On Tuesday, Shares of Symantec Corporation (NASDAQ:SYMC), lost -6.85% to $21.34, hitting its lowest level.
Symantec Corporation declared that it has reached a definitive agreement to sell its information administration business, known as Veritas, to an investor group led by The Carlyle Group together with GIC, Singapore’s sovereign wealth fund, and other predictable co-investors for $8 billion in cash. The transaction, which was unanimously approved by Symantec’s Board of Directors, is predictable to close by January 1, 2016.
Upon closing of the transaction, Symantec anticipates to receive about $6.3 billion in net cash proceeds, subject to certain customary post-closing adjustments. Symantec will take a comprehensive and disciplined approach to capital deployment focused on both returning capital to shareholders and investing in the business. The Symantec Board has authorized a $1.5 billion enhance to its existing share repurchase program, bringing the total to $2.6 billion, with $2 billion predictable to be returned to shareholders over the 18 month period following the close of the transaction. The Board has also determined that Symantec will maintain its quarterly cash dividend of $0.15 per common share, which represents an overall enhance to the company’s dividend payout ratio post-separation. Between its dividend and share repurchases, Symantec anticipates to return about 120% of its after-tax domestic cash proceeds from the sale to its shareholders.
Symantec Corporation, together with its auxiliaries, provides security, backup, and availability solutions worldwide. Its products and services protect people and information in various environments from the mobile device and enterprise data center and to cloud-based systems.
Shares of Hilton Worldwide Holdings Inc. (NYSE:HLT), declined -1.11% to $25.85, during its last trading session.
Hilton Worldwide Holdings introduced Digital Key, an all-new feature of the Hilton HHonors app, providing the loyalty program’s members more choice and control over their entire travel experience. Digital Key now gives frequent guests the option to bypass the hotel check-in counter and access their rooms, in addition to any other area of the hotel that requires a key, directly via the Hilton HHonors app on their smartphones. By early 2016, HHonors members will be able to use their smartphones as their room key to enter more than 170,000 rooms at 250 U.S. properties within the Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts and Canopy by Hilton brands.
Since Hilton’s introduction of digital check-in with room selection last July – an industry first – HHonors members have digitally checked-in more than 5 million times to date. In that same time period, the HHonors app has been downloaded more than 2 million times, and customer feedback on digital check-in has been overwhelmingly positive, with 93 percent of guests saying they’ve felt satisfied or extremely satisfied with the experience.
Hilton Worldwide Holdings Inc., a hospitality company, owns, leases, manages, develops, and franchises hotels, resorts, and timeshare properties worldwide. The company operates hotels under 12 brand names, counting Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Canopy by Hilton, Curio-A Collection by Hilton, DoubleTree by Hilton, Embassy Suites Hotels, Hilton Garden Inn, Hampton Hotels, Homewood Suites by Hilton, Home2 Suites by Hilton, and Hilton Grand Vacations.
Finally, Olin Corp. (NYSE:OLN), ended its last trade with -2.96% loss, and closed at $21.31.
Olin Corporation declared that its second quarter 2015 income from ongoing operations was $42.3 million, or $0.54 per diluted share, which compares to income from ongoing operations of $36.6 million, or $0.46 per diluted share in the second quarter of 2014. Sales in the second quarter of 2015 were $535.4 million contrast to $570.4 million in the second quarter of 2014.
Second quarter 2015 results comprised of a pretax gain of $52.2 million related to property damage and business interruption insurance recoveries resulting from the June 2014 incident at one of the two chlor alkali production units at our Becancour, Canada facility. Second quarter 2015 results also comprised of pretax acquisition-related financing and other costs of $22.1 million, raised legacy environmental costs of $3.9 million and pretax restructuring charges of $0.7 million.
Olin Corporation manufactures and sells chlor alkali products in the United States and internationally. The company operates through three segments: Chlor Alkali Products, Chemical Distribution, and Winchester.
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