During Friday’s Morning trade, Shares of Youku Tudou Inc. (NYSE:YOKU), gained 7.88% to $26.30.
Alibaba Group Holding Limited (BABA) and Youku Tudou Inc. (YOKU) today declared their entry into a definitive merger agreement following which an associate of Alibaba Group (“Alibaba”) will acquire Youku Tudou Inc., a leading multi-screen entertainment and media company in China (“Youku Tudou”), in an all-cash transaction (the “Transaction”).
Upon completion of the Transaction, the shareholders of Youku Tudou, other than the current investment entity controlled by Alibaba, will have the right to receive US$27.60 per American Depositary Share (“ADS”, each representing 18 ordinary shares of Youku Tudou) in cash. The price represents a premium of 35.1% over the closing price of Youku Tudou’s ADSs on October 15, 2015, one day before the date that Youku Tudou declared it had received a “going private” proposal from Alibaba, and a premium of 49.9% to the volume-weighted average closing price of Youku Tudou’s ADSs during the three months before October 15, 2015.
Youku Tudou’s board of directors (the “Youku Tudou Board”), acting on the recommendation of an independent special committee of the Youku Tudou Board (the “Special Committee”), unanimously approved the merger agreement and the Transaction and recommends that Youku Tudou’s shareholders vote to authorize and approve the merger agreement and the Transaction.
Youku Tudou Inc. operates as an Internet television company in the People’s Republic of China. Its Internet television platform enables users to search, view, and share video content across various devices.
Shares of NVIDIA Corporation (NASDAQ:NVDA), inclined 13.88% to $31.55, during its current trading session.
NVIDIA Corporation, stated record revenue for the third quarter ended October 25, 2015, of $1.305 billion, up 7 percent from $1.225 billion a year earlier, and up 13 percent from $1.153 billion in the previous quarter.
GAAP earnings per diluted share for the quarter were $0.44, up 42 percent from $0.31 a year earlier and up from $0.05 in the previous quarter. Non-GAAP earnings per diluted share were $0.46, up 18 percent from $0.39 a year earlier, and up 35 percent from $0.34 in the previous quarter.
Capital Return
During the third quarter, NVIDIA paid $53 million in cash dividends and received an additional 4.6 million shares at the close of the accelerated share repurchase agreement that it had reached in the previous quarter. As a result, the company has returned an aggregate of $604 million to shareholders in the first nine months of the fiscal year. The company intends to return $800 million to shareholders in fiscal 2016.
For fiscal 2017, NVIDIA intends to return about $1.0 billion to shareholders through ongoing quarterly cash dividends and share repurchases.
The company declared an 18 percent improvement in its quarterly cash dividend to $0.115 per share from $0.0975 per share. NVIDIA will pay this next quarterly cash dividend on December 14, 2015, to all shareholders of record on November 20, 2015.
NVIDIA Corporation operates as a visual computing company in the United States, Taiwan, China, the rest of Asia Pacific, Europe, and other Americas. The company operates through two segments, GPU and Tegra Processors.
Finally, The Men’s Wearhouse, Inc. (NYSE:MW), lost -42.13%, and is now trading at $23.24, hitting its lowest level.
The Men’s Wearhouse, offered preliminary comparable sales results and an adjusted EPS outlook for the fiscal third quarter ended October 31, 2015 in addition to estimated comparable sales ranges for fourth quarter and an updated adjusted EPS outlook for fiscal year 2015. These results are based on information available to the Company as of the date of this release and are subject to revision upon finalization of the quarterly accounting and financial reporting procedures. Actual fiscal third quarter results will be stated on December 9, 2015 with a conference call the next morning, December 10, 2015.
The Company is providing an update recently to reflect noteworthy comparable sales weakness at Jos. A. Bank. During the third quarter comparable sales reduced 14.6% at Jos. A. Bank, far below the Company’s earlier expectations. This decrease was primarily driven by a decline in traffic as the Company began the transition away from the Buy-One-Get-Three promotional events.
Third quarter comparable sales raised 5.3% at Men’s Wearhouse with clothing comps of 7.2% driven by higher transactions per store and tuxedo comps of 0.7%. K&G comparable sales for the quarter raised 3.7% driven by higher transactions per store. Moores comparable sales reduced 5.4% primarily driven by weakening macro-economic conditions in Canada.
The Men’s Wearhouse, Inc. operates as a specialty apparel retailer in the United States, Puerto Rico, and Canada. The company operates in two segments, Retail and Corporate Apparel. The Retail segment offers suits, suit separates, sport coats, slacks, formalwear, business casual, sportswear, outerwear, dress shirts, dress pants, overcoats, ties, shoes, and accessories for men in classic, modern, and slim fits in various sizes; and a selection of tuxedo rental products.