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

Pearson Sell 22% Stake in Penguin Random House, M&S Revenues Jump

Author: Sarla Buch
Last Update: 10:15 AM ET July 11 2017

4:00 PM Frankfurt Marks and Spencer revenues in the first-quarter increased 2.7%. Pagegroup profit in the first-half surged 18%. Pearson agreed to sell its 22% stake in Penguin Random House to Bertelsmann. Sanofi intends to buy the U.S.-based privately-held vaccines maker.

In London trading, FTSE 100 index dropped 62.36 or 0.9% to 7,307.85 and in Frankfurt the DAX index rose 14.63 to 12,460.60.

In Paris, CAC 40 index decreased 12.63 or 0.2% to 5,153.14.

Marks and Spencer Group Plc declined 4.9% to 322.40 pence after the U.K.-based specialty retailer said group revenues in the first-quarter ending on July 1 increased 2.7% from a year ago to 2.5 billion.

The retailer said revenues in the clothing and home segment fell 0.5% to 852.1 million but revenues in the food business jumped 4.5% to 1.4 billion.

Pagegroup Plc dropped 2.3% to 478 pence after the U.K.-based specialist recruitment services provider stated gross profit in the first-half ending in June surged 17.7% from a year ago to 352.2 million.

Pearson Plc plunged 5.2% to 654.50 pence after the U.K.-based educational publishing services provider agreed to sell 22% stake in its publishing business Penguin Random House to its Germany-based joint-venture partner Bertelsmann SE & Co KGaA for about 776 million or $1 billion.

The transaction is expected to close in September 2017.

Sanofi SA slid 0.4% to 83.55 after France-based therapeutic solutions provider said it intends to acquire the U.S.-based privately-held vaccines biotech company Protein Sciences Corporation for about $650 million.

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

TUI AG increased 0.9% to 12.91 after Germany-based tour operator said it had divested its remaining 8.5 million shares in Hapag-Lloyd AG for 244.4 million or $278.3 million.

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