Chronos Solutions hired Arun Pimpalapure as its new chief information officer. Company executives talk about what Pimpalapure brings to the company, and what it will mean for the company’s future plans. …read more
From:: Real Estate Wire
Homebuilders gaining confidence as new home sales increase
Homebuilders are beginning to regain confidence in the market as new home sales and new construction improve. The Northeast region remains well behind other parts of the U.S., however, it did increase slightly in August. …read more
From:: Real Estate Wire
Twitter shares trading at 7-month high after report of potential deal with Apple
Shares of Twitter Inc. were up 4% Monday, trading at a seven-month high, after a New York Times report that the company has been talking with Apple Inc about putting a Twitter app on Apple TV. The move would add to Twitter’s recent partnership with the National Football League. Shares of Apple were up 1%. In the past month to date, shares of Twitter have gained 23% compared to the S&P 500’s gain of 1%.
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From:: Stock Market News
U.S. stocks open near record highs
U.S. stocks opened higher Monday, with the S&P 500 and Nasdaq Composite trading above their record closing levels. The S&P 500 added 3 points, or 0.1%, at 2,186. The Dow Jones Industrial Average gained 32 points, or 0.2%, to 18,619. The Nasdaq Composite climbed 10 points, or 0.2%, to 5,243.
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From:: Stock Market News
Procter & Gamble’s stock gains after analyst turns bullish
Shares of Procter & Gamble Co. rose 0.5% in premarket trade Monday, after B. Riley analyst Linda Bolton Weiser upgraded the consumer products giant to buy from neutral, citing expectations that growth will begin accelerating in the coming months. The rally puts the stock on track to open at the highest level since Jan. 26. Weiser raised her stock price target to $105, which is 21% above Friday’s closing price of $87.04, from $74, which was 15% below. “We met with CEO David Taylor and came away with greater confidence in improved organic sales growth,” Weiser wrote in a note to clients. She thinks P&G is on track for organic sales growth of over 3%, while she said she believes expectations are for 0% to 2% growth. She recommends investors buy the stock ahead of P&G’s next quarterly report in late October. The stock had run up 9.6% year to date through Friday, while the Dow Jones Industrial Average had climbed 6.6%.
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From:: Stock Market News
Sysco shares rise after earnings beat estimates
Sysco Corp. shares rose 3.9% in Monday premarket trading after the food company reported fourth-quarter earnings that beat expectations. Net income totaled $215.67 million, or 38 cents per share, up from $73.03 million, or 12 cents per share, for the same period last year. Adjusted earnings were 64 cents per share, beating the 61-cents-per-share FactSet consensus. Revenue was $13.65 billion, up from $12.40 billion last year and just below the $13.68 billion FactSet estimate. Sysco said food cost deflation was 1.2%, with deflation in meat and dairy offset by inflation in other categories. Sysco shares are up 27.3% for the year so far while the S&P 500 Index is up 6.9% for the same period.
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From:: Stock Market News
Performance Sports’ delay in filing of annual report would result in default
Performance Sports Group Ltd. said it would not file its annual report by the Aug. 15 deadline, which is expected to result in a default under its current credit facilities’ agreements. The sports apparel and accessories maker said it has initiated discussions with its lenders to address the issue. The delay in the filing of its annual report is a result of the company’s decision to conduct an internal investigation into the finalization of its financial statements and the certification process. The stock, which was still inactive in premarket trade, has plunged 64% year to date, while the S&P 500 has gained 6.9%.
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From:: Stock Market News
Water treatment company Xylem to buy Sensus for $1.7 billion in cash
Water treatment company Xylem Inc. said Monday it has reached an agreement to buy Sensus for about $1.7 billion in cash. Sensus, which is owned by investment funds linked to The Jordan Company and GS Capital Partners 2000, provides smart meters, network technology and data analytics services for the water, electric and gas industries. Sensus had $837 million in revenue and $159 million in EBITDA in the year through March 31. “The combination of Xylem’s world-class brands and products with Sensus’ leading-edge smart technologies will create a differentiated offering that will better meet our customers’ evolving needs, including greater energy efficiency, water conservation, and improved life-cycle costs,” Xylem Chief Executive Patrick Decker said in a statement. The deal is expected to close in the fourth quarter. Xylem shares were not yet active in premarket trade, but are up 32.7% in the year so far, outperforming the S&P 500 , which has gained 6.9%.
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From:: Stock Market News
Mid-America Apartment confirms deal to buy Post Properties for nearly $4 billion
Mid-America Apartment Communities Inc. confirmed Monday that it will buy Post Properties Inc. in an all-stock deal that values the apartment owner at just under $4 billion. Under terms of the deal, each Post Properties stock will be exchanged for 0.71 shares of new MAA stock. Based on Friday’s closing prices, that values Post Properties shares at about $72.53 each, or a 17% premium. With about 53.5 million shares outstanding, according to FactSet, the bid would value Post Properties at about $3.9 billion. The real estate investment trusts expect the deal, with synergies estimated to be about $20 million, to close during the fourth quarter. MAA own about 68% of the combined company’s equity. The Wall Street Journal had reported over the weekend that the companies were near a deal. Post Properties’ stock was still inactive in premarket trade, while MAA shares were indicated about 1.3% higher. Year to date, shares of Post Properties had climbed 5.2% and MAA have surged 12%, while the S&P 500 has gained 6.9%.
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From:: Stock Market News
Russia restarts oil freeze talks with Saudi Arabia: reports
Russia is opening up to an agreement with other major oil producers to freeze output, in a bid to boost crude prices, according to media reports on Monday. Alexander Novak, Russia’s energy minister, said his country is consulting with Saudi Arabia and other producers to jointly cap production “if necessary,” Arabic newspaper Asharq al-Awsat reported. “We are cooperating in the framework of consultations regarding the oil market with OPEC countries and producers from outside the organisation, and are determined to continue dialogue to achieve market stability,” Novak said, according to Reuters, which cited Asharq al-Awsat. The comments come after Saudi Arabia last week signaled it was considering measures to lift prices following a selloff in oil futures. The idea of a production freeze was also pitched earlier this year, but was quashed in April when Iran refused to get onboard with the plan. Oil prices rallied to a three-week high on Monday, with West Texas Intermediate crude rising 1.4% to $45.12 a barrel.
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From:: Stock Market News