Granite (NYSE:GVA) is pleased to announce a Granite Inliner project, the Stamford Interceptor Trunk Sanitary Sewer Phase 1 Project for the Region of Niagara, Ontario, has been awarded the Association of Municipalities of Ontario (AMO) Gas Tax Award. The AMO Gas Tax Award recognizes excellence in the use of federal Gas Funds. The Niagara Region was presented this award for their investment of federal Gas Tax funding in an innovative sewer rehabilitation project in the City of Niagara Falls.
The Stamford Interceptor Trunk Sanitary Sewer Phase 1 Project was completed by LiquiForce, Granite Inliner’s Canadian-based rehabilitation services company, using a no-dig trenchless pipeline rehabilitation technology, also known as cured-in-place pipe (CIPP) lining. CIPP extends the life of hydraulically adequate sewers at lower cost than excavating and replacing sewers in the streets and is less disruptive to vehicular and pedestrian traffic during construction while minimizing the environmental impact.
LiquiForce rehabilitated 7,600 feet (2,300 meters) of new and existing 42-inch (1,050-millimeter) and 48-inch (1,200-millimeter) diameter sanitary sewer main and 23 manholes bypassing the entire system including three pumping stations.
The Honorable Catherine McKenna, Canada’s Minister of Infrastructure and Communities, addressed the Federal Gas Tax Awards ceremony, praising Niagara Region’s "very impressive work.”
"Congratulations to this year’s winner, Niagara Region,” said Minister McKenna. "You combined innovation and environmentally-friendly engineering and supported long-term planning with your sewer pipeline project. And you did a great job keeping the impact on the busy Niagara Falls tourism sector minimal.”
"It’s great to get recognition for the innovation that went into this project,” said Niagara Region Regional Chair, Jim Bradley. "The federal Gas Tax Fund played a very big role in making this happen.”
Read the AMO Gas Tax Award press release.
Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite provider in the transportation, water infrastructure and mineral exploration markets. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. In addition to being one of the World’s Most Ethical Companies for ten consecutive years, Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook and Instagram.
About Granite Inliner
Granite Inliner is one of the nation’s largest cured-in-place pipe and trenchless pipe providers, and offers sustainable pipeline rehabilitation services to both public and private sectors. Granite Inliner installs safe, cost-effective, and long-term solutions for aging water, wastewater and sewer infrastructure needs. In June 2018, they became a wholly-owned subsidiary of Granite Construction Incorporated.
LiquiForce is a leader in no-dig trenchless pipeline rehabilitation services for water and wastewater pipeline systems, and have offices in both Canada and the United States. Services include complete pipeline system inspection, assessment, rehabilitation and maintenance. In June 2018, LiquiForce became a wholly-owned subsidiary of Granite Construction Incorporated.
About Liner Products
Supplying more than 40 million feet of cured-in-place pipe (CIPP) liner since 1999, Liner Products has a strong legacy of being a trusted source and top supplier of high-performance pipe lining tubes and material throughout North America. In June 2018, Liner Products became a wholly-owned subsidiary of Granite Construction, Inc.
AMO is a non-profit organization representing almost all of Ontario’s 444 municipal governments. AMO supports and enhances strong and effective municipal government in Ontario and promotes the value of municipal government as a vital and essential component of Ontario and Canada’s political system.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200831005689/en/
The IMF issued a warning about the potential stock market correction in the coming months
DAX Index is trading at 12745 today, over 0.3% in the green, while the FTSE 100 is up 0.2% at 5869
Shares of ThyssenKrupp exploded 25% higher on reports that Liberty Steel will buy the company’s steel unit
LVMH, Daimler, and Volvo, all breeze past market’s expectations for the 3Q
European markets have modest gains today to break a series of consecutive losses on a daily basis. Separately, the International Monetary Fund (IMF) warned about the stock market correction in the coming months.
Fundamental analysis: IMF issues a warning
The IMF said financial markets may decline in the following months if the coronavirus crisis continues and the economic revival happens slower than expected. Stock markets have bounced back from their lows last month and are significantly higher compared to the start of the year.
