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Market Update

Marriott in $12.2 B Deal with Starwood, Berkshire Trims Goldman Stake

Author: Mukesh Buch
Last Update: 11:04 AM ET November 16 2015

11:05 AM New York – Berkshire Hathaway lowered its stake in Goldman Sachs. Marriott Intl agreed to acquire Starwood Hotels & Resorts for $12.2 billion. Energy Transfer Partners agreed to divest its 68.4% stake of Sunoco LLC for $2.2 billion to Sunoco LP. Dillard''s net plunged 17%.

Tollbooth Index increased 44.18 or 0.4% to 10,663.62.

Earnings Review

Berkshire Hathaway Inc ((BRK.A)) rose $593.95 to $198,418.95 and said in a regulatory filing that it cut shares in Goldman Sachs Group Inc as of September 30 to 11 million, 13% lower from the 12.6 million shares at the end of June quarter.

Dillard''s, Inc (DDS) plunged 6.6% or $5.21 to $72.57 after the fashion apparel, cosmetics and home furnishing retailer said net sales in the third-quarter ending in October fell 1.4% from a year ago to $1.44 billion.

Net income in the quarter plunged 17.2% to $45.7 million or $1.19 per diluted share compared to $55.2 million or $1.30 per share from the same quarter last year.

During the quarter, Dillard’s repurchased 1.9 million shares worth about $174.6 million under its $500 million share repurchase program.

Energy Transfer Partners LP (ETP) jumped 2.9% or $1.17 to $40.79 after the natural gas storage and transportation company agreed to divest its 68.42% stake in Sunoco LLC to convenience store operator Sunoco LP for about $2.23 billion in cash and stock.

The transaction is expected to close in February 2016.

Intercontinental Exchange Inc (ICE) fell 39 cents to $258.08 after the trading exchange operator agreed to acquire commodities trading platform Trayport from BGC Partners Inc and GFI Group Inc for about $650 million in stock.

The transaction is expected to close in the first-quarter of 2016.

Marriott International Inc (MAR) slipped 2.2% or $1.62 to $71.12 after the hotels and resorts operator agreed to acquire Starwood Hotels & Resorts Worldwide Inc for $12.2 billion and create the world''s largest hotel chain.

Under the terms, shareholders of Starwood receive 0.92 shares of Marriott International and $2 in cash per share.

The transaction is expected to close in mid-2016.

Media General Inc (MEG) gained 11 cents to $15.56 after the news, information and entertainment provider rejected a buyout offer worth about nearly $1.9 billion from Nexstar Broadcasting Group Inc.

Media General said the current offer significantly “undervalues the company.”

However, the company plans to negotiate with Nexstar after obtaining permission from Meredith Corp to exchange information.

Media General is currently in a merger discussion with Meredith Corp.

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