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STOCK MOVERS

U.S. Movers: Starwood Hotels, Dell, Cal-Maine Foods


Author: Mukesh Buch
ticker.com
Last Update: 2:48 AM ET March 28 2016

2:15 PM New York China-based Anbang Insurance raised its offer for Starwood Hotels to $13.9 billion. Dell agreed to sell its information technology consulting business to Japan-based NTT Data Corp for $3.05 billion.

Tollbooth Index increased 27.08 or 0.3% to 10,640.38.

Earnings Review

Cal-Maine Foods Inc (CALM) soared 6.8% or $3.43 to $53.55 after the shell eggs producer said net sales in the third-quarter ending on February 27 rose 2.8% from a year ago to $449.8 million.

Net income in the quarter surged 26.1% to $64.2 million or $1.33 per diluted share compared to $50.9 million or $1.05 per share from the same quarter last year.

Dell Inc, the personal computer maker agreed to sell its information technology consulting business for hospitals and government departments known as Perot Systems to the Japan-based telephone company NTT Data Corp for about $3.05 billion to fund its pending cash-and-stock.

Perot Systems was founded by former U.S. presidential candidate Ross Perot in 1988 and was acquired by Dell for $3.9 billion in 2009.

Dell plans to trim its debt load since it agreed to a cash-and-stock deal in October to acquire data storage company EMC Corporation worth $67 billion.

Dell seek to divest its Quest Software as well as SonicWall, a data security provider together worth up to $4 billion.

Starwood Hotels & Resorts Worldwide Inc (HOT) jumped 2.3% or $1.88 to $84.01 after the China-based insurer Anbang Insurance Group Co raised its offer for hotel and leisure services provider to about $13.9 billion or $82.75 per share in cash.

However, Marriott reaffirmed and said it was committed to complete the deal but didn''t raise the current offer.

Starwood today plans to hold stockholder meeting to consider the deal with Marriott, and immediately adjourn the meeting until April 8.

Marriott International also announced the special meeting of stockholders scheduled to adjourn on April 8, 2016 to vote on the proposed acquisition of Starwood Hotels in a merger transaction.
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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc