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Market Update

GE Sells Penske Truck Leasing Stake, Pilgrim Buys N. Ireland Based Moy Park


Author: Mukesh Buch
ticker.com
Last Update: 2:17 AM EDT September 11 2017

11:45 PM New York – Electronics For Imaging net plunged but revenues increased. General Electric sells its remaining 15.5% stake in Penske Truck Leasing Co for about $674 million. Pilgrim''s Pride acquired Moy Park from Brazil-based JBS for about $1 billion.

Tollbooth Index jumped 102.75 or 0.8% to 12,497.60.

Earnings Review

Electronics For Imaging, Inc (EFII) soared 6.2% or $2.35 to $40.55 after the digital printing services provider reported revenues in the second-quarter ending in June increased 1% from a year ago to $247 million.

Net income in the quarter plunged 47% to $2.8 million or 6 cents per diluted share from $5.2 million or 11 cents in the same quarter last year.

“We expect this momentum to continue into the second half of the year, with reaffirmed record third-quarter revenue,” said chief executive officer Guy Gecht.

General Electric Company (GE) slid 3 cents to $23.78 after the diversified industrial conglomerate divested its remaining 15.5% stake in Penske Truck Leasing Co, L.P., to Penske Automotive Group, Inc. and MBK USA Commercial Vehicles, Inc, a subsidiary of Mitsui & Co. Ltd for about $674 million.

Pilgrim''s Pride Corporation (PPC) slumped 3.4% or 99 cents to $28.11 after the feed stores operator said it acquired poultry and meat producer Moy Park from Brazil-based JBS SA in a deal valued at about $1 billion.

Urstadt Biddle Properties Inc (UBA) jumped 3.1% or 65 cents to $21.57 after the commercial real estate developer said revenues in the third-quarter ending in July advanced 6.9% from a year ago to $90.8 million.

Net income in the quarter plunged 16.7% to $6.1 million or 16 cents per diluted share from $5 million or 15 cents in the same quarter last year.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc