On Friday, CNH Industrial NV (BIT:CNHI)’s shares declined -1.73% to $7.94.
CNH Industrial NV (CNHI) declares that its wholly owned partner, CNH Industrial Capital LLC, has accomplished its offer to exchange up to $500,000,000 in aggregate principal amount of its 3.375% Notes due 2019 that have been registered under the Securities Act of 1933, as amended, for its outstanding unregistered 3.375% Notes due 2019.
The exchange offer expired at 5:00 p.m., New York City time, on May 26, 2015. Based on the final count by the exchange agent for the exchange offer, as of 5:00 p.m., New York City time, on May 29, 2015, $494,700,000 in aggregate principal amount of the outstanding 3.375% Notes due 2019 had been tendered, representing 98.94% of the aggregate principal amount of the outstanding 3.375% Notes due 2019.
CNH Industrial N.V. designs, produces, markets, sells, and finances agricultural and construction equipment, trucks, commercial vehicles, buses, and specialty vehicles, engines, transmissions, and axles worldwide. The Agricultural Equipment segment provides farm machinery and implements, counting two-wheel and four-wheel drive tractors, crawler tractors, combines, cotton pickers, grape and sugar cane harvesters, hay and forage equipment, planting and seeding equipment, soil preparation and cultivation implements, and material handling equipment. This segment offers its products under the New Holland Agriculture, Case IH Agriculture, Steyr, and Miller brand names. The Construction Equipment segment offers excavators, crawler dozers, graders, wheel loaders, backhoe loaders, skid steer loaders, telehandlers, and trenchers under the New Holland Construction and Case Construction brand names.
Houghton Mifflin Harcourt Co (NASDAQ:HMHC)’s shares decreased -2.04% to $25.98.
cholastic Corporation (SCHL), the global children’s publishing, education and media company, declared recently it had accomplished the formerly stated sale of its Educational Technology and Services business segment (“EdTech”) to Houghton Mifflin Harcourt Company (HMHC), counting the equity in International Center for Leadership in Education and Tom Snyder Productions, Inc., for $575 million in cash, subject to adjustment. The sale was accomplished following a Stock and Asset Purchase Agreement reached on April 24, 2015, as formerly revealed in a Current Report on Form 8-K filed with the Securities and Exchange Commission. With the completion of the sale, Scholastic will remain focused on growing its core children’s book business, counting school book clubs, book fairs and trade, and the publishing and sale to schools of print and digital instructional materials, both in the US and around the world, with a major presence in Canada, Australia, UK, and Asia.
Scholastic will provide information concerning the sale of the EdTech business, counting unaudited pro forma condensed merged financial information of the Company reflecting the disposition of this business on a Form 8-K to be filed, as required, within four business days of the completion of the sale. Additional information will be issued in connection with the Company’s fourth quarter earnings release and in the Company’s subsequent Annual Report on Form 10-K in July 2015.
Houghton Mifflin Harcourt Company provides education solutions for educational institutions and consumers worldwide. It delivers content, technology, and services to about 50 million students. The company operates in two segments, Education and Trade Publishing. The Education segment develops, publishes, and markets various comprehensive curriculum programs that focus on reading, literature and language arts, mathematics, science, world languages, and social studies for the pre-K-12 market; and comprehensive intervention solutions for assisting English language learners, in addition to products providing incremental instruction in a particular subject area.
At the end of Friday’s trade, Masco Corporation (NYSE:MAS)‘s shares surged 0.33% to $27.42.
Masco Corporation (MAS)’s adjusted earnings of 20 cents per share in the first quarter of 2015 lagged the Zacks Consensus Estimate by 4.8%. Net sales of $2.02 billion missed the Zacks Consensus Estimate by about 1%. However, both earnings and revenues raised year over year.
Adjusted earnings raised 43% year over year driven by improved revenues and strong margins. Net sales raised 2.7% year over year.
During the first quarter of 2015, the company witnessed higher demand for its products given the increasing momentum in the repair and remodeling industry and new home construction activities. First quarter 2015 was also marked by favorable relationship between selling prices and commodity costs and benefits from cost control initiatives. However, unfavorable foreign currency hurt overall results in the first quarter of 2015.
Foreign currency cut adjusted earnings by 2 cents during the quarter. Unfavorable foreign currency, due to weaker euro against a stronger U.S dollar, dragged net sales by $77 million during the quarter.
Segment wise, the company stated strong sales growth in Cabinet, Decorative Architectural Products, Other Specialty Products and Installation segments. However, Plumbing segment revenues declined during the quarter due to a stronger U.S dollar. But again, though the Cabinet segment stated higher revenues, it continued to report losses, indicating that the segment will require some more time to recover.
Masco Corporation manufactures, distributes, and installs home improvement and building products worldwide. The company’s Cabinets and Related Products segment provides cabinetry for kitchen, bath, storage, home office, and home entertainment applications; and kitchen countertops, and integrated bathroom vanity and countertop solutions.
Halozyme Therapeutics, Inc. (NASDAQ:HALO), ended its Friday’s trading session with 1.17% gain, and closed at $19.97.
Halozyme Therapeutics, Inc. (HALO) an oncology biotech company, recently declared its chief financial officer David Ramsay will retire this summer, and named biotech veteran Laurie Stelzer as his successor. Stelzer will assume CFO duties on June 15 and will work with Ramsay through a transition period.
Most recently at Shire, Stelzer served as senior vice president of Finance for R&D, Technical Operations and Business Development, and was formerly Division CFO for Regenerative Medicine. Before Shire, she spent 15 years at Amgen, in senior leadership roles in finance and business development with responsibilities counting the U.S., Canada and International Markets, ultimately serving as the company’s acting treasurer. In this role, she led a leveraged recapitalization that comprised of $10 billion in bond offerings and the corresponding expanded share buyback program, which contributed to an enhance in shareholder value. Stelzer earned her B.S. in Accounting from Arizona State University and MBA from the UCLA Anderson School of Administration.
Halozyme Therapeutics, Inc., a biotechnology company, researches, develops, and commercializes human enzymes. Its human enzymes are used to facilitate the delivery of injected drugs and fluids, enhancing the efficacy and the convenience of other drugs or can be used to alter abnormal tissue structures for clinical benefit.
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