SPX Corp (NYSE:SPW)

CAPS Rating: 5 out of 5

A global multi-industry manufacturing company whose revenues are driven by infrastructure-related products & services such as wet & dry cooling systems, thermal service and repair work, heat exchangers and power transformers into the global power market.

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Member Avatar korhonen (68.57) Submitted: 1/19/2014 4:38:59 PM : Outperform Start Price: $103.51 SPW Score: -18.33

DoD's priority on reducing energy costs will drive innovation and infrastructure upgrades.

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Member Avatar PearlandTX (91.16) Submitted: 7/18/2013 9:34:07 PM : Outperform Start Price: $73.75 SPW Score: +6.63

SPX is currently on the hunt for senior-level marketing and product management executives to rationalize and boost their business growth. IF they hire wisely, SPX competitive position and revenue could see meaningful gains. Yes, this is speculative.

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Member Avatar tsperbeck (99.69) Submitted: 4/1/2013 2:20:57 PM : Outperform Start Price: $75.89 SPW Score: -6.04

Deej

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Member Avatar TMFDeej (99.30) Submitted: 2/25/2013 7:46:03 PM : Outperform Start Price: $77.86 SPW Score: -14.28

This is a bet that Relational Investors is able to unlock value in SPX after taking an 8.76% activist position in the company.

From the filing:

"From the 13D filing: Despite the Company’s attractive business mix, total shareholder returns and profitability have lagged peers’ due primarily to excessive prices paid for acquisitions. This growth-at-any-cost strategy destroys shareholder value by overly emphasizing revenue growth over investment returns. The Reporting Persons believe that major improvements in a number of critical business processes will unlock significant intrinsic value for the Company’s shareholders. These essential improvements include: increasing operating profit margins to levels achieved by comparable peer businesses, accelerating divestment of non-core underperforming assets around the Company’s Flow business, establishing rigorous capital allocation disciplines and processes that properly balance growth and investment returns, and properly aligning executive compensation and shareholder value creation.

The Reporting persons believe that the significant drop in the company’s stock price that occurred in December of 2012 and the subsequent stock price volatility reflected the market’s lack of confidence in the board and management’s ability to properly discipline capital allocation and assess acquisition opportunities. The Reporting Persons believe the Company should focus on improving its core assets and avoid future acquisitions unless they convincingly offer risk-adjusted returns well in excess of the Company’s weighted average cost of capital and compare favorably to share repurchases. Furthermore, executive incentives should be modified to drive and reinforce this capital allocation framework.

If the Company fails to achieve operating margins consistent with peers and gain the confidence of investors, leading to a substantial increase in valuation, we believe the Company should explore strategic alternatives for better achieving the long-term intrinsic value of the assets.

The Reporting Persons intend to closely monitor the Company’s progress in each of these areas and may modify their plans accordingly.

The Reporting Persons may exercise any and all of their respective rights as shareholders of the Company in a manner consistent with their equity interests. The Reporting Persons and their representatives and advisers intend to discuss the Company and its performance with members of the Company’s board and management. In addition, the Reporting Persons may communicate with other shareholders, industry participants and other interested parties concerning the Company. Although the Reporting Persons do not have any current plans, other than the monitoring and communication program outlined above, the Reporting Persons may in the future decide to seek representation on the Company’s board of directors. Among other factors, the Reporting Persons will consider the Board’s oversight of the execution of operational improvements and capital allocation strategies for maximizing shareholder value as major factors in its decision of whether or not to nominate independent director candidates.

The Reporting Persons may from time to time (i) acquire additional Shares (subject to availability at prices deemed favorable) in the open market, in privately negotiated transactions or otherwise, or (ii) dispose of Shares at prices deemed favorable in the open market, in privately negotiated transactions or otherwise. The Reporting Persons may formulate plans or proposals for, and may from time to time explore, or make proposals relating to, transactions or actions which relate to or would result in any of the matters specified in clauses (a) through (j) of Item 4 of Schedule 13D."

Deej

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Member Avatar Torquepeak (68.22) Submitted: 3/24/2011 12:02:22 PM : Outperform Start Price: $75.16 SPW Score: -28.98

Operational Excellence basket

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Member Avatar highlanderfm (51.37) Submitted: 3/2/2009 12:17:18 AM : Outperform Start Price: $39.22 SPW Score: -43.42

SPX is performing quite well in a difficult environment - uniquely positioned to benefit from worldwide grid investment and upgrades. the business has transformed itself over the last decade from a marginal auto supplier to a multi dimensional growth story - eva principles are enforced in all areas, as each area runs its business for cash.

