Intl Speedway Net Jumps, Hostess Brand Agreed to a LBO Deal

Mukesh Buch
05 Jul, 2016
New York City

AZZ net and revenues soared. Blucora agreed to sell its Infospace business to OpenMail. Intl Speedway profit surged 63%. Noble Energy agreed to sell its 3% stake in the Tamar natural gas field. Hostess Brands agreed to be acquired by Gores Group for $725 million.

[R]12:00 PM New York – AZZ net and revenues soared. Blucora agreed to sell its Infospace business to OpenMail. Intl Speedway profit surged 63%. Noble Energy agreed to sell its 3% stake in the Tamar natural gas field. Hostess Brands agreed to be acquired by Gores Group for $725 million.[/R]

Tollbooth Index slumped 75.14 or 0.7% to 10,499.08.

Earnings Review

AZZ Inc ((AZZ)) decreased 2.4% or $1.59 to $58.38 after the galvanizing services provider said revenues in the first-quarter ending in May jumped 6% from a year ago to $242.7 million.

Net income in the quarter soared 5.7% to $21.1 million or 81 cents per diluted share compared to $19.9 million or 77 cents per share from the same quarter last year.

Blucora Inc ((BCOR)) fell 7 cents to $10.63 after the technology-enabled financial solution provider agreed to sell its infospace business to privately-held data management and marketing technology provider OpenMail LLC for about $45 million in cash to pay down debt.

International Speedway Corp ((ISCA)) declined 5.1% or $1.74 to $32.56 after the sports venues operator stated total revenues in the second-quarter ending in May rose 2.2% from a year ago to $167.6 million.

Net income in the quarter surged 63.4% to $21.9 million or 47 cents per diluted share compared to $13.4 million or 29 cents per share from the same quarter last year.

Noble Energy, Inc ((NBL)) dropped 2.2% or 80 cents to $35.49 after the oil and gas explorer agreed to sell its 3% stake in the Tamar natural gas field offshore to Israel-based partner Harel Insurance Investments and Financial Services and the Israel Infrastructure Fund for about $369 million.

Hostess Brands LLC, privately-held Twinkies and Ding Dongs maker, was said to be acquired by an affiliate of private equity firm The Gores Group LLC for $725 million. The news was first reported by Reuters.