1:15 PM New York – BP settled claims for Gulf of Mexico oil spill for $20.8 billion. Nelson Peltz invested $2.5 billion in GE and becomes one of top 10 investors. American Apparel filed for Chapter 11 bankruptcy. Suncor made a hostile acquisition offer to Canadian Oil Sands for C$4.3 billion.
Tollbooth Index gained 75.79 or 0.7% to 10,408.52.
American Apparel Inc
) was halted at 11.2 cents after the branded fashions apparel and accessories retailer today filed for Chapter 11 bankruptcy and reached agreements with its creditors and lenders will provide approx $90 million in debtor-in-possession financing.
The company estimated to reduce debt to $135 million from $300 million through the elimination of over $200 million of its bonds in exchange for equity.
jumped 3% or 99 cents to $33.51 after the oil and gas producer today settled its Deepwater Horizon oil spill linked fines and charges in the Gulf of Mexico in 2010 for about $20.8 billion with the U.S. government and resolved all federal and state claims.
General Electric Company
) soared 4.1% or $1.03 to $26.51 after the activist shareholder Nelson Peltz controlled Trian Fund Management LP became one of the company’s top 10 shareholders as it acquired about 1% stake or invested $2.5 billion in the diversified industrial conglomerate.
GE raised its full-year industrial operating earnings per share guidance to between $1.13 and $1.20 and plans to return more than $90 billion to investors through 2018
The conglomerate said it is on track to closing $100 billion of GE Capital asset sale this year.
Separately the conglomerate launched its own science fiction podcast series to raise its profile among a younger, tech-savvy audience andwill release the first of eight episodes.
Suncor Energy Inc
) slipped 1.3% or 34 cents to $26.52 after the Canada-based energy company made a hostile acquisition offer to Canadian Oil Sands Ltd for about C$4.3 billion and offered the shareholder to receive 0.25 of a Suncor.
The company said the offer will be open till December 4, unless extended or withdrawn.
Teledyne Technologies Incorporated
) fell 60 cents to $89.65 after the industrial technology provider lowered its diluted earnings per share forecast for the third-quarter to a range between $1.30 and $1.33 compared to the earlier estimated range of $1.45 to $1.48.
For the year, the company forecasted diluted earnings per share in the range of $5.10 to $5.17 from the previous guidance between $5.60 and $5.65.
The company is schedule to release its third-quarter financial results on October 29 before the market open.