U.S. to loan military hauler YRC Worldwide $700 million for nearly 30% stake
WASHINGTON (Reuters) – The U.S. Department of Treasury on Wednesday said it had agreed to loan YRC Worldwide inc (YRCW.O) $700 mln loan in exchange for a 29.6% equity stake in the transportation company, saying it was essential for moving military supplies.
In statement, the department said the loan was made under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and would help preserve about 30,000 trucking jobs for the company.
Sensex rallies 499 points; Nifty reclaims 10,400 level
NTPC, Nestle India, L&T, M&M and ONGC were among the laggards.
Equity benchmark Sensex rallied 499 points on Wednesday, tracking gains in index-heavyweights HDFC twins, Reliance Industries and ITC amid a positive trend in the global markets.
After hitting a high of 35,467.23, the 30-share BSE index settled 498.65 points, or 1.43%, higher at 35,414.45.
The NSE Nifty surged 127.95 points, or 1.24%, to 10,430.05.
Axis Bank was the top gainer in the Sensex pack, soaring over 6%, followed by Bajaj Finserv, HDFC, Bajaj Finance, ITC, IndusInd Bank, SBI, ICICI Bank and Reliance Industries.
On the other hand, NTPC, Nestle India, L&T, M&M and ONGC were among the laggards.
According to traders, besides stock-specific action, local indices followed gains in global benchmarks which were largely positive on encouraging macroeconomic numbers indicating recovery in world economies.
Bourses in Shanghai and Hong Kong ended with gains, while Tokyo and Seoul closed in the red.
Stock exchanges in Europe were trading on a positive note in early deals.
International oil benchmark Brent crude futures rose 2.67% to USD 42.37 per barrel.
On the currency front, the rupee settled 9 paise lower at 75.60 against the US dollar.
SoftBank-backed Lemonade raises IPO price range
July 1 (Reuters) – SoftBank Group Corp-backed insurance startup Lemonade Inc on Wednesday increased the target range for its U.S. initial public offering, looking to raise up to $308 million at a market capitalization of $1.54 billion.
The company intends to sell 11 million shares in the IPO at a target range of $26 to $28 per share, according to a filing. (bit.ly/3dVnD72)
It had earlier expected the offering to be priced between $23 and $26 per share. (Reporting by Abhishek Manikandan in Bengaluru; Editing by Arun Koyyur)
Constellation Brands Buys Empathy Wines; Terms Not Disclosed – Quick Facts
Beverage alcohol company Constellation Brands, Inc. (STZ) announced Wednesday that it has acquired digitally-native wine brand Empathy Wines. Terms of the transaction were not disclosed.
As part of the agreement, Constellation will work with the Empathy Wines team to further scale the brand’s growth, while leveraging their rich consumer insights and analytics, proven brand building expertise, and high-performing digital technology to build DTC and digital capabilities.
The Empathy Wines brand will be integrated into Constellation’s wine and spirits brand portfolio. Empathy Wines employees, including co-founders Jon Troutman and Nate Scherotter, will join the Constellation Brands family and work together with its wine and spirits organization. Vaynerchuk will continue to assist Constellation Brands and Empathy Wines in a consulting capacity.
Empathy Wines is a high-performing, digitally-native wine brand and direct-to-consumer (DTC) platform co-founded by entrepreneur and media personality Gary Vaynerchuk with business partners Jon and Nate.
Empathy Wines focuses on producing high quality, sustainably made wines, sold direct-to-consumer through its eCommerce platform, powered by consumer insights and content-driven digital marketing.
Stock Alert: FedEx Shares Up 11% In Early Trade On Strong Q4
Shares of the package delivery giant FedEx Corp. (FDX) are rising over 11% in pre-market today, after the company reported better-than-expected Q4 results.
The stock has been trading in the range of $88.69 – $178.50 for the past one year, and closed Tuesday’s trade at $140.22, up $5.67 or 4.21%. FDX is currently trading at $156.69, up $16.59 or 11.84% in the pre-market session.
The company’s Q4 GAAP net loss narrowed to $334 million or $1.28 from the previous year’s loss of $1.97 billion or $7.56 per share.
Adjusted earnings totaled $2.53 per share, down from $5.01 per share last year. On average, 21 analysts polled by Thomson Reuters expected earnings of $1.52 per share. Analysts’ estimate typically exclude certain special items.
Revenues dropped to $17.4 billion from $17.8 billion last year. Wall Street analysts had a consensus estimate of $16.49 billion.
Rollins Unit Acquires Adams Pest Control In Australia – Quick Facts
Rollins, Inc. (ROL) said its Australian subsidiary has acquired Adams Pest Control Pty Ltd, an independent pest control provider in Australia. Adams Pest Control will join the Orkin Australia portfolio of brands. Peter Taylor, Director and General Manager of Adams Pest Control, will be joining the Orkin Australia team.
Adams Pest Control has over 75 years of experience in all aspects of general pest control and wildlife control. Rollins noted that Adams Pest Control is a market leader in the greater Melbourne and Adelaide areas.
Schnitzer Steel Industries Inc. Q3 adjusted earnings of $0.05 per share
Below are the earnings highlights for Schnitzer Steel Industries Inc. (SCHN):
-Earnings: -$5 million in Q3 vs. $16 million in the same period last year.
-EPS: -$0.18 in Q3 vs. $0.56 in the same period last year.
-Excluding items, Schnitzer Steel Industries Inc. reported adjusted earnings of $1 million or $0.05 per share for the period.
-Revenue: $403 million in Q3 vs. $547 million in the same period last year.