On Wednesday, Shares of Verizon Communications Inc. (NYSE:VZ), gained 1% to $45.35.
The Federal Communications Commission recently approved the projected $10.54 billion sale of Verizon’s local wireline network assets and operations in California, Florida and Texas, to Frontier Communications.
The following statement should be attributed to Michael E. Glover, senior vice president and deputy general counsel, Verizon public policy and government affairs:
“We appreciate the FCC’s thorough review and timely approval which confirms that this transaction is in the public interest and will benefit customers in California, Florida and Texas. Last May, the U.S. Department of Justice also reviewed and cleared the projected sale, further confirming that the transaction does not present market competition issues. With these approvals in hand, we look forward to promptly receiving the remaining regulatory approvals in the coming months.”
The projected sale of Verizon’s wireline properties in California, Florida and Texas, to Frontier Communications was declared on February 5, 2015. The companies anticipate completion of the transaction by the end of the first quarter of 2016.
Verizon Communications Inc., through its auxiliaries, provides communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide.
Shares of Opko Health, Inc. (NYSE:OPK), inclined 4.53% to $11.30, during its last trading session.
OPKO Health declared that the U.S. Food and Drug Administration (FDA) has approved VARUBI™ (rolapitant) in combination with other antiemetic agents in adults for the prevention of delayed nausea and vomiting associated with initial and repeat courses of emetogenic cancer chemotherapy, counting, but not limited to, highly emetogenic chemotherapy.
“We are extremely happy that our partners at TESARO were able to successfully develop and obtain FDA approval for VARUBI. TESARO’s excellent administration team is the ideal partner to successfully commercialize and reach VARUBI’s full commercial potential,” commented Phillip Frost, MD, OPKO’s Chairman and Chief Executive Officer.
OPKO Health, Inc., a biopharmaceutical and diagnostics company, engages in the discovery, development, and commercialization of novel and proprietary technologies in the United States and internationally. It operates through two segments, Pharmaceuticals and Diagnostics.
Finally, The Valspar Corporation (NYSE:VAL), ended its last trade with 2.30% gain, and closed at $72.79.
The Valspar Corporation stated fiscal third quarter 2015 net sales of $1.15 billion, a decrease of 7 percent over the preceding year. Total volume was flat as growth in the Coatings segment was offset by the predictable decline in the Paints segment. The effects of foreign currency translation negatively influenced net sales by 5 percent; and acquisitions added 2 percent to net sales in the quarter. Stated net income of $103 million and earnings per diluted share of $1.25 for the current fiscal year comprise nonrecurring items, which are detailed in the “Reconciliation of Non-GAAP Financial Measures” comprised in this release. Third quarter 2015 adjusted net income and earnings per diluted share, not taking into account these nonrecurring items, were $109 million and $1.33, respectively. Third quarter 2014 adjusted net income and earnings per diluted share were $103 million and $1.21, respectively.
Fiscal Third Quarter 2015 Segment Results
Net sales in the Coatings segment reduced 6 percent to $640 million from $685 million in the fiscal third quarter of 2015. Net sales in local currency were flat, and volumes were up 1 percent. The improvement in volume was led by the General Industrial product line and continued growth in the Coil product line. Coatings segment adjusted earnings before interest and taxes (EBIT) of $120 million declined 2 percent from $122 million, driven by the impact of currency translation and a slight decline in sales, partially offset by benefits from productivity initiatives and improvements in cost/price. Adjusted EBIT as a percent of net sales rose to 18.7% from 17.8% in the preceding year.
Net sales in the Paints segment reduced 7 percent to $444 million from $480 million in the fiscal third quarter of 2015. Net sales in local currency declined 3 percent, and volumes were down 4 percent. The acquisition of Quest Specialty Chemicals added 3 percent to segment volume and 6 percent to segment net sales. Volume growth in international regions was more than offset by a decline in North America. The volume decline in North America was driven by the formerly revealed product line adjustment at a noteworthy customer and by difficult preceding year comparisons when the company launched new products in the home improvement channel. Paints segment adjusted EBIT of $52 million was up 18 percent from $44 million in the preceding year. The decline in volume was more than offset by benefits from productivity initiatives, lower operating expenses, improved cost/price, and the Quest acquisition. Adjusted EBIT as a percent of net sales rose to 11.7% from 9.1% in the preceding year.
The Valspar Corporation develops, manufactures, and distributes a range of coatings, paints, and related products worldwide. It operates in two segments, Coatings and Paints.
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