On Wednesday, Shares of EMC Corporation (NYSE:EMC), gained 1.52% to $26.69.
EMC Corporation, declared it has reached a definitive agreement to acquire privately-held Virtustream. When the transaction closes, Virtustream will form EMC’s new managed cloud services business. The acquisition represents a transformational element of EMC’s strategy to assist customers move all applications to cloud-based IT environments. With the addition of Virtustream, EMC completes the industry’s most comprehensive hybrid cloud portfolio to support all applications, all workloads and all cloud models.
Virtustream CEO Rodney Rogers will report to Joe Tucci, EMC Chairman and CEO.
“Virtustream is an exceptional company and this is a critical and transformative acquisition for EMC in one of the industry’s fastest-growing and most important sectors,” said Joe Tucci. “With Virtustream in place, EMC will be uniquely positioned as a single source for our customers’ entire hybrid cloud infrastructure and services needs. We could not be more delighted that Virtustream will be joining the EMC Federation family. It’s a game changer.”
EMC Corporation develops, delivers, and supports information infrastructure and virtual infrastructure technologies, solutions, and services. It offers enterprise storage systems and software deployed in storage area networks (SAN), networked attached storage (NAS), unified storage combining NAS and SAN, object storage, and/or direct attached storage environments, in addition to provides a portfolio of backup products that support a range of enterprise application workloads.
Two federal agencies issued an order Wednesday to ensure that Plains All American Pipeline finishes the cleanup of what they call the largest coastal oil spill in California in 25 years, according to AP.
The Environmental Protection Agency and the Coast Guard issued the joint Clean Water Act order to ensure the cleanup of heavy crude on land, at the shoreline and in the ocean, to contain the oil and to prevent further contamination.
Representatives from the two agencies said at a news conference that such an order is common in spills and is not in response to any inaction by Plains All America.
Meanwhile, the company said Wednesday it is coming closer to excavating and removing the burst section of pipeline, saying it could happen by the end of the day, AP Reports.
Shares of Plains All American Pipeline, L.P. (NYSE:PAA), inclined 0.70% to $47.39, during its last trading session.
Plains All American Pipeline, L.P., through with its auxiliaries, engages in the transportation, storage, terminalling, and marketing of crude oil, natural gas liquids (NGL), natural gas, and refined products in the United States and Canada. The company operates in three segments: Transportation, Facilities, and Supply and Logistics.
Financial stocks were broadly higher, with the NYSE Financial Sector Index jumping more than 0.7% and the S&P Financial 100 Index advancing more than 0.8%.
However, Shares of American Express Company (NYSE:AXP), lost -0.10% to $80.11, attaining the volume of 5,105,088 shares as compared to its average daily volume of 6,231,110 shares.
American Express Company, together with its auxiliaries, provides charge and credit payment card products and travel-related services to consumers and businesses worldwide. The company operates through four segments: U.S. Card Services, International Card Services, Global Commercial Services, and Global Network & Merchant Services.
Finally, Michael Kors Holdings Limited (NYSE:KORS), ended its last trade with -24.20% loss, and closed at $45.93, hitting its lowest level.
Michael Kors, declared its financial results for the fourth quarter and fiscal year ended March 28, 2015.
For the fourth quarter ended March 28, 2015:
- Total revenue raised 17.8% to $1.1 billion from $917.5 million in the fourth quarter of fiscal 2014. On a constant currency basis, total revenue raised 23.3%.
- Retail net sales raised 14.9% to $469.4 million driven by 121 net new store openings since the end of the fourth quarter of fiscal 2014 and e-commerce sales from the recently launched U.S. e-commerce site, partially offset by a 5.8% decrease in comparable store sales. On a constant currency basis, retail net sales grew 21.1%, and comparable store sales reduced 1.7%. Wholesale net sales raised 20.4% to $570.4 million and on a constant currency basis, wholesale net sales grew 25.8%. Licensing revenue raised 16.5% to $41.3 million.
- Total revenue in North America raised 13.7% to $840.5 million, with a 6.7% decrease in comparable store sales. On a constant currency basis, revenue in North America grew 14.3%, with a 5.8% decrease in comparable store sales. European revenue grew 33.5% to $219.8 million, with comparable store sales decreasing 5.6%. On a constant currency basis, revenue in Europe grew 59.5%, with an 11.0% enhance in comparable store sales. Revenue in Japan raised 42.7% to $19.2 million, with comparable store sales growth of 12.4%. On a constant currency basis, revenue in Japan grew 65.0%, with a 30.0% enhance in comparable store sales.
- Gross profit raised 14.8% to $630.8 million, and as a percentage of total revenue was 58.4%. Gross profit margin was reduced by about 30 basis points due to the change in foreign currency exchange rates. This compares to 59.9% in the fourth quarter of fiscal 2014.
Michael Kors Holdings Limited is engaged in the design, marketing, distribution, and retailing of branded women’s apparel and accessories, and men’s apparel. The company operates in three segments: Retail, Wholesale, and Licensing.
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