HP and Samsung in Printing Unit Deal, Polaris Drops 5% on Lowered Estimates

Mukesh Buch
12 Sep, 2016
New York City

Eagle Materials agreed to buy Ohio-based cement plant of CEMEX for $400 million. Gaming and Leisure is nearing to buy Meadows Racetrack and Casino. HP agreed to buy printing business of Samsung for $1.05 billion. Praxair and Linde terminated merger talk.

[R]2:00 PM New York – Eagle Materials agreed to buy Ohio-based cement plant of CEMEX for $400 million. Gaming and Leisure is nearing to buy Meadows Racetrack and Casino. HP agreed to buy printing business of Samsung for $1.05 billion. Praxair and Linde terminated merger talk.[/R]

Tollbooth Index jumped 61.84 or 0.6% to 10,865.01.

Earnings Review

Eagle Materials, Inc jumped 3.5% or $2.59 to $77.29 after the construction products supplier agreed to acquire Ohio-based cement plant of CEMEX S.A.B. de C.V for about $400 million.

The transaction is expected to close in the fourth-quarter of this year.

Gaming and Leisure Properties Inc fell 10 cents to $32.90 after the self-managed real estate developer is nearing to buy The Meadows Racetrack and Casino from Cannery Casino Resorts, LLC for $440 million.

The transaction is expected to immediately accretive and already approved by the Pennsylvania Gaming Control Board on September 7 and the Pennsylvania Harness Racing Commission in August.

HP Inc ((HPQ)) gained 1.5% or 21 cents to $14.30 after the personal computer and electronic systems maker agreed to buy Korea-based printing business of Samsung Electronics in a deal valued at about $1.05 billion and Samsung also agreed to invest $100 million to $300 million in HP through open market purchases.

The transaction is expected to close within 12 months.

Praxair, Inc ((PX)) fell 5 cents to $117.36 after the industrial gas supplier confirmed that it has terminated preliminary merger talks with Germany-based Linde AG each worth about $30 billion.

Manchester United Plc slipped 1.8% or 31 cents to $16.95 after the U.K.-focused professional sports team said total revenues in the fourth-quarter ending in June soared 27.1% from a year ago to $134.6 million.

Net loss in the quarter narrowed to $0.9 million or 58 cents per diluted share compared to the $6.9 million or $4.22 per share from the same quarter last year.

Polaris Industries Inc ((PII)) plummeted 5.8% or $4.72 to $76.12 after the recreational and utility vehicles maker forecasted diluted earnings per share in the range of $3.30 to $3.80 from the previous estimate of between $6 and $6.30.

The maker of ATV and snowmobile lowered its sales growth out look to “decrease in the mid to high-single digit percent range” from the previous estimate of an increase between flat to 2%.