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Market Update

Johnson Controls Lifts Outlook, Sirius Pursues Pandora

Author: Mukesh Buch
Last Update: 8:46 PM ET December 05 2016

2:10 PM New York Chesapeake agreed to sell select energy assets for about $450 million. Consolidated Communications intends to acquire FairPoint Communications for $1.5 billion. Ixia exploring company sale. Johnson Controls lifted fiscal outlook.

Tollbooth Index increased 88.27 or 0.8% to 11,069.40.

Earnings Review

Chesapeake Energy Corporation (CHK) jumped 3.6% or 26 cents to $7.49 after the oil and natural gas liquids producer agreed to sell a part of its northern Louisiana-based Haynesville Shale assets for about $450 million to a private company.

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

Consolidated Communications Holdings Inc (CNSL) declined 4.1% or $1.16 to $27.22 after the communications services provider intends to acquire broadband service provider FairPoint Communications Inc in a deal valued for about $1.5 billion, including debt.

The transaction is expected to close by mid-2017.

FairPoint Communications Inc stock surged 11.8% to $19.

Ixia (XXIA) advanced 1.3% or 20 cents to $15.75 after Reuters said the physical and virtual network application provider is exploring to sell the company.

Johnson Controls Plc rose 23 cents to $45.55 after Ireland-domiciled engineering systems maker forecasted fiscal 2017 earnings per share between $2.60 and $2.75 per share, a 13% to 19% growth from the same period a year ago.

The security products and services provider said revenue in the year is estimated to jump between 2.5% and 4.5%.

Sirius XM Holdings Inc (SIRI) gained 1.4% or 5 cents to $4.36 after the satellite radio services provider again approached to acquire the Internet based radio services provider Pandora Media Inc.

We talked about how wed like to find a way to participate, chief executive officer Greg Maffei said to CNBC in November.

Tyson Foods, Inc (TSN) rose 50 cents to $57.55 after the food processing group launched a venture capital fund worth $150 million to invest in high-tech products and services.

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