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The S&P 500 is around 8% in the green year-to-date and the Nasdaq up about 30% for the same period.
“A disconnect persists, for example, between financial markets — where there have been rising stock market valuations (despite the recent repricing) — and the weak economic activity and uncertain outlook,” said Tobias Adrian, the IMF’s chief of the monetary and capital markets department.
However, Adrian also said that investor optimism could fade in case of delayed economic recovery.
“As long as investors believe that markets will continue to benefit from policy support, asset valuations may stay elevated for some time. Nonetheless, and especially if the economic recovery is delayed, there is a risk of a sharp adjustment in asset prices or periodic bouts of volatility,” he said.
Adrian is not the only one who noticed the clear disjunction between markets and the economy.
Gary Shilling, a popular US financial analyst warned in summer about a potential equity markets crisis, similar to the one in the 1930s, as economic recovery is taking longer than usual and much more challenging than anticipated. Furthermore, Bespoke Investment Group also warned of “a classic sign of a coiling market.”
Given the circumstances, the performance of the stock market has been remarkable this year, largely because of the extensive monetary stimulus injected into economies by central banks to prevent a collapse. The IMF believes global authorities need to maintain this strategy as the coronavirus health emergency shows signs of slowing.
Technical analysis: Earnings season hits the road
DAX Index is trading at 12745 today, over 0.3% in the green. Its British counterpart FTSE 100 is up 0.2% at 5869 as investors await news from the U.S. concerning the new stimulus plan. Here are the biggest movers today.
LVMH beats 3Q forecasts
LVMH (EPA: MC) stock price gained about 7% today after the luxury fashion giant posted sales that easily beat analysts’ forecasts for the third quarter.
“The update confirms our impression of a strong summer for luxury goods. China turned positive in the third quarter at Vuitton,” Bernstein analyst Luca Solca wrote in a note.
LVMH, which owns Louis Vuitton, Christian Dior, Celine and Fendi, reported that sales dropped by 7% compared to a year ago, but still comfortably ahead of the expected 12% drop.
The fashion behemoth reported revenue of €12 billion for the quarter, with revenue lower by 21% since the beginning of the year. Although sales in the fashion and handbag division rose by 12% on the back of the strong demand in China for Louis Vuitton flagship handbags, other units disappointed.
The company’s retail, perfume and cosmetics, as well as watches and jewellery units reported plunging sales by 29%, 16%, and 14%, respectively.
Still, the overall beat on sales was enough to send LVMH stock price 7% higher to trade at the 9-month high of €432.00. Investors will watch if stock can hold on to gains and secure a daily/weekly close above €427.75.
The next target on the upside is the 2020 high above the €438.00 mark.
ThyssenKrupp may sell its troubled steel business, shares explode higher
Shares of the German giant ThyssenKrupp (ETR: TKA) exploded 25% after German magazine Spiegel reported last night that Liberty Steel will make a bid for the company’s troubled steel business.
ThyssenKrupp sold its elevator business earlier this year to raise funds and it is now looking to get rid of its historic steel unit. It was this business that helped ThyssenKrupp create a conglomerate.
Although the German giant agreed to a joint venture with Tata Steel last year, the EU Commission blocked the deal. The company will now hope that a deal with Liberty Steel can be reached as it works to streamline its business, which suffered a €1 billion loss last year.
ThyssenKrupp stock price soared about 25% to €5.18 before paring back a portion of these gains to settle at €4.80. The next target on the upside for the bulls is €5.70.
Daimler and Volvo top 3Q estimates
Two major European rivals, Daimler AG (ETR: DAI) and Volvo AB SER (STO: VOLV), both reported higher-than-expected third-quarter numbers this morning.
The former smashed market expectations by reporting EBIT of €3.07 billion against the market consensus of €1.95 billion. The owner of Mercedes Benz brand reported an impressive free cash flow of €5.14 billion, while the market expected €2.97 billion.
