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Stock Watch: Canadian National (NYSE:CNI) prepared for lockout, labor negotiations reach impasse; Independent Bank (NASDAQ:INDB), MRC Global (NYSE:MRC)

By Don Bennett February 23, 2015
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Canadian National (NYSE:CNI) saying its labor negotiations with Unifor have reached an impasse after almost six months of bargaining, urged the union to accept that binding arbitration is the best way to settle their outstanding contractual differences. Barring such an agreement over the weekend, CN will exercise its right under the Canada Labour Code to lockout Unifor's 4,800 members at CN on Monday, February 23. Unifor represents approximately 4,800 CN employees in mechanical, intermodal, clerical and other areas of the company's business in Canada.

 

Independent Bank (NASDAQ:INDB) now owns Peoples Federal Bancshares. Independent Bank (NASDAQ:INDB), parent of Rockland Trust Company ,has  announced the closing of its acquisition of Peoples Federal Bancshares (PEOP), parent of Peoples Federal Savings Bank. Effective as of today’s closing Peoples Federal Bancshares was merged with and into Independent, with Independent the surviving entity, and Peoples Federal Savings Bank merged with and into Rockland Trust, with Rockland Trust the surviving entity.

 

MRC Global (NYSE:MRC) does not expect severe oil price decline. On the company's Q4 earnings conference call, MRC Global (NYSE:MRC) management said  that it did not expect the decline in oil prices to be as severe as it was last quarter. MRC  said that volatility and uncertainty remain and customers' plans remain in flux as the industry adjusts. "While we don't know exactly how this cycle will play out, we have continued our discussions with our customers and suppliers. Public announcements, spending surveys and predictions about oil prices give us an indication of how 2015 might unfold. We believe the current general consensus is that WTI oil will trade around $45 to $55 per barrel and that U.S. natural gas will trade around $250 to $350 per mcf," MRC stated. The company added that it believes that it should expect a 35% or more reduction in 2015 capital spending in North America and that international spending is expect to be 15%-20% lower."

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By Don Bennett February 23, 2015
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