12:10 PM New York – Blackstone is in talks to acquire $5 billion of assets from Energy Transfer Partners. Cintas net tumbled 59%. Cal-Maine net swung to a loss as egg prices drop 51% from a record high. Prestige Brands to buy C.B. Fleet for $825 million.
Tollbooth Index edged up 5.84 to 11,186.88.
Blackstone Group LP
, private-equity firm is in talks to acquire stake in assets worth about $5 billion owned by Energy Transfer Partners LP, as the natural-gas pipeline owner seeks to complete $21 billion sale to a sister company.
The news was first reported by Reuters.
) declined 5.3% or $6.30 to $113.76 after the uniforms and cleaning services provider reported revenues in the second-quarter ending in November jumped 6.4% from a year ago to $1.3 billion.
Net income in the quarter tumbled 59.3% to $140.4 million or $1.29 per diluted share compared to the $345.1 million or $3.06 per share from the same quarter last year.
Cintas forecasted revenue in fiscal 2017 in the range of $5.18 billion to $5.23 billion and earnings per share in the range of $4.57 to $4.65.
Cal-Maine Foods Inc
) soared 5.6% or $2.35 to $44.35 after the shell eggs producer said net sales in the third-quarter ending on November 26 plunged 53.6% from a year ago to $253.5 million.
Egg market has been volatile in the last year and farmers are still struggling to ramp up production after avian flu related hen losses.
However, egg prices have plunged 51% from a year ago record level after restaurants were forced to reformulate recipes when egg prices reached record high last summer.
Net in the quarter swung to a loss of $23 million or 48 cents per diluted share compared to the profit of $109.2 million or $2.27 per share from the same quarter last year.
Prestige Brands Holdings, Inc
) jumped 4.5% or $2.21 to $50.95 after the healthcare and household cleaning products marketer intends to acquire women''''s healthcare products maker C.B. Fleet Co for $825 million in cash from private equity group Gryphon Investors.
PPG Industries, Inc
) slipped 59 cents to $94.41 after the paints and coatings maker agreed to sell its assets in Mexico-based Plaka plasterboard and cement-board business to Germany-based drywall and gypsum boards maker Knauf International GmbH.
However, financial terms were not disclosed but transaction is expected to close in the first-half of 2017.