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December 2008
Lufkin Industries stock drops below $35 a share
After a year of good economic health, Lufkin Industries stock finished at a second consecutive new low Tuesday. Prices fell during the first half hour of Tuesday session and then fell further the bulk of the afternoon, closing lower by $4.30 at $32.73 on above average volume, realtimetraders.com reported. As of 9:30 a.m. Wednesday, the stock rebounded by nearly 4.30 percent, to $34.13. Market experts attribute the falling number to declining oil barrel prices. A Lufkin Industries spokesman did not immediately return a message seeking comment Wednesday morning. It was not clear what lower oil prices could mean for the company in 2009. Lufkin’s board earlier announced a regular quarterly dividend of 25 cents per share payable Wednesday to shareholders of record as of Dec. 1. Forbes.com listed Lufkin stock among its five “Nasdaq stars” on Dec. 2, as a standout for those looking to add growth stock to their portfolios. Forbes said it expected Lufkin to increase earnings at an annualized clip of 10 percent or better over the next few years. Founded in 1902, the company designs and makes oil field equipment and power transmission products worldwide. — Ashley Cook, acook@coxnews.com
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Bankruptcy court OKs Pilgrim’s Pride plan
Pilgrim’s Pride has just issued this press release:
Pilgrim’s Pride Corporation, together with certain of its wholly owned subsidiaries (collectively, the “Company”), today announced the approval of “first day” motions by the United States Bankruptcy Court for the Northern District of Texas (the “Court”). The Company received interim approval to access $365 million of its $450 million debtor-in-possession financing facility arranged by Bank of Montreal as lead agent (the “DIP financing”). The DIP financing, combined with cash generated from ongoing operations, will allow the Company to satisfy its customary business obligations, including the timely payment of employee wages and payments to vendors. The final DIP hearing is scheduled for December 17, 2008. The Company also announced that it received Court approval to, among other things, pay pre-petition employee wages, health benefits, and other employee obligations during its restructuring under Chapter 11. Additionally, the Company is authorized to continue to honor all of its current customer policies without interruption, including marketing development, rebate and prepayment programs, coupon programs, product replacement and customer refunds.
You can find the entire press release by clicking here.
