Honeywell to Spin Off Two Units, GM Acquires Self Driving Car Tech Company

Mukesh Buch
09 Oct, 2017
New York City

GM agreed to buy Strobe the user of LIDAR technology. Honeywell plans to spin off its non-core assets in to two separate companies. Radial agreed to be acquired by Belgium government-owned Bpost. Skyline profit more than doubled but revenues declined.

[R]9:45 AM New York – GM agreed to buy Strobe the user of LIDAR technology. Honeywell plans to spin off its non-core assets in to two separate companies. Radial agreed to be acquired by Belgium government-owned Bpost. Skyline profit more than doubled but revenues declined.[/R]

Tollbooth Index edged up 1.16 to 12,773.53.

Earnings Review

General Motors Company ((GM)) rose 26 cents to $45.18 after the automobiles maker agreed to acquire Strobe Inc, the user of LIDAR technology for self-driving cars without disclosing financial terms.

Honeywell International Inc ((HON)) increased 24 cents to $143.86 after the industrial conglomerate said it intends to spin off its non-core assets and create two new publicly traded companies.

Honeywell also said in a separate announcement its plans to deliveries aircraft by 2027 valued $249 billion and jet sales are estimated to grow between 3% and 4% a year in the next decade but deliveries of aircraft in the current fiscal year are likely to drop from a year ago.

Healthcare Services Group, Inc ((HCSG)) gained 14 cents to $54.79 ahead of its quarterly earnings release after the market close.

Radial Inc, formerly known as eBay Enterprise, the e-commerce logistics service provider, agreed to be acquired by Belgium government-owned postal services provider Bpost SA for about $820 million including debt.

Radial forecasted fiscal 2017 revenues between $970 million and $1.02 billion and operating profit in the range of $65 million and $70 million.

The transaction is expected to close by the end of this year.

Skyline Corporation ((SKY)) edged up 2 cents to $13.26 after the modular housing and park maker said revenues in the first-quarter ending on September 3 slumped 4.4% from a year ago to $58.5 million.

Net income in the quarter more than doubled to $1.6 million or 19 cents per diluted share from $0.7 million or 9 cents in the same quarter last year.