Financialinsiders.com Earnings Recap Week Ending June 30th, 2017

Friday, June 30, 2017 General News
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Financialinsiders.com News Commentary

NEW YORK, June 30, 2017 /PRNewswire/ --

U.S. stocks dropped sharply

on Thursday this week and the Dow Jones had the biggest one-day drop in more than a month, as a result of the technology sector resuming its sell-off. The financial sector emerged to be the true winner this week. The losses in the tech sector were so
formidable that all the sector components were in the bearish territory. The gains made in the financial sector should not be overlooked however. Thirty four of the largest banks in the U.S have successfully passed the Federal Reserve's stress test, meaning the banks have strong enough levels of capital to lend money even during a recession. Staples, Inc. (NASDAQ: SPLS), Koninklijke Philips NV (NYSE: PHG), Spectranetics Corp. (NASDAQ: SPNC), Walgreens Boots Alliance Inc. (NASDAQ: WBA), Rite Aid Corporation (NYSE: RAD).

When it comes to mergers and acquisitions, a recent JPMorgan research showed global M&A activity slowed down so far this year. According to a report by CNBC, various market watchers have projected that corporate deals would remain 'robust' this year despite fresh political and economic challenges, but the chances of matching the record breaking year of 2015 are small. However, this week has had several major announcements of important mergers and acquisitions.

Staples, Inc. (NASDAQ: SPLS) on Wednesday agreed to sell itself to private equity firm, Sycamore Partners for $6.9 billion. Under the agreement, Staples' stockholders will receive $10.25 per share in cash for each share of common stock they own. Staples shares surged more than 8 percent to $9.93 per share on Wednesday and rose another 1.6 percent on Thursday. Over the past few years, Staples has been declining in sales and gross profits with stores shrinking in numbers. Sycamore specializes in retailers and already owns specialty retailer Talbots, web-based retailer, Hot Topic and clothing company, The Limited.

Dutch health technology company, Koninklijke Philips NV (NYSE: PHG) on Wednesday announced that it agreed to buy U.S. cardiovascular device maker Spectranetics Corp. (NASDAQ: SPNC) for 1.9 billion euros ($2.16 billion) including debt. Under the term of the agreement, Philips will be paying Spectranetics shareholders at $38.50 per share, which represents around 27% premium on Spectranetics' closing share price on Tuesday. Spectranetics shares jumped as much as 26.23 percent to $38.38 on Wednesday. Spectranetics experienced significant growth in recent years. Philips is hoping to expand its health care sector as seven of Philip's ten biggest financial deals have been in health. Philips expects Spectranetics to make sales of $293 million to $306 million this year, and is expecting growth revenues of double-digit rates in 2018.

Walgreens Boots Alliance Inc. (NASDAQ: WBA), the second biggest pharmacy store chain in the United States, on Thursday announced that it had ended its deal to buy out Rite Aid Corporation (NYSE: RAD), after failing to win antitrust approval. Instead, Walgreens plans to purchase 2,186 Rite-Aid stores for $5.18 billion. Rite Aid's shares plunged as much as 26.46 percent to $2.89 per share after the news, while Walgreens shares were up 1.66 percent to $78.37 per share. With this new deal, Walgreens would be operating more than 10,200 stores and expects about $400 million of cost savings. In addition, Walgreens will have to pay Rite Aid $325 million for terminating the merger. Under the original agreement, Walgreens will take over nearly 4,600 Rite Aid stores and expects around $1 billion of cost savings.

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