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Group 1 Automotive Inc. said Wednesday it is raising its quarterly dividend to 23 cents a share from 22 cents a share. The operator of car dealerships in the U.S., UK and Brazil said the new dividend will be payable June 15 to shareholders of record as of June 1. Shares were not yet active in premarket trade, but are down 20% in the year so far, while the S&P 500 has gained 0.2%.

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From:: Stock Market News

Staples Inc. on Wednesday reported a drop in first-quarter profit, but adjusted earnings and sales still beat analyst forecasts. Net profit for the period fell to $41 million, or 6 cents a share, down from $59 million, or 9 cents a share, in the year-ago quarter. The bottom line was hit by a $66 million pre-tax charge primarily related to the proposed takeover of Office Depot Inc. and store closures, as well as $32 million in costs related to the sale of Staples’ print solutions business. On an adjusted basis, earnings per share came in at 17 cents, unchanged from the first quarter last year. Revenue slipped 3% to $5.1 billion. Analysts polled by FactSet expected earnings of 16 cents a share on revenue of $5.09 billion.

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From:: Stock Market News

Microsoft Corp. is selling its entry-level feature phone assets to FIH Mobile and HMD Global for $350 million, the U.S. tech giant said early Wednesday. As part of the deal, FIH Mobile — a subsidiary of Hon Hai/Foxconn Technology Co. — will also buy Microsoft Mobile Vietnam, which is the company’s manufacturing facility in Hanoi. Microsoft said about 4,500 workers will transfer to FIH Mobile or HMG Global.

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From:: Stock Market News

Lowe’s Companies Inc. on Wednesday posted same-store sales and quarterly profit figures that were ahead of Wall Street’s targets. The home-improvement retailer said first-quarter earnings were $884 million, or 98 cents a share, compared with $673 million, or 70 cents a share, a year ago. Revenue was $15.23 billion, up from $14.13 billion in the same period last year. Analysts polled by FactSet had expected earnings of 85 cents a share on sales of $14.87 billion. U.S. same-store sales rose 7.5% during the quarter, above a 4.7% consensus forecast.

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From:: Stock Market News

FedEx Corp.’s planned $4.8 billion takeover of Dutch parcel company TNT Express NV will settle on May 25, ending a merger process that’s been more than a year under way. FedEx said in a statement on Wednesday that 88.4% of all TNT shareholders have accepted the terms of the deal that comes with an offer price of 8 euros per share. FedEx declared the offer for TNT Express “unconditional,” meaning it had received enough acceptances from TNT owners for the deal to settle. “We are pleased with the outcome of the public share offer,” said David Bronczek, president and CEO of FedEx Express. The tie-up has been under scrutiny from regulators, including a six-month antitrust investigation in the European Union.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News