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.
) 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
) 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
) 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
) 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
) 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.