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Member Avatar oct10th (95.49) Submitted: 11/4/2008 11:23:06 AM : Outperform Start Price: $38.28 SPW Score: +36.16

Not fancy but a good buy in a down market.

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Member Avatar christianphil (53.72) Submitted: 10/6/2008 1:42:18 PM : Outperform Start Price: $51.36 SPW Score: -18.22

Real pleased to be able to pick up this industrial gem at this price.

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Member Avatar HarleyHogMan (< 20) Submitted: 7/16/2008 8:09:29 AM : Outperform Start Price: $108.43 SPW Score: -81.78

Quanta Services, Inc. (Quanta) is a provider of specialty contracting services, offering end-to-end network solutions to the electric power, gas, telecommunications, cable television and specialty services industries. They are positioned to be a major player in teh solar power generatoin as solar takes off.

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Member Avatar Aerin328 (< 20) Submitted: 7/11/2008 7:18:09 PM : Outperform Start Price: $111.32 SPW Score: -79.30

I work for SPX Corp and will simply say one word : "Nuclear."

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Member Avatar DuckyDuck (83.64) Submitted: 6/30/2008 10:09:53 PM : Outperform Start Price: $118.43 SPW Score: -82.45

Best thing since fried chicken, but they don't make those.

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Member Avatar wynot1 (< 20) Submitted: 5/28/2008 9:28:30 AM : Outperform Start Price: $113.99 SPW Score: -66.08

This company is involved in all the right places for alternative energy.

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Member Avatar EugeneLouie (69.23) Submitted: 5/28/2008 1:28:28 AM : Outperform Start Price: $113.99 SPW Score: -66.08

Multinational Corporation similar to Flowserve and has the diversity to help emerging markets increase the quality of life for their citizens. The more the quality of life improves, the broader the middle class. As the middle class grows so grows the probability for political stability. By the end of the 21st century, economic slavery will end. As Joni Mitchell once said in a song, "What are you going to do when all the slaves are free?"

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Member Avatar vanillasoftserve (< 20) Submitted: 5/17/2008 11:08:17 AM : Outperform Start Price: $114.77 SPW Score: -62.76

I just got a tip about this company. The projected growth for this company is huge!

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Member Avatar jmace11 (< 20) Submitted: 5/5/2008 11:23:24 AM : Outperform Start Price: $109.51 SPW Score: -61.10

SPX is a strong company that is transitioning from manufacturing in industries like the Auto industry to more of an energy perspective. They have mitigated their risk by crossing into several different international markets including, Europe, China, and southeast Asia.

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Member Avatar LCGoober (< 20) Submitted: 4/30/2008 6:40:39 PM : Outperform Start Price: $109.85 SPW Score: -63.27

Utility infrastructure is something that will always be in demand...

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Member Avatar msncapsid (< 20) Submitted: 4/30/2008 1:45:07 PM : Outperform Start Price: $110.22 SPW Score: -62.60

another working towards the green

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Member Avatar KatWoman50 (< 20) Submitted: 3/4/2008 2:40:11 PM : Outperform Start Price: $101.66 SPW Score: -59.73

Corporate Responsibility Officer ranks SPX among the best corporate citizens in 2008. Named to FORTUNE's America's Most Admired Companies 2008.

Infrastructure related products which increase efficiency and reduce pollution in power generators, water plants. Solar plant cooling, stack scrubbing, air and fluid filtration systems. Weathertrack system improves irrigation efficiency and decreases runoff and environmetal damage.

Their product portfolio includes pumps, valves, metering and mixing solutions, air filtration and dehydration products, special service tools, diagnostic systems and testing equipment, cooling towers, air-cooled condensers, boilers and residential heating products, TV and radio broadcast antennas, and power transformers.

Products are used by a broad range of customers in various industries, including food and beverage, personal care, power and energy, test and measurement, general industrial, refrigeration, HVAC (heating, ventilation and air conditioning), process industries and transportation.

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Member Avatar StockTipsLLC (< 20) Submitted: 1/1/2008 8:31:17 PM : Outperform Start Price: $93.18 SPW Score: -41.69

Stock has had strong price peformance and momentum over the last 6 months. Excellent growth prospects and valuation is still relatively low.

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Member Avatar 1bravebear (< 20) Submitted: 12/26/2007 8:07:18 PM : Outperform Start Price: $93.87 SPW Score: -40.09

SPX Corporation assists with the cooling of solar electrical production plants in liquid and dry formats. They provide products that replace petroleum mineral oils with plant derived mineral oils on drilling projects for oil and natural gas and reduce the expense of toxic clean up. They provide a filtration and scrubbing products for stacks and fumes of coal burning power production. They turned in a small profit for 06 and dropped cash. The stock beat S&P for 07 and is up 100+ % for the year.

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