2009-10-07 RA - RailAmerica RA - RailAmerica plans on offering 21 million shares at a range of $16-$18. Majority owner Fortress will be selling 10.5 million shares in the deal. If over-allotments are exercised, the deal size will be 24.15 million shares. JP Morgan, Citi, Deutsche Bank, and Morgan Stanley are leading the deal, Wells Fargo, Dahlman Rose, Lazard, Stifel and Williams Trading co-managing. Post-ipo RA will have 56 million shares outstanding for a market cap of $952 million on a pr ..

W.W. Grainger, Inc. (GWW) reported third-quarter EPS of $1.88 per share. This includes a one-time gain of 37 cents per share from the step-up of its investment in MonotaRO Co. Ltd. after Grainger became a majority owner in September. Excluding the one-time gain, Grainger’s third quarter EPS was $1.51, which was above the Zacks Consensus Estimate of $1.34, but 15% down from last year’s EPS of $1.77. The company has surpassed market expectations for the seventh consecutive quarter. The company posted revenue of $1.6 billion, down 13.6% from $1.8 billion in the third quarter of 2008. GWW is experiencing weak demand as the economic slowdown is driving Grainger’s customers to idle or close facilities and delay purchases. In the United States segment, Grainger witnessed a 14% drop in sales as demand remained weak in all its customer end-markets. After increasing marginally in the second quarter, ...

XL Capital Group’s (XL) financial strength rating (FSR) of “A" (Excellent) and issuer credit ratings (ICR) of “a" were reaffirmed today by the rating agency A.M. Best. The outlook for all ratings is “stable". The rating reaffirmation is followed by XL’s efforts to restructure its investment portfolio by settling with Syncora Holdings. The company had a disappointing run last year, dragged down by structured-finance losses recorded by Syncora Capital, a bond insurer, of which it was the majority owner. Last October, XL severed its ties with Syncora, a big step in setting a track to recovery. On a year-to-date basis, XL has reduced its exposure to more volatile asset classes by $3.5 billion. XL also implemented expense reduction initiatives in the second half of 2008. It has been streamlining processes across all geographic locations, with a primary emphasis on corporate functions. The company has also ...

European shares slipped back from a 10-month closing high on Wednesday, as investors took profits, even as German and U.S. economic data continued to point to recovery.

The pan-European FTSEurofirst 300 <.FTEU3> index of top shares fell 0.5 percent to close at 973.92 points, breaking a four-day winning streak, and having hit its highest close since early October on Tuesday.

The European benchmark index is still up 50.9 percent from its lifetime low of March 9, as investors have become more confident on the prospects of recovery.

“The market has come a long way, and the economics are still supportive,” said Georgina Taylor, equity strategist, Legal & General Investment Management.

“We’re just seeing a little profit taking. Nothing has been derailed. Housing data is improving. The only area of concern is consumer spending.”

Energy companies were the biggest drag on the index, with crude prices down more than 1 percent to just above $71 a barrel,

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W.W. Grainger, Inc. (GWW) reported daily sales decline of 15% and 10%, respectively, for the first two months of 2Q09. The company is experiencing weak demand in all the customer end-markets and geographies. The economic slowdown is driving Grainger's customers to idle or close facilities and delay purchases, thereby affecting the company's top-line growth. The company expects to post lower sales in 2009, compared to the 2008 level.

However, the current economic conditions are not deterring the company from investing in long-term growth. Despite a weakening economy, Grainger continues to concentrate on increasing market share through its market expansion and product-line expansion programs.

In June 2009, the company announced its plans to acquire full ownership of its joint venture in India and to become a 53% majority owner of MonotaRO, a direct marketer of maintenance, repair and operating (MRO) supplies in Japan. Management believes the acquisitions will

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