On Wednesday, Best Buy Co Inc (NYSE:BBY)’s shares inclined 1.18% to $34.23.
Best Buy Co Inc (BBY)’s Geek Squad recently declared the launch of the ninth Geek Squad Academy summer program. This grassroots tech experience inspires under-served teens to consider technology careers and assist address the nation’s widely-anticipated professional labor shortage.
According to the Change the Equation, a group of Fortune 500 companies that encourages students to pursue STEM (science, technology, engineering and math) careers, the American workforce is still failing to pursue different fields. The lack of broad representation in these high-demand areas threatens the U.S. economy by creating a competitive advantage for other countries.
Conducted in partnership with non-profit organizations such as the Boys & Girls Clubs of America, Junior Achievement and Young Adult Library Services Association, Geek Squad Academy classes are designed by Geek Squad Agents to demystify technology and ignite a passion for technology through fun and inspiring hands-on learning. At this year’s sessions, students will explore the ins and outs of technology through subjects like digital citizenship, film production, computer programming and robotics, in addition to 3D printing and circuitry.
Best Buy Co., Inc. operates as a retailer of technology products, services, and solutions in the United States and internationally. Its stores offer consumer electronics comprising primarily of television and home theaters; digital cameras and camcorders; DVD and Blu-ray players; portable electronics, such as MP3 devices, headphones and speakers, car stereo, navigation and satellite radio; and related accessories.
Wendys Co (NASDAQ:WEN)’s shares gained 0.40% to $11.28.
Wendys Co (WEN) declared that it is commencing a modified “Dutch auction” tender offer to repurchase shares of its common stock for an aggregate purchase price of up to $639.0 million (the “tender offer”). The tender offer is part of an $850 million stock buyback program, which also comprises a separate purchase of up to $211.0 million of the Company’s common stock from Nelson Peltz, Peter W. May and Edward P. Garden (who are members of the Company’s Board of Directors), investment funds managed by Trian Fund Administration, L.P. (an investment fund controlled by Messrs. Peltz, May and Garden) and certain of their associates (collectively, the “Trian Group”).
At the Company’s request, to maximize liquidity for other stockholders, avoid impacting the purchase price received by stockholders participating in the tender offer and provide certainty regarding the Trian Group’s participation in the stock buyback program, the Trian Group has agreed, under a purchase agreement with the Company, not to tender or sell any of its shares in the tender offer. Under the same agreement, the Company has agreed, following the completion of the tender offer, to purchase from the Trian Group a pro rata amount of its shares (based on the number of shares the Company purchases in the tender offer) at the same price received by stockholders who take part in the tender offer.
The Trian Group, which owns an aggregate of about 24.8 percent of the Company’s outstanding common stock, intends over the next few months to reduce its ownership position in the Company to between 17 and 19.68 percent through the sale to the Company following the purchase agreement and through additional sales in the open market and / or privately negotiated transactions. Investors should refer to the Offer to Purchase for the tender offer for additional details regarding the Trian Group’s intentions regarding its position in the Company’s stock.
The Wendy’s Company, through its auxiliaries, owns and franchises Wendy’s restaurant system. The company is involved in operating, developing, and franchising a system of quick-service restaurants. As of May 26, 2015, its restaurant system comprised of about 6,500 franchised and company-operated restaurants worldwide.
At the end of Wednesday’s trade, E*TRADE Financial Corp (NASDAQ:ETFC)‘s shares surged 0.23% to $30.84.
E*TRADE Financial Corp (ETFC) stock has appreciated by ~32% over the past six months and by 49% over the last year. The company’s market capitalization has risen to $8.85 billion. E*TRADE stated a decline in its net profits to $85 million in 1Q15—not taking into account a one-time debt retirement charge—contrast to $97 million in 1Q14. The company stated EPS (earnings per share) of $0.29 in 1Q15, beating Wall Street analysts’ estimate of $0.24.
E*TRADE’s total customer assets stood at $299.4 billion in 1Q15—up 11% from 1Q14. It successfully achieved the target of reducing its debt to $1 billion in 1Q15.
Total DARTs (daily average revenue trades) reduced by 14% to 169,951 in 1Q15—contrast to 1Q14. However, they were up by 1% contrast to the previous quarter.
Financial services
E*TRADE Financial Corporation is a financial services company that provides brokerage, related products, and services primarily to individual retail investors. It provides its services under the brand “E*TRADE Financial.” The company also provides investor-focused banking products, primarily sweep deposits to retail investors. Its main strategy is to attract and retain customers by positioning a hybrid model of digital and technology-intensive channels.
The company provides services to its various customers through its website www.etrade.com, desktop software E*TRADE Pro, and mobile applications. It also serves customers through customer service representatives and financial consultants, over the phone or in person through 30 E*TRADE branches.
E*TRADE Financial Corporation, a financial services company, provides brokerage and related products and services primarily to individual retail investors under the E*TRADE Financial brand name. It operates through two segments, Trading and Investing, and Balance Sheet Administration.
Life Time Fitness, Inc. (NYSE:LTM), ended its Wednesday’s trading session with -0.04% loss, and closed at $72.07.
Life Time Fitness, Inc. (LTM) declared the completion of its acquisition by an investor group led by associates of Leonard Green & Partners and TPG. The execution of a definitive merger agreement outlining the terms of the transaction was initially declared on March 16, 2015. Other key investors comprise LNK Partners and Life Time Chairman, President and Chief Executive Officer, Bahram Akradi.
Life Time’s shareholders approved the acquisition on Thursday, June 4, 2015. As a result of the merger, which is valued at more than $4 billion, each outstanding share of Life Time common stock, not taking into account the rollover investment in Life Time stock made by Akradi, was converted into the right to receive $72.10 per share in cash. Additionally, Life Time has become an indirect, wholly owned partner of associates of Leonard Green & Partners and TPG, and the other investors.
Life Time Fitness, Inc., together with its auxiliaries, designs, builds, and operates sports and athletic, professional fitness, family recreation, and spa centers for organizations, communities, and individuals. The company offers programs in various areas, such as group fitness, yoga, swimming, running, racquetball, squash, tennis, pilates, martial arts, kids activities and camps, adult activities and leagues, rock climbing, cycling, basketball, personal training, and weight loss and nutrition initiatives services, in addition to spa, medi-spa, and chiropractic services.
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