S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
Market Update

Genuine Parts Acquires Alliance Automotive, Horton Lowers Cash Flow Estimate

Author: Mukesh Buch
Last Update: 2:51 PM EDT September 25 2017

2:50 PM New York D. R. Horton lowered its fiscal 2017 cash flow estimate. Genuine Parts agreed to acquire the U.K.-based Alliance Automotive for $2 billion. GE agreed to sell its industrial solutions unit to ABB for $2.6 billion. KKR raised its offer for Pepper Group.

Tollbooth Index slumped 126.72 or 1% to 12,406.32.

Earnings Review

Ennis, Inc (EBF) rose 15 cents to $19.50 after the printing services provider said revenues in the second-quarter ending in August jumped 4.1% from a year ago to $94.9 million.

Net income in the quarter soared 25% to $8.5 million or 34 cents per diluted share from $6.8 million or 26 cents in the same quarter last year.

D. R. Horton Inc (DHI) slid 1 cent to $36.89 after the homebuilder lowered its fiscal 2017 cash flow from operations estimate to $150 million from the previous forecast of about $300 million after the recent hurricanes.

Genuine Parts Company (GPC) surged 7.7% or $6.80 to $94.78 after the automobile parts provider agreed to acquire the U.K.-based privately held rival Alliance Automotive Group from private-equity funds managed by Blackstone and Alliances'' co-founders for about $2 billion, including debt.

The transaction is expected to close in the fourth-quarter of 2017.

General Electric Company (GE) gained 19 cents to $25.06 after the diversified industrial conglomerate agreed to sell its industrial solutions business to Switzerland-based ABB Ltd for about $2.6 billion.

Hellman & Friedman LLC, the private equity group approached the Denmark-based digital payment services provider Nets A/S about $5.3 billion or 33.1 billion kronor.

KKR & Co. L.P (KKR) increased 1.1% or 21 cents to $19.94 and the global investment manager raised its offer for Australia-based non-bank lender Pepper Group Ltd.

The improved proposal from the Red Hot Australia Bidco Pty Ltd owned by KKR Credit Advisors (US) Ltd proposed $3.70 per share or $543 million.

Pepper Group Ltd stock in Australia Stock Exchange jumped 4.3% to $3.65.

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