U.S. companies that rely heavily on sales to China, counting Apple and fast-food chain Yum Brands, are feeling the pain of China’s move to weaken its currency.
On Tuesday, Shares of Apple Inc. (NASDAQ:AAPL), lost -5.20% to $113.49.
China’s central bank Tuesday devalued the nation’s tightly controlled currency, known as the Renminbi (RMB) or the Yuan, in response to the country’s economic slowdown.
Apple Inc. designs, manufactures, and markets mobile communication and media devices, personal computers, watches, and portable digital music players worldwide. The company also sells related software, services, accessories, networking solutions, and third-party digital content and applications.
Shares of Sysco Corporation (NYSE:SYY), inclined 1.01% to $37.97, during its last trading session.
Sysco Corporation declared financial results for its fourth quarter and fiscal year ended June 27, 2015.
Fourth Quarter Fiscal 2015 Summary
Sales for the fourth quarter were $12.4 billion, an enhance of 0.9% contrast to the same period last year. Food cost inflation was flat, as measured by the estimated change in Sysco’s product costs, with modest inflation in the meat, poultry and frozen categories, offset by modest deflation in the dairy, produce and seafood categories. In addition, sales from acquisitions (accomplished within the last 12 months) raised sales by 0.4%, and the impact of changes in foreign exchange rates reduced sales by 1.4%. Case volume for the company’s Broadline operations grew 3.6% during the quarter, and about 3.2% not taking into account acquisitions. Case volume for Broadline and SYGMA operations combined grew 2.2% and about 1.9% not taking into account acquisitions.
Gross profit was $2.2 billion, an enhance of 3.0% contrast to the same period last year. Gross margin raised 35 basis points to 17.9%.
Sysco Corporation, through its auxiliaries, markets and distributes a range of food and related products primarily to the foodservice or food-away-from-home industry. It operates in Broadline and SYGMA segments.
Finally, RAIT Financial Trust (NYSE:RAS), ended its last trade with 1.71% gain, and closed at $5.36.
RAIT Financial Trust declared that it has priced an underwritten public offering of 8,000,000 common shares at a public offering price of $5.55 per share. The Company has granted the underwriters a 30-day option to purchase up to 1,200,000 additional common shares. The offering is predictable to close on August 5, 2015.
Barclays Capital Inc. and UBS Securities LLC are acting as the joint book-running managers of the offering. JMP Securities LLC, Compass Point Research & Trading, LLC and Ladenburg Thalmann & Co. Inc. are acting as co-managers for the offering.
RAIT Financial Trust operates as a self-managed and self-advised real estate investment trust (REIT). The company, through its auxiliaries, invests in, manages, and services real estate-related assets with a focus on commercial real estate.
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