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T3's Take 3: Merger Monday Is Mixed Monday


Today's financial recap and tomorrow's financial outlook.

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Bring in the Deals

Today truly was merger Monday, with multiple deals across various sectors.. 

Duke Energy's (DUK) announced the acquisition of Piedmont Natural Gas (PNY) for $4.9 billion, about $60 per share and 40% premium of Friday's closing stock price. Duke Energy CEO, Lynn Good, stated that the acquisition will provide a growing natural gas platform thus benefiting its customers, communities and investors. Piedmont Natural Gas will retain its name, operating as a business unit of Duke Energy. 

Auto parts company, Bridgestone will buy auto repair chain Pep Boys (PBY) for $835 million, about $15 a share. The company will be wholly owned by Bridgestone once the transaction is completed. The acquisition will add almost 800 locations to Bridgestone's 2200 automotive service centers. 

In the financial sector, Intercontinental Exchange (ICE) is acquiring Interactive Data Holdings for $5.2 billion.

Plus, (CTRP) and Qunar (QUNR) announced a share swap and parternship that will create China's largest travel company.

And Starwood Capital is buying $5.5 billion worth of apartments from Equity Residential (EQR).

US Markets

Markets were lower today. The S&P 500 closed down 0.2%, largely because of a decline in Apple (AAPL) and serious weakness in energy stocks.

Apple shares fell 3.3% today in response to weak earnings from supplier Dialog Semiconductor, which fell more than 20% in London. 

The news hit many Apple suppliers, including Cirrus Logic (CRUS) and Skyworks Solutions (SWKS).

Oil prices suffered from worries of oversupply and warm weather, which weighed on energy stocks. 

The Energy Select Sector SPDR ETF (XLE) fell 2.5% today, dramatically underperforming the market.

Earnings News

This morning saw some earnings beats. 

Software producer Check Point (CHKP) reported EPS of $1.04 EPS, beating by six cents. Revenue was in-line with expectations at $403 million.  Shares finished up 0.7%.

LendingTree (TREE) surged an impressive 23.5% after it reported a 100% jump in profit, and impressive guidance.

Xerox (XRX) was the big decliner of today's earnings announcers, dropping 3.3% after reporting a loss in Q3.

Tuesday's Financial Outlook

US economic news for tomorrow will include durable goods orders, S&P Case-Shiller, Markit US composite PMI, consumer confidence, and Richmond fed manufacturing. 

Overseas economic data includes Swiss UBS consumption indicator, British GDP, China's  leading index, and Australian CPI.

Tomorrow morning, Alibaba (BABA), Comcast (CMCSA), Dupont (DD), Ford Motor (F), JetBlue (JBLU), T-Mobile (TMUS), and UPS (UPS) report before the open.

After the close, Apple (AAPL), and Gilead (GILD) report.
No positions in stocks mentioned.
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