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Market Update

GE Sells $1 B Energy Portfolio, Village Super Market Net Declines


Author: Mukesh Buch
ticker.com
Last Update: 12:09 PM EDT October 08 2018

12:05 PM New York City, New York – GE agreed to sell its Energy Financial Services business to Apollo Global Management. Hyatt Hotels agreed to acquire Two Roads Hospitality for $480 million. Trilogy Metals fell after net loss widened. Village Super Market net declined after weak sale growth.

Tollbooth Index dropped 74.79 or 0.5% to 16,038.94 but for the year-to-date soared 16.6%.

Earnings Review

General Electric Company (GE) jumped 3.2% or 42 cents to $13.60 after the industrial conglomerate agreed to sell its $1 billion portfolio of its Energy Financial Services business to asset manager Apollo Global Management, LLC.

The transaction is expected to close in the fourth-quarter of this year.

Hyatt Hotels Corp (H) fell 70 cents to $74.97 after the luxury hotels and resorts operator today agreed to acquire international lifestyle hotel manager Two Roads Hospitality for about $480 million.

The transaction is expected to close by the end of this year.

Richardson Electronics, Ltd (RELL) increased 1.4% or 12 cents to $8.76 ahead of the power grid and microwave tubes maker’s scheduled release of its first-quarter earnings results on October 10.

Trilogy Metals Inc (TMQ) slipped 1.5% or 3 cents to $1.90 after the mineral resource explorer stated net loss in the third-quarter ending in August widened to $9.9 million or 8 cents per diluted share from $9 million or 9 cents in the same quarter last year.

Village Super Market, Inc (VLGEA) gained 1.8% or 47 cents to $25.91 after the convenience stores and grocery retailer said net sales in the fourth-quarter ending on July 28 rose 0.7% from a year ago to $413.6 million.

Same store sales in the quarter decreased 0.3%.

Net income in the quarter declined 11.7% to $6 million or 42 cents per diluted share from $6.8 million or 47 cents in the same quarter last year.

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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