On Friday, Shares of Ally Financial Inc (NYSE:ALLY), lost -0.28% to $21.39.
Ally Financial stated net income of $182 million, which comprised of a $155 million pre-tax charge for the extinguishment of legacy, high-cost debt. This compares to net income of $576 million in the preceding quarter and $323 million for the second quarter of 2014. A generally accepted accounting principles (GAAP) loss of $2.22 per common share in the second quarter of 2015 was primarily driven by the redemption of $1.3 billion of Series G preferred securities during the quarter.
The company stated core pre-tax income of $435 million, not taking into account repositioning items, in the second quarter of 2015, contrast to $490 million in the preceding quarter and $417 million, in the comparable preceding year period. Adjusted earnings per diluted common share for the quarter were $0.46, contrast to $0.52 in the previous quarter and $0.42 in the preceding year period.
Driving results this quarter was improved net financing revenue, which totaled $927 million in the second quarter of 2015, up from $912 million in the second quarter of 2014, led by strong retail auto loan growth and lower cost of funds, which more than offset a decline in net lease revenue. The reduction in cost of funds also raised net interest margin, not taking into account original issue discount (OID), by 11 basis points to 2.58 percent, quarter-over-quarter. Provision expense of $140 million was up from $63 million in the second quarter of 2014, due to strong consumer auto loan growth and the reduction of mortgage reserves in the preceding period. Expenses declined by $84 million, or more than 10 percent year-over-year, driven by lower controllable expenses and weather losses.
Ally Financial Inc. provides financial products and services primarily to automotive dealers and their customers in the United States. It offers dealer financial services, counting a range of financial services and insurance products to automotive dealers and retail customers.
Shares of Intrexon Corp (NYSE:XON), inclined 7.01% to $45.48, during its last trading session.
Intrexon Corporation declared that it has priced its formerly declared underwritten public offering of common stock comprising of 4,878,049 shares at a public offering price of $41.00 per share. Gross proceeds to Intrexon from this offering are predictable to be about $200 million and Intrexon intends to use the net proceeds from this offering for general corporate purposes in addition to for planned acquisitions or investments.
Intrexon has granted the underwriters a 30-day option to purchase up to an additional 731,707 shares of common stock offered in the public offering. All of the shares in the offering will be sold by Intrexon. The offering is predictable to close on August 26, 2015, subject to customary closing conditions. JMP Securities LLC is acting as sole book-running manager and Stifel is acting as lead manager for the offering. Griffin Securities and Wunderlich Securities are acting as co-managers for the offering.
Intrexon Corporation, a biotechnology company, operates in the synthetic biology field in the United States. The company, through a suite of proprietary and complementary technologies, designs, builds, and regulates gene programs, which are DNA sequences that comprise of key genetic components.
At the end of Friday’s trade, Shares of King Digital Entertainment PLC (NYSE:KING), lost -0.99% to $13.01.
Discover a new island and a new way of life! King Digital Entertainment plc (KING), a leading interactive entertainment company for the mobile world and the creator of the Candy Crush franchise, will transport players to a tropical island paradise as it launches its first simulation game, Paradise Bay. Accessible to download for free on iOS recently and coming to Android soon, players will embark on an exciting journey of exploration and discovery as they build and customize their very own tropical paradise and return the island to its earlier days of flourishing prosperity and booming business.
Paradise Bay starts as players arrive on the island in a quest to transform their new home into a thriving port and market. They will journey through lands of crystal clear waters and the bluest of skies, collecting long-lost map pieces and selling their wares to players from around the world. They will also discover exciting new islands where they can find great deals, unique gifts and surprises and trade with the characters they meet. New trade routes will open up and new relationships will blossom, creating a world of endless discovery and possibility.
Along the way, players will meet a quirky cast of colorful characters, counting local residents Keani and Finn, and animals like Skippy the turtle, a gaggle of seagulls and more, who will assist spread the word of their thriving island and unearth new opportunities, treasures and discoveries.
King Digital Entertainment plc, an interactive entertainment company, produces and distributes digital games on multiple platforms in the United States, the United Kingdom, Germany, and internationally.
Finally, Parker-Hannifin Corporation (NYSE:PH), ended its last trade with -1.99% loss, and closed at $106.01.
Parker Hannifin Corporation declared that Jeff Cullman, Vice President, and President - Hydraulics Group, will retire effective October 1, 2015 after 36 years of dedicated service to the company. Separately, the company recently declared that Bob Bond, Vice President and President - Fluid Connectors Group, has been elected to a newly created position as Vice President - eBusiness, IoT and Services, effective September 1, 2015. As a result of these changes, the company is making a number of related changes for several operating groups, effective September 1, 2015.
“I would like to thank Jeff for his contributions to Parker and his many years of loyal service,” said Lee Banks, President, and Chief Operating Officer. “Jeff has been President of the Hydraulics Group during a time of tremendous growth and transformation and has solidified our global leadership position in this key technology for Parker. He leaves the group well positioned for future growth and success.”
Mr. Cullman has had an outstanding career at Parker since joining the company in 1978 as a Hydraulics Group Administration Trainee and Field Sales Engineer. He advanced through positions such as Product Sales Manager and Business Unit Manager before broadening his experience by serving as Operations Manager and Division General Manager in the Automation Group. After an assignment as Vice President of Sales and Marketing for the Hydraulics Group in 2000, Cullman progressed in roles as a Vice President of Operations for the Seal and Hydraulics Groups before becoming Hydraulics Group President in 2006. Under his leadership, Parker has solidified its global leadership position in hydraulics with a reputation for quality products and services. He has also championed an raised focus on systems and electronics development.
Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. It operates through two segments, Diversified Industrial and Aerospace Systems.
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