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U.S. Movers: Apple, Brigade Capital, General Electric, J.B. Hunt

Author: Mukesh Buch
Last Update: 12:05 PM EST December 28 2017

11:55 AM New York City, New York – Apple is in talk with Riyadh for strategic investments in the region. Brigade Capital opposed Humana to deal with Kindred Healthcare. GE increases stake in Sweden-based Arcam Aktiebolag. J.B. Hunt declined despite beating fourth-quarter estimate.

Tollbooth Index increased 22.46 or 0.2% to 13,823.22.

Earnings Review

Apple Inc (AAPL) gained 85 cents to $171.45 after Reuter said mobile and media devices maker is in licensing discussions with Riyadh on investing in Saudi Arabia with SAGIA, Saudi Arabia’s foreign investment authority.

Brigade Capital Management, LP, privately held hedge fund operator announced that it is opposed to the acquisition of Kindred Healthcare by affiliates of TPG Capital, Welsh, Carson, Anderson & Stowe and Humana and added the offer price is “grossly inadequate price of $9 per share.”

Brigade said it owns 5.8% stake in the company, the fifth largest shareholder in Kindred.

Humana, TPG Capital and Welsh, Carson, Anderson & Stowe agreed to acquire home healthcare operator Kindred on December 19 for about or $9 per share in cash or $810 million.

General Electric Company (GE) slid 7 cents to $17.31 after the industrial conglomerate’s wholly owned subsidiary GE Sweden Holdings AB, is increasing its stake to 95% from 77% in Sweden-based Arcam Aktiebolag Publ for 345 Swedish kronor per share.

J.B. Hunt Transport Services, Inc (JBHT) dropped 2% or $2.31 to $113.17 after the surface transportation services provider lowered fourth quarter 2017 net income forecast to the range of $85 million to $90 million and diluted earnings per share between 77 cents and 82 cents from the earlier estimate of net income of $117.6 million and diluted earnings per share of $1.05.

However, the transportation services provider lifted revenue growth in the fourth-quarter to between 10% and 16% or in the range of $1.9 billion to $2 billion from $1.72 billion in the same period a year ago.
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc