Johnson Controls Lifts Outlook, Sirius Pursues Pandora

Mukesh Buch
05 Dec, 2016
New York City

Chesapeake agreed to sell select energy assets for about $450 million. Consolidated Communications intends to acquire FairPoint Communications for $1.5 billion. Ixia exploring company sale. Johnson Controls lifted fiscal outlook.

[R]2:10 PM New York – Chesapeake agreed to sell select energy assets for about $450 million. Consolidated Communications intends to acquire FairPoint Communications for $1.5 billion. Ixia exploring company sale. Johnson Controls lifted fiscal outlook.[/R]

Tollbooth Index increased 88.27 or 0.8% to 11,069.40.

Earnings Review

Chesapeake Energy Corporation ((CHK)) jumped 3.6% or 26 cents to $7.49 after the oil and natural gas liquids producer agreed to sell a part of its northern Louisiana-based Haynesville Shale assets for about $450 million to a private company.

The transaction is expected to close in first-quarter of 2017.

Consolidated Communications Holdings Inc ((CNSL)) declined 4.1% or $1.16 to $27.22 after the communications services provider intends to acquire broadband service provider FairPoint Communications Inc in a deal valued for about $1.5 billion, including debt.

The transaction is expected to close by mid-2017.

FairPoint Communications Inc stock surged 11.8% to $19.

Ixia ((XXIA)) advanced 1.3% or 20 cents to $15.75 after Reuters said the physical and virtual network application provider is exploring to sell the company.

Johnson Controls Plc rose 23 cents to $45.55 after Ireland-domiciled engineering systems maker forecasted fiscal 2017 earnings per share between $2.60 and $2.75 per share, a 13% to 19% growth from the same period a year ago.

The security products and services provider said revenue in the year is estimated to jump between 2.5% and 4.5%.

Sirius XM Holdings Inc ((SIRI)) gained 1.4% or 5 cents to $4.36 after the satellite radio services provider again approached to acquire the Internet based radio services provider Pandora Media Inc.

“We talked about how we’d like to find a way to participate,” chief executive officer Greg Maffei said to CNBC in November.

Tyson Foods, Inc ((TSN)) rose 50 cents to $57.55 after the food processing group launched a venture capital fund worth $150 million to invest in high-tech products and services.