ConEd Comes Under Scrutiny and 2 Hot Stocks Demanding Attention
LDK Solar (NYSE:LDK) announces its termination of a 2008 agreement to supply multi-crystalline silicon wafers over a ten-year period to a Europe-based photo-voltaic customer who made an advance payment of a portion of the contract value. Through mutual agreement the parties have terminated the arrangement and LDK Solar will receive in compensation approximately $37 million.
Power companies supplying to New York such as ConEd (NYSE:ED), and utilities New York Power Authority, LIPA, the New York State Energy and Research Development Authority and the Public Service Commission (a regulatory authority), are likely to be investigated for their handling of Super Storm Sandy, which caused lengthy power outages. About 130,000 customers still do not have electricity or heat. In fact, LIPA has been slapped with a class-action lawsuit by Long Island residents for its failure to replace obsolete management systems.
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KAR Auction Services (NYSE:KAR) has shelved plans to sell itself after its negotiations with private equity firm Clayton Dubilier & Rice LLC (CD&R) failed due to a disagreement over price and other terms, even though the latter had lined up financing for the deal. Kar and rival Manheim are said to control approximately 70% of the US used car wholesale auction market. Private equity players Kelso & Co, Goldman Sachs (NYSE:GS), ValueAct Capital LLC and Parthenon Capital LLC together own about 78% of Kar’s capital.