On Monday, CIT Group Inc. (NYSE:CIT)’s shares declined -1.13% to $46.51.
CIT Group Inc. (CIT), a leading provider of commercial lending and leasing services, declared that it has received approval from the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC), and all required state regulators to acquire OneWest Bank and its parent company IMB Holdco LLC. The transaction is predictable to close on August 3, 2015, subject to the satisfaction of remaining closing conditions.
CIT and IMB Holdco have agreed to extend the date after which either party may elect to terminate their Agreement and Plan of Merger, dated July 21, 2014 (the “Merger Agreement”), following an amendment to the Merger Agreement. Additional details regarding the amendment will be offered in a Form 8-K filed by CIT.
CIT Group Inc. operates as the holding company for CIT bank that provides commercial financing and leasing products; and a suite of savings options in the United States. Its Transportation & International Finance segment offers leasing and financing solutions to operators and suppliers in the aviation and railcar industries. It offers aircraft leasing, lending, asset administration, and advisory services to airlines; and term loans, leases, pre-delivery financing, fractional share financing, and vendor/manufacturer financing for corporate and private owners of business jets.
LKQ Corporation (NASDAQ:LKQ)’s shares dropped -0.55% to $30.73.
LKQ Corporation (LKQ) will release second quarter 2015 financial results before the market opens on Thursday, July 30, 2015.
LKQ Corporation, together with its auxiliaries, distributes replacement parts, components, and systems used in the repair and maintenance of vehicles in the United States, the United Kingdom, the Netherlands, Belgium, Northern France, Canada, Mexico, and Central America. The company operates in four segments: WholesaleNorth America, WholesaleEurope, Self Service, and Specialty. It distributes various products, counting aftermarket collision and mechanical products; recycled collision and mechanical products; and refurbished collision replacement products, such as wheels, bumper covers and lights, and remanufactured engines.
At the end of Monday’s trade, Moody’s Corporation (NYSE:MCO)‘s shares dipped -1.34% to $110.32.
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.
Guess?, Inc. (NYSE:GES), ended its Monday’s trading session with 2.37% gain, and closed at $22.06.
Paul Marciano, Co-Founder and Chief Executive Officer of Guess?, Inc. (GES), announced today that Victor Herrero will be his successor and new CEO of Guess?, Inc. in August 2015. Paul Marciano will replace Maurice Marciano as Executive Chairman of the Board and will continue serving as Chief Creative Officer. Maurice Marciano will remain a director, and has been named Chairman Emeritus by the Board of Directors.
Victor Herrero joins Guess? with over twenty years of global experience spanning Europe and Asia. Victor served as the head of Asia Pacific for Inditex Group, the world’s largest fashion retailer with brands including Zara, Massimo Dutti, Pull & Bear, Bershka, and Stradivarius. In the past 10 years, Victor was responsible for building Inditex’s multi-billion dollar business in Asia.
Guess?, Inc. designs, markets, distributes, and licenses lifestyle collections of contemporary apparel and accessories for men, women, and children that reflect the American lifestyle and European fashion sensibilities. It operates through North American Retail, Europe, Asia, North American Wholesale, and Licensing segments. The company’s clothing collection comprises jeans, pants, skirts, dresses, shorts, blouses, shirts, jackets, knitwear, and intimate apparel. It also grants licenses to manufacture and distribute various products that complement its apparel lines, such as eyewear, watches, handbags, footwear, kids and infants apparel, outerwear, swimwear, fragrance, jewelry, and other fashion accessories.
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