On Friday, ITC Holdings Corp. (NYSE:ITC)’s shares declined -1.51% to $32.70.
ITC Holdings Corp. (ITC) declared it has filed a major permit application with the U.S. Department of Energy (DOE) for the ITC Lake Erie Connector merchant transmission line. The purpose of the DOE filing is to obtain the Presidential Permit necessary for international border-crossing projects.
The ITC Lake Erie Connector is a projected 1000 MW, bi-directional, High-Voltage Direct Current (HVDC) merchant transmission line that will provide the first direct link between the markets of the Ontario Independent Electricity System Operator (IESO) and PJM Interconnection, LLC (PJM). The ITC Lake Erie Connector will enable transmission customers to more efficiently access energy, capacity, and renewable energy credit opportunities in both markets.
ITC Holdings Corp., together with its auxiliaries, engages in the transmission of electricity in the United States. The company functions as conduit, allowing for power from generators to be transmitted to local distribution systems through its own systems or in conjunction with neighboring transmission systems. It owns and operates high-voltage transmission facilities in Michigan’s Lower Peninsula and portions of Iowa, Minnesota, Illinois, Missouri, Kansas, and Oklahoma.
Brocade Communications Systems, Inc. (NASDAQ:BRCD)’s shares gained 0.08% to $12.35.
Brocade Communications Systems, Inc. (BRCD) is an SDN application that supports an OpenDaylight-based controller that provides real-time policy-based administration for network traffic flows. When coupled with Brocade MLXe routers, the Brocade Flow Optimizer enables service providers and enterprises to gain proactive insight into their network traffic, mitigate network attacks, and eliminate network congestion, with the ultimate aim of improving the end user experience.
Organizations operating in recently’s New IP environment face increasing demands for cloud-based applications and need to support social, mobile, and Big Data initiatives. However, network performance combined with security-related attacks and breaches continue to impede delivery of services and create additional challenges to network and service reliability. The Brocade Flow Optimizer application allows network managers to mitigate network flood attacks, throttle bandwidth intensive workloads, reprioritize rogue traffic, and redirect suspicious activity for further analysis.
Brocade also declared the Brocade NetIron® OS 5.9 software, building on the continued advancement of SDN capabilities in the Brocade MLXe routers. Providing new OpenFlow features, this latest OS release leverages the industry-leading Brocade VersaScale™ programmable forwarding architecture. By using this architecture with SDN applications such as the Brocade Flow Optimizer, organizations can improve visibility over network traffic and simplify forwarding control.
Brocade Communications Systems, Inc. provides storage area networking (SAN) and Internet protocol networking solutions for businesses and organizations worldwide. It operates through SAN Products, IP Networking Products, and Global Services segments. The SAN Products segment offers infrastructure products and solutions, such as fiber channel SAN backbones, directors, fabrics, and embedded switches that assist customers in the development and delivery of storage and server consolidation, disaster recovery and data security, and compliance issues regarding data administration; and fabric extension, switching, and routing solutions.
At the end of Friday’s trade, Marsh & McLennan Companies, Inc. (NYSE:MMC)‘s shares dipped -0.39% to $59.12.
McLennan Companies, Inc. (MMC) declared the launch of the Mercer Pension Risk ExchangeSM.The exchange is a groundbreaking solution that assists plan sponsors execute group annuity buyouts in a shorter timeframe and in a more competitive pricing environment. As the first platform of its kind, the exchange enhances liquidity and price transparency by enabling plan sponsors to continuously monitor pricing and contract terms accessible in the group annuity market. The exchange also provides sponsors with greater exposure to a wider array of insurers that could potentially act as transactional counterparts for a buyout.
The exchange provides real-time online annuity pricing and trigger monitoring, combining a suite of buyout advisory and execution services. These comprise:
- Deal readiness: streamlining the process by creating an industry standard for data preparation and document specification.
- Dynamic monitoring: monitoring prices and metrics in real time to identify when conditions are optimal to execute.
- Execution support: providing comprehensive support to sponsors and fiduciaries to assist navigate the complexities of the buyout execution – ranging from insurer due diligence and asset preparation through to contract negotiation.
Marsh & McLennan Companies, Inc., a professional services firm, provides advice and solutions primarily in the areas of risk, strategy, and people worldwide. It operates in two segments, Risk and Insurance Services; and Consulting. The Risk and Insurance Services segment offers risk administration services, such as risk advice, risk transfer, risk control, and mitigation solutions, in addition to insurance, reinsurance broking, catastrophe and financial modeling services, and related advisory services. This segment provides its services for businesses, public entities, insurance companies, associations, professional services organizations, and private clients.
Ocean Rig UDW Inc (NASDAQ:ORIG), ended its Friday’s trading session with -3.14% loss, and closed at $6.16.
Ocean Rig UDW Inc (ORIG) declared that it closed the formerly declared offering of 28,571,428 shares of its common stock, par value $0.01 per share, at a price of $7.00 per share. As part of the offering, George Economou, our Chairman, President and Chief Executive Officer, purchased $10 million, or 1,428,571 shares, of common stock in the offering at the public offering price, a number of common shares that maintains his direct ownership in Ocean Rig, representing about five percent of its common stock.
Clarksons Platou Securities, Inc., Pareto Securities Inc. and Seaport Global Securities LLC acted as joint lead managers, joint bookrunners and placement agents in the offering. Clarksons Platou Securities AS and Pareto Securities AS are acting as placement agents. The total net proceeds to the Company from the offering, after deducting offering fees and expenses, were about $193.9 million. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes, counting the acquisition of drilling rigs.
Ocean Rig UDW Inc., an offshore drilling contractor, provides oilfield services for offshore oil and gas exploration, development, and production drilling. It specializes in the ultra-deepwater and harsh-environment segment of the offshore drilling industry. As of December 31, 2014, the company operated a fleet of two ultra-deepwater drilling rigs and seven drillships. It serves oil companies, integrated oil and gas companies, state-owned national oil companies, and independent oil and gas companies. The company is based in Nicosia, Cyprus. Ocean Rig UDW Inc. is a subsidiary of DryShips Inc.
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