On Thursday, Markit Ltd (NASDAQ:MRKT)’s shares declined -0.63% to $28.43.
Markit Ltd (MRKT) declared the launch of a secondary public offering of its common shares. In the offering, which is subject to market and other conditions, certain of Markit’s shareholders intend to offer 24,586,022 common shares for sale and to grant the underwriters the right to purchase up to about 1,700,000 additional common shares from the selling shareholders. The company itself is not selling any shares and will not receive any proceeds from the projected offering.
BofA Merrill Lynch, Barclays, Citigroup, Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co., HSBC, J.P. Morgan, Morgan Stanley, RBC Capital Markets, UBS Investment Bank, BNP PARIBAS, Jefferies, RBS and TD Securities are acting as joint book-running managers for the offering.
As part of the offering, Markit intends to purchase from the underwriters a number of common shares with an aggregate value of about $350 million at a price per common share equal to the price to be paid to the selling shareholders by the underwriters. Markit intends to fund the repurchase through a combination of cash and a drawdown of its revolving credit facility.
Markit Ltd. provides financial information services worldwide. It operates through three divisions: Information, Processing, and Solutions. The Information division provides pricing and reference data, indices, and valuation and trading services across multiple asset classes and geographies through direct and third-party distribution channels. Its products and services are used for independent valuations, research, trading, and liquidity and risk assessments.
Xoom Corp (NASDAQ:XOOM)’s shares gained 0.04% to $24.85.
Xoom Corporation (XOOM), a leading digital money transfer provider, declared financial results for the second quarter of 2015.
- Revenue for the second quarter was $46.3 million, an enhance of 16% from the second quarter of 2014.
- Gross profit for the second quarter was $33.0 million, an enhance of 23% from the second quarter of 2014.
- GAAP net loss for the second quarter was $2.3 million, or a loss of $0.06 per diluted share, contrast to net income of $1.4 million, or $0.03 per diluted share, for the second quarter of 2014.
- Adjusted EBITDA for the second quarter was $3.9 million, contrast to $5.1 million for the second quarter of 2014.
- Non-GAAP net income per diluted share for the second quarter was $0.06, contrast to net income of $0.09 per diluted share for the second quarter of 2014.
Xoom Corporation provides digital consumer-to-consumer online money transfers services worldwide. The company offers money transfer services over the Internet or through a mobile device on its Website at xoom.com, or through its mobile application, the Xoom App. Its customers send money to family and friends from the United States to 32 countries.
At the end of Thursday’s trade, Moody’s Corporation (NYSE:MCO)‘s shares surged 0.65% to $100.82.
Moody’s Corporation (MCO) has updated its methodology for the financial statement adjustments it uses in rating analysis for non-financial corporate globally. The main changes are revised standard adjustments for operating leases and refinement of the criteria for when adjustments are made for securitizations and factoring arrangements.
The updated methodology, “Financial Statement Adjustments in the Analysis of Non-Financial Corporations,” is now accessible on www.moodys.com and can be accessed via this link: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_181430. The update follows a market consultation initiated via a Request for Comment that was published in April 2015.
The most noteworthy changes relate to Moody’s approach to operating leases, placing greater emphasis on capitalizing the minimum legal obligation under lease commitments, which the rating agency estimates by a present value calculation. Moody’s previous approach to capitalizing operating leases derived a debt adjustment for most issuers from a multiple of annual rent. The multiples Moody’s used varied by sector and were established to align with a scenario in which a company borrows to buy assets rather than leasing them. The lower adjusted debt amounts that result in most cases under Moody’s updated approach align with a view that companies leasing assets have more flexibility in their legal and financial arrangements than when they incur debt to purchase the assets.
Under the updated methodology, Moody’s will continue adjusting debt by calculating a present value for each company. The rating agency will use this amount or the amount derived from the use of a sector multiple applied to annual rent. However, present value will be the basis for the capitalized debt amount for many more companies than before because the sector multiples will be lower than they were formerly in almost all cases. Ranging from 3x to 6x, rather than 5x to 8x, the new multiples will serve as a minimum floor to the present value calculation because Moody’s anticipates that companies with very short lease tenors will renew most leases.
Moody’s Corporation provides credit ratings; and credit, capital markets, and economic related research, data, and analytical tools worldwide. The company operates through Moody’s Investors Service and Moody’s Analytics segments. The Moody’s Investors Service segment publishes credit ratings on debt obligations and entities that issue such obligations comprising various corporate and governmental obligations, structured finance securities, and commercial paper programs. This segment provides ratings in about 120 countries.
Lifelock Inc (NYSE:LOCK), ended its Thursday’s trading session with 0.11% gain, and closed at $8.76.
LifeLock, Inc. (LOCK), an industry leader in identity theft protection, declared financial results for the second quarter ended June 30, 2015.
Second Quarter 2015 Financial Highlights:
- Revenue: Total revenue was $145.0 million for the second quarter of 2015, up 25% from $115.7 million for the second quarter of 2014. Consumer revenue was $138.3 million for the second quarter of 2015, up 27% from $109.3 million for the second quarter of 2014. Enterprise revenue was $6.6 million for the second quarter of 2015, up 4.0% from $6.4 million for the second quarter of 2014.
- Net Income: Net income was $0.5 million for the second quarter of 2015, contrast with a net loss of $1.5 million for the second quarter of 2014. Net income per diluted share was $0.01 for the second quarter of 2015 based on 100.3 million weighted-average shares outstanding, contrast with a net loss per diluted share of $0.02 for the second quarter of 2014 based on 92.5 million weighted-average shares outstanding.
- Adjusted Net Income*: Adjusted net income was $10.0 million for the second quarter of 2015, contrast with an adjusted net income of $4.6 million for the second quarter of 2014. Adjusted net income per diluted share was $0.10 for the second quarter of 2015 based on 100.3 million weighted-average shares outstanding, contrast with an adjusted net income per diluted share of $0.05 for the second quarter of 2014 based on 98.1 million weighted-average shares outstanding.
LifeLock, Inc. provides identity theft protection services for consumers; and consumer risk administration services for enterprises in the United States. It protects consumer subscribers through monitoring identity-related events, such as new account openings and credit-related applications; and enterprise customers through delivering on-demand identity risk, identity authentication, and credit information about consumers.
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