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Market Update

Calpine in Deal with Noble; Dover Lowers Estimates, Twitter Plunges


Author: Mukesh Buch
ticker.com
Last Update: 10:34 AM ET October 10 2016

10:00 AM New York – Calpine agreed to buy Noble Americas Energy Solutions for $1.05 billion. Citigroup agreed to sell its consumer business in Argentina to Banco Santander Rio. Dover lowered its profit and sales forecast in the year. Twitter tumbled it won’t attract any takeover bids including Salesforce.com.

Tollbooth Index increased 65.59 or 0.6% to 10,978.29.

Earnings Review

Calpine Corporation (CPN) jumped 3.1% or 39 cents to $12.94 after the power plants operator agreed to acquire Noble Americas Energy Solutions, LLC from Singapore-listed commodities trader Noble Group for about $1.05 billion.

The transaction is expected to close in December 2016.

Citigroup Inc (C) increased 1.1% or 57 cents to $49.85 after the financial services provider agreed to sell its consumer business in Argentina to Banco Santander Rio for undisclosed financial terms.

Dover Corporation (DOV) plunged 6.7% or $4.70 to $67.42 after the industrial equipment maker lowered its profit and sales forecast in the year and estimated earnings per share between $3 and $3.05 and revenue to decline between 4% and 5% compared to the earlier estimated range of $3.35 to $3.45 and revenue decline between 3% and 5%.

Separately, Dover said its pending acquisition of Wayne Fueling Systems is now expected to close in the first quarter of 2017 after the U.K. regulators decided to refer the acquisition for a Phase II investigation.

Duke Energy Corp (DUK) gained 27 cents to $76.84 after the power producer agreed to divest its Brazil-based unit to China Three Gorges Corp for about $1.2 billion, including debt.

Oil-Dri Corporation of America (ODC) rose 15 cents to $34.20 after the sorbent products maker said revenues in the fourth-quarter ending in July fell 1% from a year ago to $64.9 million.

Net income in the quarter jumped 3.9% to $5.3 million or 72 cents per diluted share compared to the $5.1 million or 71 cents per share from the same quarter last year.

Twitter Inc (TWTR) tumbled 13.5% or $2.68 to $17.17 after Bloomberg reported that the short messaging platform operator is not likely to attract any takeover bids from the parent of Google, Disney, Apple and Salesforce.com Inc.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc