12:25 PM New York – Charter Communications agreed to acquire Time Warner Cable Inc for $55.1 billion and assume debt. EMC agreed to acquire privately-held Virtustream for $1.2 billion. AutoZone net jumped 8%. Nevada Gold agreed to buy Club Fortune Casino.
Tollbooth Index slipped 0.9% or 107.66 to 10,728.46.
) decreased 1.6% or $1.26 to $77.85 after the China-based online marketplace said total revenues in the second-quarter ending in March surged 80.5% to $87.1 million from a year ago period.
Net in the quarter swung to a loss of $52.4 million or 59 cents per diluted share compared to profit of $2.3 million or 3 cents from the same quarter last year.
The company forecasted total revenues in the second-quarter to soar 124.6% to between $145 million and $150 million.
) dropped $4.31 to $684.87 after the auto parts retailer reported net sales in the third-quarter ending on May 9 climbed 6.5% to $2.49 billion from a year ago period.
Same store sales in the quarter increased 2.3%.
Net income in the quarter jumped 8.4% to $309.1 million or $9.57 per diluted share compared to $285.2 million or $8.46 from the same quarter last year.
Charter Communications, Inc
) slipped 1.1% or $1.89 to $173.44 after the cable services provider agreed to acquire Time Warner Cable Inc for $55.1 billion.
The deal valued for $100 per share in cash and 0.5409 of its shares of a new public parent company ""New Charter.""
Including debt, the deal values Time Warner Cable at $78.7 billion.
The Federal Communications Commission immediately issued the notice that it would closely scrutinize the deal.
Charter also announced that the key shareholder Liberty Broadband Corporation agreed to buy $4.3 billion of newly issued shares of New Charter at a price equivalent to $176.95 per Charter share, upon closing of the Time Warner Cable transaction.
Liberty Broadband is expected to own between 19% and 20% of New Charter.
) dropped 2.2% or 59 cents to $26.25 after the information service providers agreed to acquire privately-held Virtustream for about $1.2 billion in cash.
The transaction is expected to close in the third-quarter.
Nevada Gold & Casinos
) plunged 7.9% or 16 cents to $1.82 after the gaming company agreed to acquire the Club Fortune Casino in, Nevada for $14.2 million in cash and 1.2 million shares of the company.
The company said the deal is expected to close in the third-quarter of fiscal 2016.
) decreased 1.8% or 12 cents to $6.45 after the shipping transportation company said revenues in the first-quarter ending in March jumped 5.3% to $35.7 million from a year ago period.
Net income in the quarter plunged 23.6% to $5.8 million or 14 cents per diluted share compared to $7.6 million or 23 cents from the same quarter last year.