On Tuesday, Owens-Illinois Inc (NYSE:OI)’s shares declined -0.63% to $22.08.
Owens-Illinois, Inc. (OI) declared that Owens-Brockway Glass Container Inc. (“OBGC”), an indirect wholly owned partner of OI Inc., intends to offer, subject to market and other conditions, a total of $1.0 billion aggregate principal amount of senior notes due 2023 and senior notes due 2025 in a private offering to eligible purchasers under Rule 144A and Regulation S of the Securities Act of 1933, as amended (the “Securities Act”). OBGC`s obligations under the senior notes will be guaranteed on a joint and several basis by Owens-Illinois Group, Inc. (“OI Group”), a direct wholly owned partner of OI Inc. and an indirect parent of OBGC, and the domestic auxiliaries of OI Group that are guarantors under OI Group`s credit agreement.
OBGC anticipates to use the net proceeds from the private offering to fund, in part, its formerly declared acquisition of the food and beverage glass containers business of Vitro, S.A.B. de C.V. and its auxiliaries as conducted in the United States, Mexico and Bolivia (the “Vitro Acquisition”) and to pay related fees and expenses. The private offering of senior notes will be consummated preceding to the consummation of the Vitro Acquisition. Conpresently with the closing of the private offering, the gross proceeds from the sale of the senior notes will be deposited into an escrow account until the consummation of the Vitro Acquisition.
Owens-Illinois, Inc., through its auxiliaries, manufactures and sells glass container products to food and beverage manufacturers primarily in Europe, North America, South America, and the Asia Pacific. It produces glass containers for alcoholic beverages, counting beer, flavored malt beverages, spirits, and wine. The company is also involved in the production of glass packaging for various food items, soft drinks, teas, juices, and pharmaceuticals. It offers glass containers in a range of sizes, shapes, and colors.
Intuit Inc. (NASDAQ:INTU)’s shares gained 0.15% to $105.72.
Intuit Inc. (INTU) QuickBooks Connect is returning to San Jose, Calif., with notable names joining the main stage lineup, counting The Honest Company’s Jessica Alba, founder and chief creative officer, and Brian Lee, co-founder and chief executive officer, in addition to Sekou Andrews, entrepreneur and poetic motivational speaker. Intuit QuickBooks will present these and other speakers with the aim of inspiring attendees and sharing lessons for small business success. Attendees can register at www.QuickBooksConnect.com.
Taking place Nov. 2-4, QuickBooks Connect will unite thousands of entrepreneurs, small businesses, accountants and developers under one roof to get connected, educated and inspired via hands-on breakout sessions, engaging main stage presentations and unique networking opportunities. Building on the success of last year’s event, QuickBooks Connect will feature a dynamic agenda and experience designed to assist attendees’ businesses grow and succeed. Alba, Lee, Andrews and others yet to be declared will speak on Nov. 3 during the main stage event.
Intuit Inc. provides business and financial administration solutions for small businesses, consumers, and accounting professionals in the United States, Canada, the United Kingdom, Australia, India, and Singapore. The company’s Small Business segment provides QuickBooks financial and business administration online services and desktop software; QuickBooks technical support services; financial supplies; and small business payroll products and services.
At the end of Tuesday’s trade, Gap Inc (NYSE:GPS)‘s shares surged 0.49% to $34.65.
Gap Inc (GPS) declared a series of planned actions to position Gap brand for improved business performance and build for the future. Following a thorough evaluation of its business and operations, Gap plans to right-size its specialty store fleet and streamline its headquarter workforce, primarily in North America, as part of the comprehensive effort to deliver more compriseent and compelling product collections and engage customers across all channels.
In order to drive productivity improvements and showcase the brand in the most successful locations, Gap will close about 175 specialty stores in North America over the next few years, with about 140 closures occurring this fiscal year. These changes will not impact Gap Outlet and Gap Factory Stores. In parallel with these moves, the brand will close a limited number of European stores during this period.
Following the fleet optimization effort, the brand will continue to serve North American customers through about 800 Gap stores – comprised of 500 Gap specialty locations and 300 Gap outlet stores – in addition to its dynamic online channels, better reflecting the way recently customers shop across specialty, outlet and online. The brand will continue to have a robust global presence in more than 50 countries and with about 1,600 company-operated and franchise locations globally.
The Gap, Inc. operates as an apparel retail company worldwide. It offers apparel, accessories, and personal care products for men, women, and children under the Gap, Banana Republic, Old Navy, Athleta, and Intermix brand names. The company provides apparel, handbags, shoes, jewelry, personal care products, and eyewear for men and women; and performance and lifestyle apparel for use in yoga, strength training, and running, as well as seasonal sports, including skiing and tennis. It offers its products through company-operated stores, franchise stores, Websites, e-commerce and social sites, and catalogs.
Rackspace Hosting, Inc. (NYSE:RAX), ended its Tuesday’s trading session with 2.54% gain, and closed at $31.11.
Rackspace®(RAX), the #1 managed cloud company, recently declared financial results for the quarter that ended June 30, 2015.
On a GAAP basis, net revenue for the second quarter of 2015 was $489 million, up 11.0 percent from the second quarter of 2014. These results were adversely affected by shifts in currency exchange rates. On a constant currency basis, net revenue grew 13.7 percent from the second quarter of 2014.
Adjusted EBITDA for the quarter was $162 million, up 14.2 percent from the second quarter of 2014. Net income for the second quarter was $29 million, for a margin of 6.0 percent, up from 5.1 percent in the second quarter of 2014.
For the second quarter of 2015, cash flow from operating activities was $123 million, capital expenditures were $152 million, and Adjusted Free Cash Flow was negative $0.7 million. At the end of the second quarter of 2015, cash and cash equivalents were $317 million, and interest-bearing debt counting capital lease obligations totaled $7 million. Return on Capital was 12.1 percent in the second quarter of 2015 contrast to 10.1 percent in the second quarter of 2014.
Rackspace Hosting, Inc., through its auxiliaries, provides cloud computing services and managing Web-based IT systems for small and medium-sized businesses and large enterprises worldwide. The company’s service offering combines hosting on dedicated hardware and on multi-tenant pools of virtualized hardware in a way that suits each customer’s requirements. Its public cloud services refer to pooled computing resources delivered on-demand over the Internet.
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