Flutter to Buy Fastball Stake in FanDuel for $4.2 Billion
Flutter Entertainment Plc said it struck a $4.2 billion deal to acquire Fastball’s stake inFanDuel to give the Dublin-based gambling company almost full control of its U.S. affiliate.
Flutter would pay $2.09 billion in cash and issue about 11.7 million new Flutter ordinary shares to Fastball under the conditional agreement, taking its stake in the U.S. betting market leader to 95% from 57.8%, it said Thursday in astatement.
Flutter, formerly known as Paddy Power, has leapfrogged competitors like GVC Holdings Plc in market value after it completed its acquisition of Canada’s The Stars Group Inc. earlier this year.
Transatlantic dealmaking in the gambling sector has been spurred by the legalization of sports betting in the U.S. in 2018 — the latest deal being U.S. casino operatorCaesars Entertainment Inc.’s acquisition of Britain’sWilliam Hill Plc.
Cracker Barrel Old Country Store, Inc. Q1 adjusted earnings Beat Estimates
Cracker Barrel Old Country Store, Inc. (CBRL) released a profit for its first quarter that rose from the same period last year.
The company’s profit came in at $170.68 million, or $7.18 per share. This compares with $43.22 million, or $1.79 per share, in last year’s first quarter.
Excluding items, Cracker Barrel Old Country Store, Inc. reported adjusted earnings of $16.33 million or $0.69 per share for the period.
Analysts had expected the company to earn $0.35 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter fell 13.7% to $646.45 million from $749.04 million last year.
Cracker Barrel Old Country Store, Inc. earnings at a glance:
-Analysts Estimate: $0.35
-Revenue (Q1): $646.45 Mln vs. $749.04 Mln last year.
Kroger Raises FY20 Adj. Earnings Outlook – Quick Facts
While reporting its financial results for the third quarter on Thursday, Kroger Co. (KR) said it is raising its fiscal 2020 adjusted earnings outlook.
For the full year 2020, Kroger now expects total identical sales without fuel to be around 14 percent and adjusted earnings per share growth of 50 percent to 53 percent.
The company now forecasts fiscal 2020 adjusted earnings in a range of $3.30 to $3.35 per share, compared to the prior range of $3.20 to $3.30 per share.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.30 per share on revenues of $132.44 billion.
For fiscal 2021, Kroger said it believes its performance will be stronger than it would have expected prior to the pandemic when viewed as a two-year stacked result for identical sales without fuel growth and as a compounded growth rate over 2020 and 2021 for adjusted earnings per share growth.
Kroger Co. Q3 adjusted earnings Beat Estimates
Kroger Co. (KR) released a profit for its third quarter that climbed from last year.
The company’s earnings totaled $631 million, or $0.80 per share. This compares with $263 million, or $0.32 per share, in last year’s third quarter.
Excluding items, Kroger Co. reported adjusted earnings of $557 million or $0.71 per share for the period.
Analysts had expected the company to earn $0.67 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 6.3% to $29.72 billion from $27.97 billion last year.
Kroger Co. earnings at a glance:
-Earnings (Q3): $557 Mln. vs. $381 Mln. last year.
-EPS (Q3): $0.71 vs. $0.47 last year.
-Analysts Estimate: $0.67
-Revenue (Q3): $29.72 Bln vs. $27.97 Bln last year.
3M CEO: Meeting demand for N95 masks is still a challenge
New York (CNN Business)3M, maker of Post-Its and industrial materials, is cutting about 3% of its global workforce, amounting to roughly 2,900 jobs, as the company continues its restructuring plan.
In a release Thursday, 3M CEO Mike Roman said the changes were the result of the pandemic that has “advanced the pace of change and disrupted end markets around the world, increasing the need for companies to adapt faster.”
The layoffs, which affect all of its business units, will cost the company about $300 million before taxes. 3M (MMM) said it will shift its focus and investments from slow-growth markets to areas where its stronger, like health care and e-commerce.
The company also manufactures the highly sought-after N95 mask and has struggled to keep up with demand. Sales for its health-care sector jumped more than 25% in its most recent earnings period.
It’s the latest change for the industrial conglomerate. 3M laid off 1,500 employees in January as the company struggled in the trade war between China and the United States.
3M’s stock was among the worst-performing stocks in the Dow last year. This year, however, is only down 2.5% for the year with shares flat in premarket trading.
European Economics Preview: Eurozone Final PMI, Retail Sales Data Due
Final composite Purchasing managers’ survey results and retail sales from euro area are due on Thursday, headlining a busy day for the European economic news.
At 2.00 am ET, consumer and producer prices from Turkey are due. Inflation is forecast to rise to 12.6 percent in November from 11.89 percent in October.
At 3.00 am ET, October retail sales data from Hungary is due. Sales had fallen 2 percent on year in September.
At 3.15 am ET, IHS Markit releases Spain’s services PMI survey data. The index is forecast to fall to 36.6 in November from 41.4 a month ago.
At 3.45 am ET, Italy’s composite PMI data is due. The services PMI is seen at 41.3 in November, down sharply from 46.7 in the previous month.
Thereafter, final PMI survey results are due from France and Germany at 3.50 am and 3.55 am ET, respectively.
At 4.00 am ET, IHS Markit publishes euro area final PMI data. The composite output index is forecast to drop to 45.1 in November, as initially estimated, from 50.0 in October.
Half an hour later, UK Markit/CIPS final composite PMI survey data is due. The final PMI reading is seen at 47.4 in November, unchanged from flash estimate.
At 5.00 am ET, Eurostat is slated to release euro area retail sales data for October. Sales are forecast to climb 0.8 percent on month, reversing a 2 percent fall in September.