White House Chief of Staff Bill Daley announced Monday that the U.S. will delay $800 Million in Pakistan Aid, citing a “low point” in the relationship following the May 2nd raid that killed Osama bin Laden. Daley cited concerns over recent actions taken by Islamabad, such as arresting an army general accused of aiding the CIA in the operation and expelling more than 100 U.S. military personnel.
Additionally, President Barack Obama noted during a televised press conference his belief that the proposed cuts by the Simpson-Bowles Commission of $1 Trillion over the next decade are too deep for a country still at war, reiterating his recommendation of a $400 Billion cut target. Despite his lower goal, the Pentagon seems to be preparing for an even leaner budget, with General James Cartwright, Vice Chairman of the Joint Chiefs of Staff, revealing that he is preparing budget drills well over the President’s request.
Notes on some big movers:
AeroVironment, Inc. (Down 13.0%): Shares fell for the week as Raymond James and Lazard Capital downgraded the Company’s shares from “outperform” and “buy” ratings to “market perform” and “neutral” ratings, respectively
FLIR Systems, Inc. (Down 15.5%): Shares fell for the week as the Company announced that it projects 2Q 2011 revenue and EPS to be approximately $390 million and $0.18; Results for the Company’s Commercial Systems division remained strong, while continued weak demand in the Government Systems division negatively impacted results for the quarter
Notes on some relevant transactions:
Moelis Capital Partners announced Monday that it will acquire CyberCore Technologies LLC, a provider of cyber security, systems integration and secure supply chain management services for an undisclosed amount. Moelis Capital lauded CyberCore’s impressive management team and growth prospects furnished by strong customer relationships.
Precision Castparts Corp. announced Monday that it will acquire Primus International, a provider of complex components and assemblies, including swaged rods, advanced composites, and machined components to the global aerospace industry, for $900 million in cash. The transaction expands Precision Castparts’ overall product and service offerings, particularly in its aerostructures business which has complimentary but no overlapping capabilities.
Ayelet Investments LLC announced Tuesday that it has agreed to acquire Conmed Healthcare Management Inc., a provider of correctional healthcare services to county and municipal detention centers in the United States for $57.2 million, representing LTM Revenue and EBITDA multiples of 0.92x and 15.5x, respectively.