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U.S. Movers: GM, Honeywell, Healthcare Services, Radial, Skyline

Author: Mukesh Buch
Last Update: 10:11 AM EDT October 09 2017

9:45 AM New York GM agreed to buy Strobe the user of LIDAR technology. Honeywell plans to spin off its non-core assets in to two separate companies. Radial agreed to be acquired by Belgium government-owned Bpost. Skyline profit more than doubled but revenues declined.

Tollbooth Index edged up 1.16 to 12,773.53.

Earnings Review

General Motors Company (GM) rose 26 cents to $45.18 after the automobiles maker agreed to acquire Strobe Inc, the user of LIDAR technology for self-driving cars without disclosing financial terms.

Honeywell International Inc (HON) increased 24 cents to $143.86 after the industrial conglomerate said it intends to spin off its non-core assets and create two new publicly traded companies.

Honeywell also said in a separate announcement its plans to deliveries aircraft by 2027 valued $249 billion and jet sales are estimated to grow between 3% and 4% a year in the next decade but deliveries of aircraft in the current fiscal year are likely to drop from a year ago.

Healthcare Services Group, Inc (HCSG) gained 14 cents to $54.79 ahead of its quarterly earnings release after the market close.

Radial Inc, formerly known as eBay Enterprise, the e-commerce logistics service provider, agreed to be acquired by Belgium government-owned postal services provider Bpost SA for about $820 million including debt.

Radial forecasted fiscal 2017 revenues between $970 million and $1.02 billion and operating profit in the range of $65 million and $70 million.

The transaction is expected to close by the end of this year.

Skyline Corporation (SKY) edged up 2 cents to $13.26 after the modular housing and park maker said revenues in the first-quarter ending on September 3 slumped 4.4% from a year ago to $58.5 million.

Net income in the quarter more than doubled to $1.6 million or 19 cents per diluted share from $0.7 million or 9 cents in the same quarter last year.
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc