GE Sells $1 B Energy Portfolio, Village Super Market Net Declines

Mukesh Buch
08 Oct, 2018
New York City

GE agreed to sell its Energy Financial Services business to Apollo Global Management. Hyatt Hotels agreed to acquire Two Roads Hospitality for $480 million. Trilogy Metals fell after net loss widened. Village Super Market net declined after weak sale growth.

[R]12:05 PM New York City, New York – GE agreed to sell its Energy Financial Services business to Apollo Global Management. Hyatt Hotels agreed to acquire Two Roads Hospitality for $480 million. Trilogy Metals fell after net loss widened. Village Super Market net declined after weak sale growth.[/R]

Tollbooth Index dropped 74.79 or 0.5% to 16,038.94 but for the year-to-date soared 16.6%.

Earnings Review

General Electric Company ((GE)) jumped 3.2% or 42 cents to $13.60 after the industrial conglomerate agreed to sell its $1 billion portfolio of its Energy Financial Services business to asset manager Apollo Global Management, LLC.

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

Hyatt Hotels Corp ((H)) fell 70 cents to $74.97 after the luxury hotels and resorts operator today agreed to acquire international lifestyle hotel manager Two Roads Hospitality for about $480 million.

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

Richardson Electronics, Ltd ((RELL)) increased 1.4% or 12 cents to $8.76 ahead of the power grid and microwave tubes maker’s scheduled release of its first-quarter earnings results on October 10.

Trilogy Metals Inc ((TMQ)) slipped 1.5% or 3 cents to $1.90 after the mineral resource explorer stated net loss in the third-quarter ending in August widened to $9.9 million or 8 cents per diluted share from $9 million or 9 cents in the same quarter last year.

Village Super Market, Inc ((VLGEA)) gained 1.8% or 47 cents to $25.91 after the convenience stores and grocery retailer said net sales in the fourth-quarter ending on July 28 rose 0.7% from a year ago to $413.6 million.

Same store sales in the quarter decreased 0.3%.

Net income in the quarter declined 11.7% to $6 million or 42 cents per diluted share from $6.8 million or 47 cents in the same quarter last year.