DuPont and other large companies published unfavorable earnings reports and lowered the guidance for full-yea performance; Moody’s on Tuesday downgraded the credit rating of the five regions in Spain; a two-day Federal Reserve monetary policy meeting is held today, and U.S. stocks fell sharply in early trading.
There are several mergers and acuisitions came in our eyes, U.S. retailer Target Corporation (TGT) announced that it plans to sell its consumer credit card portfolio to Toronto-Dominion Bank (TD) for approximately $5.9 billion. Target siad it hopes to sell this segment for the first time over the near two years and now Target has finally found the appropriate buyer. Toronto-Dominion Bank will pay as much as the gross value of the outstanding receivables at the completition of transaction. TGT and TD shares traded down 0.69% and 1.64%, respectively, in the morning session.
Target Corporation primarily operates general merchandise stores in the United States. Its U.S. Credit Card Segment offers credit to guests through its branded credit cards, the Target Visa and the Target Card.
Annapolis Bancorp (ANNB) stock price skyrockted more than 46% on Tuesday the after bank holding company of BankAnnapolis and F.N.B. Corp.( FNB) jointly announced a merger agreement, under the terms of which, Annapolis Bancorp will buy the latter for $12.09 per share in stock, or $51 million on the basis of closing stock prices as of Friday. FNB share price fell 2.62% this morning.
The Atlanta-based package delivery company, United Parcel Service Inc. (UPS) said it expects to close it’s the acquisition of Dutch rival TNT Express NV “early next year.” UPS and TNT reached an agreemnt in March this year, pursuant to which the former would buy the latter for roughly 5.16 billion euros, in order to expand the former’s market share in Europe. Both companies expected to complete the deal in the third quarter but subsequently pushed the date back several times because of the prolonged regulatory review. UPS stock price rose 2.52% in the morning session on Tuesday.
Stock price of Cogo Group Inc (COGO) shot up more than 21% this morning, after the company announced it has sold part of its assets to its CEO and chairman, Jeffrey Kang, pursuant to the agreement signed with the latter.
Cogo Group, a provider of customized module design solutions to the digital media, telecommunications equipment and industrial business markets, announced on September 24, CEO and chairman, Jeffrey Kang had proposed to buy part of the susidiaries of the company, which accounts 30% of the assets, debts and operations of Cogo Group. The purchase price was $78 million and would be paid in two parts.