On Monday, Shares of Energy Transfer Partners LP (NYSE:ETP), gained 4.44% to $41.38.
Energy Transfer Partners, and Sunoco, declared the dropdown to SUN of the remaining 68.42% interest in Sunoco, LLC and 100% interest in the legacy Sunoco retail business for about $2.226 billion. The transaction will be effective as of January 1, 2016 and is predictable to close in February 2016.
SUN will pay to ETP about $2.2 billion in cash (counting the predictable value of working capital) and will issue to ETP about 5.7 million SUN common units valued at about $194 million based on the five-day volume-weighted average price of SUN’s common units as of November 13, 2015. Pro forma for the dropdown transaction and related equity private placement, ETP will remain the largest unitholder of SUN with an approximate 46% LP interest , reflecting ETP’s continued confidence in SUN’s business and future growth prospects.
The timing of this dropdown transaction is driven by the view that accelerating the dropdown of the remaining retail marketing and wholesale fuel assets to SUN was in the best interest of all parties. SUN anticipates that, following the completion of this transaction, it will not need to raise any additional equity financing in 2016. The transaction is also predictable to be credit neutral to SUN and to be accretive to distributable cash flow and predictable distributions per unit for SUN in 2016 and thereafter.
Energy Transfer Partners, L.P. engages in the natural gas midstream, and intrastate transportation and storage businesses in the United States. The company’s Intrastate Transportation and Storage segment transports natural gas from various natural gas producing areas, in addition to through its ET fuel system and HPL system.
Shares of Tyco International PLC (NYSE:TYC), inclined 1.13% to $35.71, during its last trading session.
Tyco, stated $0.19 in U.S. GAAP diluted earnings per share (EPS) from ongoing operations for the fiscal fourth quarter of 2015 and diluted EPS from ongoing operations before special items of $0.61. Revenue of $2.5 billion in the quarter reduced 7% as compared to the preceding year, primarily due to a 7% negative impact of the stronger U.S. dollar against foreign currencies. Organic revenue declined 1% in the quarter. Acquisitions contributed 2 percentage points of growth, which was partially offset by the impact of divestitures.
For the full year, the company stated U.S. GAAP diluted EPS from ongoing operations of $1.44 and diluted EPS from ongoing operations before special items of $2.24. Revenue of $9.9 billion reduced 4%. Organic revenue growth for the year of 1% and acquisitions growth of 2% were more than offset by a 6% negative impact related to changes in foreign currency exchange rates and a 1% impact related to divestitures.
“We delivered solid operational results this year with strong performance in the fourth quarter, exhibiting effective execution on our productivity initiatives and cost actions amid a challenging macroeconomic environment,” said Tyco Chief Executive Officer George R. Oliver. “The quarter’s margin expansion reflects our progress with our transformation to an operating company. Despite slower growth in the industrial and energy-related end markets, we continue to see pockets of strength across the globe, led by U.S. non-residential construction markets. We anticipate these market conditions to continue in fiscal 2016.
Tyco International plc provides security products and services, fire detection and suppression products and services, and life safety products worldwide. The company operates through three segments: North America Integrated Solutions & Services, Rest of World Integrated Solutions & Services, and Global Products.
Finally, Shares of Dicks Sporting Goods Inc (NYSE:DKS), ended its last trade with -0.94% loss, and closed at $40.78.
DICK’S Sporting Goods, declared its plans for the forthcoming holiday season, ensuring customers are able to find the perfect “Gift That Matters” for the athletes and outdoor enthusiasts on their holiday shopping lists.
With extended store hours, flexible shopping options, in-store and online promotions, a newly improved mobile app and ways to give back to youth sports teams in need, DICK’S is the go-to retailer this holiday season for the entire family.
“Sports provide lasting memories that are passed down through generations,” said Lauren Hobart, Executive Vice President & Chief Marketing Officer, DICK’S Sporting Goods. “We believe gifts from DICK’S Sporting Goods enable special moments with families that really do matter and can be shared together in a special way year after year.”
Dick’s Sporting Goods, Inc. operates as a sporting goods retailer primarily in the eastern United States. The company provides hardlines, counting sporting goods equipment, fitness equipment, golf equipment, and hunting and fishing gear products; apparel; and footwear products and accessories.