Jefferies Raises Price Target on Parker-Hannifin (PH) Ahead of Acquisition Close

Deutsche Bank Upgrades Parker-Hannifin (PH) to Buy

Deutsche Bank upgraded Parker-Hannifin (NYSE: PH) from Hold to Buy with a price target of $185. Analyst John G. Inch sees better growth prospects in US industrial activity.

"As a short cycle bellwether of industrial activity, improving US economic growth prospects (driven by... More

Gabelli Downgrades Clarcor (CLC) to Sell

Gabelli downgraded Clarcor (NYSE: CLC) from Hold to Sell.

For an analyst ratings summary and ratings history on Clarcor click here. For more ratings news on Clarcor click here.

Shares of Clarcor closed at $82.58 yesterday.

Unusual 11 Mid-Day Movers 12/1: (HTBX) (ARDM) (EXPR) Higher; (SGY) (TLYS) (CBK) Lower

Heat Biologics (Nasdaq: HTBX) 63.8% LOWER; announced that it presented topline data from its 94-patient Phase II trial evaluating HS-410 (vesigenurtacel-L) in combination with standard of care, Bacillus Calmette-Guérin (BCG), or as a monotherapy, for the treatment of non-muscle invasive bladder cancer. In part, the news release read: "... these responses did not translate into clinical outcomes, and there was no statistically significant difference in the primary endpoint (proportion of recurrence-free survival at one year) between the vaccine and placebo arms of the trial."

Aradigm Corporation (Nasdaq:... More

Moody's Places Parker-Hannifin (PH) Ratings on Review for Downgrade

Moody's Investors Service, Inc. placed the A3 senior unsecured debt rating of Parker-Hannifin Corporation (NYSE: PH) under review for downgrade and affirmed the company's P-2 short-term rating. The rating actions follow Parker's announcement that it has reached an agreement to acquire $1.4 billion (trailing sales) filtration company CLARCOR Inc. in a transaction valued at approximately $4.3 billion. The transaction is subject to customary regulatory and shareholder approvals and is expected to close around the middle of 2017 (roughly coinciding with Parker's fiscal year end 2017).

Moody's anticipates that a downgrade of the senior unsecured debt rating... More

S&P Lowers Outlook on Parker-Hannifin (PH) to Negative Amid CLARCOR (CLC) Deal

S&P Global Ratings said that it has revised its outlook on Parker-Hannifin Corp. (NYSE: PH) to negative from stable and affirmed all of its ratings on the company, including our 'A' corporate credit rating.

"Parker-Hannifin's debt balance will increase meaningfully following the close of its acquisition of CLARCOR because it will issue about $3.0 billion of new debt to partly fund the transaction, which we expect will leave the company with weak credit measures for the current rating over the next two years," said S&P Global credit analyst Carissa Schreck. We... More

Notable Mergers and Acquisitions 12/1: (PH)/(CLC) (KZ) (WAB) (CA)

*** Parker Hannifin Corporation (NYSE: PH) and CLARCOR Inc. (NYSE: CLC) announced that the companies have entered into a definitive agreement under which Parker will acquire CLARCOR for approximately $4.3 billion in cash, including the assumption of net debt.

Under the terms of the agreement, Parker will purchase all of the outstanding shares of CLARCOR for $83.00 per share in cash. This represents a premium of approximately 17.8 percent to CLARCORs closing share price on November 30, 2016 and a premium of approximately 29.2 percent to CLARCORs volume weighted average share... More

Pre-Open Stock Movers 12/01: (BSTG) (BLUE) (CLC) Higher; (ARDM) (HTBX) (PTN) Lower (more...)

Today's Pre-Open Stock Movers

Aradigm Corporation (Nasdaq: ARDM) 61.8% LOWER; announced top-line results from its two Phase 3 clinical trials (ORBIT-3 and ORBIT-4) evaluating the safety and efficacy of Pulmaquin®, the Companys investigational proprietary formulation of once daily ciprofloxacin for inhalation, in patients with non-cystic fibrosis bronchiectasis (non-CF BE) with chronic lung infections with... More

Clarcor (CLC) volatility low into acquiring Parker-Hannifin (PH) for approximately $4.3B in cash

Clarcor (NYSE: CLC) December call option implied volatility is at 21, January is at 26; compared to its 52-week range of 19 to 43 into Parker-Hannifin (NYSE: PH) acquiring for $83 per share.

Parker-Hannifin (PH) volatility low into acquiring Clarcor (CLC) for approximately $4.3B

Parker-Hannifin (NYSE: PH) December call option implied volatility is at 22, January is at 21; compared to its 52-week range of 18 to 40 into acquiring Clarcor (NYSE: CLC) for $83 per share.

Parker-Hannifin (PH) to Acquire CLARCOR (CLC) in $4.3B Deal

Parker Hannifin Corporation (NYSE: PH) and CLARCOR Inc. (NYSE: CLC) announced that the companies have entered into a definitive agreement under which Parker will acquire CLARCOR for approximately $4.3 billion in cash, including the assumption of net debt.

Under the terms of the agreement, Parker will purchase all of the outstanding shares of CLARCOR for $83.00 per share in cash. This represents a premium of approximately 17.8 percent to CLARCORs closing share price on November 30, 2016 and a premium of approximately 29.2 percent to CLARCORs volume weighted average share price over 90... More