On Tuesday, Shares of Facebook, Inc. (NASDAQ:FB), gained 0.43% to $81.06, after the company launched ‘Moments,’ a new photo app that uses artificial intelligence, allowing users to privately share photos with friends.
The company said that the app was created because many times people who attend the same events want to share or send photos to each other however, sending numerous photos to multiple people can be a hassle.
To make this process easier, ‘Moments’ uses facial technology to identify which friends are in the pictures, and enables you to privately sync the photos quickly with specific friends.
Facebook, Inc. operates as a social networking company worldwide. It provides a set of development tools and application programming interfaces that enable developers to integrate with Facebook to create mobile and Web applications.
Shares of Metalico Inc. (NYSEMKT:MEA), skyrocketed 47.96% to $0.56, during its last trading session.
Metalico, has agreed to sell the Company to Total Merchant Limited for a total purchase price of about $87 million.
The all-cash deal will comprise a payment to Metalico’s stockholders of $0.60 for each share of Metalico common stock owned by them as of the date of closing. The price comprises roughly $44 million for Metalico’s outstanding equity plus the cost of retiring the Company’s primary term and institutional senior and convertible debt, estimated at about $45 million and the assumption of about $16 million of additional debt as of June 15, 2015.
Total Merchant is an investment vehicle formed to seek appropriate opportunities in the United States metals and commodities market. Total Merchant is controlled by Mr. Chung Sheng Huang, the Chairman of the Board and Managing Director of Ye Chiu Group, one of the leading recyclers and producers of aluminum and aluminum alloys in the world and a prominent Asian scrap metal recycler with operating facilities in China and Malaysia.
Under the terms of the governing Merger Agreement, a partner of Total Merchant will merge with and into Metalico, making Metalico a wholly owned partner of Total Merchant. The merger is subject to certain closing conditions, counting approval of the Merger Agreement by holders of a majority of Metalico’s outstanding common stock and other customary conditions. However, no regulatory approval is required.
The transaction is predictable to close in the third quarter of 2015, but the dates for Metalico’s stockholder meeting to vote on the Merger Agreement and for closing the merger have not yet been determined, although the Merger Agreement has a termination date of September 21, 2015 and we have agreed with our senior lenders that the Merger should be accomplished by August 31, 2015.
Metalico, Inc., together with its auxiliaries, engages in scrap metal recycling business. The company collects and processes ferrous and non-ferrous metals; and collects and processes industrial and obsolete scrap metal into reusable forms, and supplies recycled metals to consumers, counting electric arc furnace mills, integrated steel mills, foundries, secondary smelters, aluminum recyclers, and metal brokers.
Finally, Oasis Petroleum Inc. (NYSE:OAS), ended its last trade with 1.31% gain, and closed at $16.97, as oil futures marked their first gain in four sessions Tuesday as traders bet that data due out this week will show another weekly drop in U.S. crude supplies.
July crude tacked on 45 cents, or 0.8%, to settle at $59.97 a barrel on the New York Mercantile Exchange after tallying a loss of more than 3% over the past three trading sessions.
August Brent crude on London’s ICE Futures exchange fell 25 cents, or 0.4%, to $63.70 a barrel, MarketWatch Reports.
Oasis Petroleum Inc., an independent exploration and production company, focuses on the acquisition and development of unconventional oil and natural gas resources in the North Dakota and Montana regions of the Williston Basin.
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