GE Sells Penske Truck Leasing Stake, Pilgrim Buys N. Ireland Based Moy Park

Mukesh Buch
11 Sep, 2017
New York City

Electronics For Imaging net plunged but revenues increased. General Electric sells its remaining 15.5% stake in Penske Truck Leasing Co for about $674 million. Pilgrim''s Pride acquired Moy Park from Brazil-based JBS for about $1 billion.

[R]11:45 PM New York – Electronics For Imaging net plunged but revenues increased. General Electric sells its remaining 15.5% stake in Penske Truck Leasing Co for about $674 million. Pilgrim''s Pride acquired Moy Park from Brazil-based JBS for about $1 billion.[/R]

Tollbooth Index jumped 102.75 or 0.8% to 12,497.60.

Earnings Review

Electronics For Imaging, Inc ((EFII)) soared 6.2% or $2.35 to $40.55 after the digital printing services provider reported revenues in the second-quarter ending in June increased 1% from a year ago to $247 million.

Net income in the quarter plunged 47% to $2.8 million or 6 cents per diluted share from $5.2 million or 11 cents in the same quarter last year.

“We expect this momentum to continue into the second half of the year, with reaffirmed record third-quarter revenue,” said chief executive officer Guy Gecht.

General Electric Company ((GE)) slid 3 cents to $23.78 after the diversified industrial conglomerate divested its remaining 15.5% stake in Penske Truck Leasing Co, L.P., to Penske Automotive Group, Inc. and MBK USA Commercial Vehicles, Inc, a subsidiary of Mitsui & Co. Ltd for about $674 million.

Pilgrim''s Pride Corporation ((PPC)) slumped 3.4% or 99 cents to $28.11 after the feed stores operator said it acquired poultry and meat producer Moy Park from Brazil-based JBS SA in a deal valued at about $1 billion.

Urstadt Biddle Properties Inc ((UBA)) jumped 3.1% or 65 cents to $21.57 after the commercial real estate developer said revenues in the third-quarter ending in July advanced 6.9% from a year ago to $90.8 million.

Net income in the quarter plunged 16.7% to $6.1 million or 16 cents per diluted share from $5 million or 15 cents in the same quarter last year.