“The third quarter shows a very strong performance and provides further proof that we are on the right path to reducing the break-even of our company,” said Harald Wilhelm, Member of the Board of Management of Daimler AG.
Its Scandinavian rival Volvo posted an adjusted operating profit of 7.22 billion crowns ($813 million), which is lower compared to 10.89 billion crowns reported a year ago. Still, shares soared as the market’s consensus stood at 5.82 billion crowns.
Shares of Volvo were also supported by the net order intake number of 57,530 trucks, an impressive rise by 61% compared to 2019.
“In the last two quarters, our organization and business partners have shown great volume flexibility by first handling a dramatic volume decline and then a steep recovery with maintained good productivity,” CEO Martin Lundstedt said in a statement.
Volvo stock price gained around 4% to come close to the record high of 184.45, set a few days ago. The stock price has moved lower in the meantime to 178.00 as the nearby support at 175 awaits.
On the other hand, Daimler share price gained around 5% to hit €49.42 as the buyers aim for a trip above the 2020 high at €50.31.
The International Monetary Fund said the performance of stock markets this year has been ‘remarkable’ but warned that may change if the coronavirus crisis persists and economic recovery is delayed.
On the other hand, European shares recovered today as Daimler, Volvo and LVMH smashed the market’s expectations. ThyssenKrupp, on the other hand, saw its stock price gain 25% on reports that Liberty Steel will make a bid today for the company’s embattled steel unit.
(RTTNews) - The Thai stock market on Tuesday halted the four-day slide in which it had plummeted more than 65 points or 5.3 percent. The Stock Exchange of Thailand now sits just above the 1,210-point plateau and the political unrest is expected to lead to wide swings again on Wednesday.
The global forecast for the Asian markets is mixed to higher on renewed optimism for economic stimulus in the face of the coronavirus pandemic. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The SET finished barely higher on Tuesday as gains from the financial shares were offset by weakness from the energy producers.
For the day, the index rose 1.92 points or 0.16 percent to finish at 1,210.67 after trading between 1,202.03 and 1,219.16. Volume was 21.637 billion shares worth 59.284 billion baht. There were 808 decliners and 649 gainers, with 427 stocks finishing unchanged.
Among the actives, Advanced Info dropped 0.86 percent, while Thailand Airport climbed 1.40 percent, Asset World skidded 1.27 percent, Bangkok Bank jumped 1.66 percent, Bangkok Dusit Medical shed 0.55 percent, BTS Group added 0.56 percent, Charoen Pokphand Foods retreated 0.96 percent, Kasikornbank spiked 3.53 percent, Krung Thai Bank collected 1.19 percent, Minor International surged 3.37 percent, PTT lost 0.77 percent, PTT Exploration and Production fell 0.64 percent, PTT Global Chemical tumbled 1.86 percent, Siam Commercial Bank gained 0.82 percent, Siam Concrete rallied 1.50 percent, TMB Bank sank 1.22 percent and Bangkok Expressway was unchanged.
The lead from Wall Street is positive as stocks opened higher on Tuesday, fell from afternoon highs but still ended solidly in the green - cutting into the previous session's losses.
The Dow climbed 113.37 points or 0.40 percent to finish at 28,308.79, while the NASDAQ added 37.61 points or 0.33 percent to end at 11,516.49 and the S&P 500 gained 16.20 points or 0.47 percent to close at 3,443.12.
The rebound on Wall Street comes amid renewed optimism about lawmakers in Washington reaching an agreement on a new stimulus bill as Democrats and Republicans work to narrow their differences.
Reports that Moderna's coronavirus vaccine could be available for emergency use in December if it gets positive results from its interim trial next month further aided sentiment.
Crude oil futures moved higher on Tuesday on expectations of a drop in U.S. crude inventories and that OPEC and its allies will scale back production. West Texas Intermediate Crude oil futures for December ended up $0.64 or 1.6 percent at $41.70 a barrel.