczka on Thursday raised his rating on shares of Clarcor (Ticker: CLC) from ‘hold’ to ‘buy.’ His target price for the Franklin-based filtration and packaging company is $40, 27 percent above its Wednesday close.
Two stocks with a local presence have also received votes of confidence. At Credit Suisse, Craig Siegenthaler has lifted his target for SunTrust (Ticker: STI) to $23 from $21, while UBS analyst Neil Currie has started covering CVS Caremark (Ticker: CVS) with a ‘buy’ rating and a $34 target.
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Nissan co-founds electric car consortium
Posted on November 17, 2009 at 7:44 am
A baker’s dozen of big names have come together to launch the Electrification Coalition, a vehicle that will bundle their power to shape government energy policy. Nissan is in the mix, as is FedEx.
But the group also digs deeper into the EV ecosystem, arguing that in order to support a rapid scale-up in production of advanced batteries, the feds should provide tax credits for installation of automotive-grade batteries in stationary applications. To help convince consumers that plug-in vehicles will perform as well or better, at lower cost, than conventional vehicles, the coalition urges regulators to review vehicle warranties and establish a minimum residual value for large-format automotive batteries (potentially smoothing the way for battery leasing and recycling).
SEE ALSO: Electric Avenue: Or, How to Rev Up the Electric-Car Revolution from the Journal.
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Big utility joins Nissan’s electric car push
Posted on November 13, 2009 at 2:52 pm
In Los Angeles for the U.S. unveiling of his LEAF electric car, Nissan CEO Carlos Ghosn announced his company has enlisted Houston-based electric utility Reliant Energy to help flesh out the infrastruture that will be needed to charge electric vehicles.
China powers Nissan’s profit recovery
Posted on at 9:08 amThe world’s largest country is now also single-handedly responsible for the brighter profit outlook at Nissan. Year-to-date sales in the Middle Kingdom are up 25 percent from a year ago, but October numbers spiked by more than 70 percent.
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The future is here – well, in Clarksville anyway
Posted on at 8:04 amHemlock Semiconductor has officially started construction of a $1.2 billion solar panel manufacturing plant in Montgomery County. We couldn’t find any renderings, but here are some dandy stats to mix into your weekend conversations.
Total construction time for the entire project is estimated to be nearly three years. The site will contain over 150,000 cubic yards of concrete, 20,000 tons of structural steel, and more than one million feet of piping, which equates to 1.3 miles of piping installed per week.
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Fiberweb invests in R&D
Posted on at 7:42 am
Those dapperly dressed men with shovels are John Schaffer of Constellation Energy Projects & Services Group, Mayor Karl Dean and John Juric, president of Fiberweb Americas. They broke ceremonial ground yesterday on Fiberweb’s new central utility plant and new research and development center in Old Hickory. The $34 million project will create about 30 jobs on top of the 600 Fiberweb already accounts for locally.
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MTSU economist: Nissan electric job projections optimistic
Posted on November 12, 2009 at 1:32 pmDavid Penn at MTSU’s Business & Economic Research Center says the study prepared to help Rutherford County officials justify $62 million in tax breaks for Nissan was a tad too upbeat.
“The analysis done on the multiplier assumes that other jobs that Nissan has stays the same,” said Penn, who is also an economics associate professor for MTSU. “These models they use assume that all sources are fully employed to begin with, but we clearly know that’s not the case right now. So that brings down the multiplier a lot.”
For its part, the accused at Younger Associates say they’ve got the government backing them up.
“The analysis is based on the U.S. Bureau of Economic Analysis multipliers. They are specific to Rutherford County and they are specific to the automotive industry. They are reflective of the past performance of automotive operations in Rutherford County.”
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Auto supplier scouting state
Posted on at 7:40 amAn Ontario maker of headrests and other auto parts is looking at expanding in Tennessee as well as in Mexico and near Evansville, Ind. Windsor Machine Group’s project would eventually bring with it about 130 jobs.
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Hayes Pipe Supply buys new branch facility
Posted on November 11, 2009 at 7:29 amFrom the Real Estate Channel:
Josh Tarkow, associate, negotiated the purchase of three industrial buildings totaling 12,731sf on a 6.3 acre site in Tampa for $1.213 Million.Tarkow negotiated the on behalf Nashville-based Hayes Pipe Supply who purchased the property at 9416 E. Martin Luther King Jr. Blvd. for its new branch facility. Hayes has eight locations in the US. Rockdale Pipeline of Conyers, Ga. is the seller.
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Noranda buys back more debt
Posted on November 6, 2009 at 2:11 pmThird-quarter losses at Franklin-based Noranda Aluminum hit the middle of its previously projected range, coming in at $4.3 million. The company also bought back more than $80 million in debt during the quarter, pushing its year-to-date total in that deparment to almost $300 million.
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Double-digit days for LP, O’Charley’s
Posted on November 5, 2009 at 2:57 pm
Shares of Louisiana-Pacific (Ticker: LPX) are basking in the afterglow of analyst praise and have extended the strong run that was cut short yesterday. Heading into the close, they’re up more than 17 percent.
Why O’Charley’s is up about the same amount is more of a puzzle. Yes, many industry players are having good days, but this Dow Jones chart shows Nashville-based O’Charley’s (Ticker: CHUX) is outpacting them by a factor of two to one.
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No hogs for Murfreesboro
Posted on at 7:54 am
Harley-Davidson officials have eliminated Murfreesboro and Shelbyville, Ind., from the short list of cities where it might move its 2,300-employee York, Pa., operations.
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Analysts impressed with LP
Posted on at 7:43 am
Although they rolled over late in the day like the broader market, shares of Louisiana-Pacific (Ticker: LPX) had a nice Wednesday after several analysts praised Rick Frost’s crew for their steady hand during a “sloppy” economy. D.A. Davidson analyst Steven Chercover raised his rating on the company to ‘buy’ from ‘neutral.’
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Big wheels driving Nissan sales
Posted on November 4, 2009 at 9:20 am
Nissan North America’s truck sales rose more than 17 percent last month, helping the Franklin-based auto maker post an overall volume increase of almost 8 percent. Shipments of Infiniti-brand vehicles, however, fell almost 10 percent.
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LP buys back chunk of debt
Posted on at 8:25 amIn its quarterly filing with the SEC, Louisiana-Pacific says it spent $113 million late last month to buy back more than a third of its debt series due in 2017. The company (Ticker: LPX) will take a $21 million charge this quarter to account for the deal.
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