Intel in $15.3 B Deal with Mobileye, Travelers to Buy Simply Business

Mukesh Buch
13 Mar, 2017
New York City

Empire Resorts net loss narrowed but revenues fell 6%. Gener8 Maritime net tumbled 87%. Intel agreed to acquire Israel-based Mobileye for $15.3 billion. Myokardia net swung to profit. Travelers agreed to buy the U.K.-based Simply Business.

[R]12:35 PM New York – Empire Resorts net loss narrowed but revenues fell 6%. Gener8 Maritime net tumbled 87%. Intel agreed to acquire Israel-based Mobileye for $15.3 billion. Myokardia net swung to profit. Travelers agreed to buy the U.K.-based Simply Business.[/R]

Tollbooth Index edged down 3.03 to 11,595.14.

Earnings Review

Empire Resorts Inc ((NYNY)) jumped 2.7% or 55 cents to $21.25 after the casino and video gaming services provider stated revenues in the fourth-quarter ending in December declined 6.1% from a year ago to $15.3 million.

Net loss in the quarter narrowed to $6.6 million or 19 cents per diluted share from $11.8 million or 77 cents per share in the same quarter last year.

Gener8 Maritime Inc ((GNRT)) soared 8.9% or 46 cents to $5.62 after the seaborne oil transportation services provider said total revenues in the fourth-quarter ending in December slid 0.4% from a year ago to $102.4 million.

Net income in the quarter tumbled 87.3% to $5.8 million or 7 cents per diluted share from $45.5 million or 55 cents per share in the same quarter last year.

The international seaborne crude oil transportation services provider said vessel operating days in the quarter jumped 52% from a year ago period to 3,533.

Intel Corporation ((INTC)) slumped 2.5% or 91 cents to $35 after Israel-based financial newspaper Marker said today that the U.S. chip maker agreed to acquire the domestic machine learning and autonomous driving technology provider Mobileye NV for $63.54 a share in cash or about $15.3 billion.

In premarket trading, Mobileye stock on the New York Stock Exchange surged 33.3% to $63.

Lifetime Brands Inc ((LCUT)) surged 9.3% or $1.35 to $15.80 after the kitchen and tableware provider said net sales in the fourth-quarter ending in December advanced 4.1% from a year ago to $193.5 million.

Net income in the quarter surged 33.6% to $14.7 million or $1 per diluted share from $11 million or 77 cents per share in the same quarter last year.

The kitchenware provider forecasted sales in fiscal 2017 to grow in low-to mid-single digit.

Myokardia Inc ((MYOK)) advanced 2.3% or 30 cents to $13.10 after the clinical-stage biopharmaceutical products developer stated revenues in the fourth-quarter ending in December surged 694.4% from a year ago to $28.6 million.

Net in the quarter swung to profit $14.3 million or 44 cents per diluted share from a loss of $8.5 million or 48 cents per share in the same quarter last year.

Travelers Companies Inc ((TRV)) slipped 93 cents to $121.90 after the property and casualty insurance provider agreed to acquire UK-based small business insurance provider from Aquiline Capital Partners LLC for about $490 million.

Vista Equity Partners LLC, the privately held software and technology investment company agreed to buy Canada-based financial technology provider DH Corporation, formerly Davis + Henderson Corporation for $25.50 per share in cash, including debt or for a total enterprise value of about $4.8 billion.

The transaction is expected to close prior to the end of third-quarter 2017.

""""We are thrilled by the prospect of combining these two leaders in the FinTech industry,"""" co-founder and president of Vista Equity Partners Brian N. Sheth said.