MANCHESTER, United Kingdom _ Pentair PLC on Tuesday reported first-quarter net income of $87.8 million. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share. Seven analysts surveyed by Zacks expected $1.14 billion.
Now that earnings season is here, are third-quarter revenue estimates too high?
Bill Ackman reiterated his support for nationalized mortgage lenders Fannie Mae and Freddie Mac, during an appearance Wednesday at the Delivering Alpha conference.
In a market near all-time highs, Ed Garden, Trian Partners CIO and founding partner, says they found great value in Pentair.
Some of Tuesday's midday movers:
It looks like the market is stalling, said Cramer. What, if anything, can drive it higher?
The IRS has informed Tyco that it has disallowed roughly $2.86 billion in interest and deductions recognized by the company in its U.S. returns for 1997-2000.
Some of the names on the move ahead of the open.
Nov 1- Pentair Ltd reported a higher-than-expected profit on Thursday in a report that does not yet include results from the Tyco International flow control business, which merged with the company last month.
NEW YORK, Nov 1- Pentair Ltd reported lower quarterly sales and net profit on Thursday in a report that does not yet include results from the Tyco flow control business, which merged with Pentair last month.
--Abiomed Inc rescheduled second-quarter conference call to Nov. 1 at 8 am Eastern Time. --Accelrys Inc rescheduled third-quarter results to Oct. 31, after market. Its conference call will be held on Nov. 1, 9.30 am Eastern Time.
--Acorda Therapeutics Inc: rescheduled third-quarter financial results and conference call to Oct. 31 from Oct. 30. --Advent Software Inc reschedules third-quarter results and conference call to Oct. 30. --AGCO Corp rescheduled third-quarter results to Oct 31, 8 am Eastern Time from Oct. 30.
At the same time, we assigned our' A-2' commercial paper rating to Pentair's subsidiary Pentair Finance S.A.' s proposed $1.45 billion CP program. Pentair was formed when Pentair Inc. merged with Tyco International Ltd.' s flow control business. --Pentair Inc. Ratings Raised, Withdrawn After Merger; Pentair Ltd. Assigned' BBB' Rating, Outlook Stable, Sept. 28, 2012.
Note: Reuters has not verified these stories and does not vouch for their accuracy.
*Credit Suisse raises Pentair Ltd price target to $54 from $50; rating. Reuters Station users, click. 1568. Reuters Station users, click. 4899.
--We are affirming our' A-' long-term and' A-2' short-term corporate ratings on Tyco and wholly owned finance subsidiary Tyco International Finance S.A.. Rating Action On Oct. 3, 2012, Standard& Poor's Ratings Services affirmed its' A-' long-term and' A-2' short-term corporate ratings on Tyco and wholly owned finance subsidiary Tyco International Finance S.A..
Oct 03- Fitch Ratings has affirmed the Issuer Default Rating and long-term debt ratings at' A-' for Tyco International Ltd. and Tyco International Finance S.A. following completion of the separation transaction on Sept. 28, 2012. The Rating Outlook for Tyco is Stable.
Oct 2- Fitch Ratings has assigned the following ratings to The ADT Corporation. :--Issuer Default Rating' BBB+';-- Short term IDR' F2';-- Commercial Paper' F2'. Fitch is assigning these ratings along with a Stable Outlook in conjunction with the spin-off of ADT from Tyco International, Ltd. on Sept. 28, 2012.
*Says board authorized a share repurchase program of $800 million, which will. expire on December 31, 2015. *Says $800 million authorization is in addition to the $400 million.