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Market Update

Carlyle Approaches Sedgwick, Stanley Black to Take Stake in MTD

Author: Mukesh Buch
Last Update: 7:26 AM EDT September 12 2018

11:55 AM New York City, New York Carlyle Group is in preliminary talks to acquire Sedgwick Claims for $6.7 billion. Stanley Black agreed to acquire 20% stake in MTD Products. WABCO Holdings fell on deteriorate China production and lower demand in Russia and Turkey.

Tollbooth Index increased 29.98 or 0.2% to 16,373.56 but for the year-to-date soared 19%.

Earnings Review

The Carlyle Group LP (CG) rose 0.1 cents to $22.75 after the investment firm said it is in preliminary talks to acquire insurance claims service provider Sedgwick Claims Management Services Inc for about $6.7 billion, including debt.

Farmer Bros Company (FARM) fell 10 cents to $28.30 after the coffee, tea, and culinary products retailer stated net sales in the fourth-quarter ending in June surged 11.7% from a year ago to $149.5 million.

Net in the quarter swung to profit $0.1 million profit or break even per diluted share from a loss of $1.8 million or 11 cents in the same quarter last year.

PolarityTE Inc (COOL) declined 7.1% or $1.45 to $19 after the biotechnology product maker said net loss in the third-quarter ending in July widened to $17.2 million or 86 cents per diluted share from $5.2 million or 93 cents in the same quarter last year.

Stanley Black & Decker, Inc (SWK) increased $1.40 to $143.24 after the industrial, household and security products provider agreed to buy a 20% stake in the privately-held rival MTD Products Inc for $234 million in cash.

Under the terms, Stanley Black had option to acquire the remaining 80% of MTD in the beginning of 2021.

The transaction is expected to close in early 2019.

WABCO Holdings Inc (WBC) declined 6.9% or $8.55 to $115.80 after the vehicles safety products provider lowered its fiscal earnings per share forecast after truck and bus production in China is expected to fall 30% and slow demand in Russia and Turkey.

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