On Tuesday, Shares of First Republic Bank (NYSE:FRC), lost -3.19% to $65.81.
First Republic Bank, declared the pricing of an underwritten public offering of 3,000,000 shares of its common stock for predictable gross proceeds of about $199 million before underwriting discounts and commissions and estimated offering expenses. First Republic has also granted the underwriters a 30-day option to purchase up to an additional 450,000 shares from First Republic. BofA Merrill Lynch, Goldman, Sachs & Co., J.P. Morgan and Morgan Stanley & Co. LLC are serving as joint book running managers.
The last stated sale price of its common stock on November 9, 2015 was $67.98 per share. The underwriters propose to offer the shares of common stock for sale from time to time in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part.
First Republic intends to use the net proceeds from the offering for general corporate purposes, which may comprise, among other things, funding loans or purchasing investment securities for its portfolio. Closing of the offering is predictable to occur on or about November 16, 2015, subject to customary closing conditions.
First Republic Bank, together with its auxiliaries, provides private banking, private business banking, real estate lending, and wealth administration services to clients in metropolitan areas of the United States. It operates through two segments, Commercial Banking and Wealth Administration.
Shares of Emerson Electric Co. (NYSE:EMR), inclined -0.11% to $47.79, during its last trading session.
Closet Maid, an industry leader in home organization and storage systems since 1965, is a business of Emerson.
Home Sphere’s BRI Network – the homebuilding industry’s first and only B2B digital lead generation and customer retention platform – has grown stronger recently with the addition of Closet Maid, a 50-year industry leader in home organization and storage systems.
Closet Maid will join Colorado-based Home Sphere’s advanced digital platform to identify qualified leads and expand its reach to a growing network of local and regional builders. HomeSphere’s participating builders in turn gain access to a wide selection of wire, laminate and wood storage systems for use in bedrooms, kitchens, family rooms, laundry rooms, home offices and garages.
“Quality craftsmanship and highly competitive pricing have led Closet Maid to become the No. 1 brand in storage and closet solutions,” said Closet Maid Director of Sales - Builder Division Brian Dougherty. “Home Sphere will enable us to provide our quality products to a larger network of local and regional builders.”
Emerson Electric Co. provides technology and engineering solutions to industrial, commercial, and consumer markets worldwide. It operates through five segments: Process Administration, Industrial Automation, Network Power, Climate Technologies, and Commercial & Residential Solutions.
Finally, Shares of Leap Frog Enterprises, Inc. (NYSE:LF), ended its last trade with -19.10% loss, and closed at $0.720.
Leap Frog Enterprises, declared financial results for the second quarter fiscal year 2016. The Company’s fiscal year covers the twelve-month period ending March 31, 2016.
Summary of financial results for the quarter ended September 30, 2015 contrast to the quarter ended September 30, 2014:
- Merged net sales were $67.2 million, down 41%. U.S. segment net sales were down 41%, and international segment net sales were down 39%.
- Net loss per basic and diluted share was $0.48 contrast to preceding year net loss per basic and diluted share of $0.03.
- Cash and cash equivalents were $52.6 million as of September 30, 2015 contrast to $111.3 million a year ago.
- Total impact of foreign currency exchange rates on net sales was $2.3 million, or negative 2%.
LeapFrog Enterprises, Inc. designs, develops, and markets technology-based learning products and related proprietary content for children worldwide. It operates through United States and International segments.