On Tuesday, Lumber Liquidators Holdings Inc (NYSE:LL)’s shares inclined 5.99% to $21.58.
Lumber Liquidators Holdings Inc (LL) declared that it has decided to stop the sale of laminated flooring products imported from China.
Lumber Liquidators has been in troubled waters since a report aired on “60 Minutes” on Mar 1, which accused the company of selling Chinese flooring laminates containing formaldehyde levels that do not meet California emissions standards.
Last month, the company declared that it would suspend the sale of these products until the board committee finished its assessment of its sourcing compliance program. It has finally decided to stop selling these products altogether.
In May, the company’s CEO Robert. M. Lynch had unpredictable quit without any explanation. Lynch’s resignation came after CFO Daniel Terrell’s decision to step down.
Earlier this week, the company also terminated and replaced its Chief Merchandising Officer, William K. Schlegel.
Lumber Liquidators Holdings, Inc., together with its auxiliaries, operates as a multi-channel specialty retailer of hardwood flooring, and hardwood flooring enhancements and accessories. It primarily offers solid and engineered hardwood products; laminate floorings; bamboo floor products, cork floorings, and vinyl plank flooring; wood flooring moldings; butcher block kitchen countertops, and staircase treads and risers; and accessories, such as sealers, adhesives, and underlayments, in addition to flooring tools and floor cleaning supplies.
Boeing Co (NYSE:BA)’s shares dropped -0.84% to $144.48.
Boeing Co (BA) board of directors has elected Dennis A. Muilenburg the company’s 10th chief executive, succeeding W. James (Jim) McNerney, Jr., who held the position for the past 10 years. Muilenburg, who has served as Boeing president and chief operating officer since 2013, becomes president and CEO on July 1.
McNerney, who joined Boeing’s board of directors in 2001, continues as its chairman. To ensure a smooth transition of his CEO responsibilities to Muilenburg, he will continue working as a company employee until retiring at the end of February 2016, and continue advocating on issues important to Boeing’s U.S. and global customers, partners and stakeholders, counting ongoing Washington, D.C., engagement. Kenneth M. Duberstein, Boeing’s independent lead director, continues in that capacity, and Muilenburg has been elected a member of the board.
The Boeing Company, together with its auxiliaries, designs, develops, manufactures, sells, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight, and launch systems and services worldwide. The company operates in five segments: Commercial Airplanes, Boeing Military Aircraft, Network & Space Systems, Global Services & Support, and Boeing Capital.
At the end of Tuesday’s trade, Home Properties, Inc. (NYSE:HME)‘s shares dipped -0.55% to $73.60.
Home Properties, Inc. (HME) has inked a deal with an associate of Lone Star Funds, the Dallas, TX-based private equity firm, under which the latter will acquire the former for around $7.6 billion. Upon completion of the merger transactions, the Rochester, NY-based residential real estate investment trust (“REIT”) will turn into a privately held entity. Further, with the execution of the deal, UDR, Inc. UDR, the leading multifamily REIT, will acquire certain assets of Home Properties.
Per the agreement, Lone Star Funds will pay $75.23 for each outstanding common share of Home Properties, indicating a premium of around 9% over the latter’s unaffected closing price on Apr 24, 2015. This acquisition will likely benefit the REIT’s shareholders by providing compelling value for their investments. On the other hand, integration with Home Properties’ robust platform, unique assets and talented team will be accretive for Lone Star Funds, going forward.
Separately, Home Properties also inked a deal to sell properties comprising as many as 3,246 units, to UDR, in exchange for a combination of cash and units issued by a newly formed partner of UDR.
Home Properties, Inc. is an independent real estate investment trust. The firm invests in the real estate markets of the United States. It is engaged in the ownership, administration, acquisition, rehabilitation and development of residential apartment communities. The firm also invests in townhomes and offices. Home Properties, Inc. was founded in November 1993 and is based in Rochester, New York.
CenterPoint Energy, Inc. (NYSE:CNP), ended its Tuesday’s trading session with -1.88% loss, and closed at $19.34.
CenterPoint Energy, Inc. (CNP) has elected to make a Reference Share Offer Adjustment and distribute Additional Interest, if any, in accordance with the terms of CenterPoint Energy’s 2.0 percent Zero-Premium Exchangeable Subordinated Notes due 2029 (ZENS) rather than electing to enhance the Early Exchange Ratio to 100 percent during the pendency of Verizon Communications Inc.’s (NYSE, Nasdaq: VZ) tender offer.
Distributions of Additional Interest on the ZENS are therefore predictable to be made by CenterPoint Energy in connection with the consummation of Verizon’s tender offer and the subsequent merger of AOL with a partner of Verizon. CenterPoint Energy’s distribution of Additional Interest in connection with the Reference Share Offer is predictable to be proportionate to the percentage of eligible shares that are validly tendered by AOL stockholders in Verizon’s tender offer.
As of the date of this press release, the Reference Shares for each ZENS note comprise of 0.5 share of Time Warner Inc. common stock, 0.125505 share of Time Warner Cable Inc. common stock, 0.045455 share of AOL Inc. common stock, and 0.0625 share of Time Inc. common stock. After the tender offer and subsequent merger of AOL with a partner of Verizon, the Reference Shares for each ZENS note will comprise of 0.5 share of Time Warner Inc. common stock, 0.125505 share of Time Warner Cable Inc. common stock, and 0.0625 share of Time Inc. common stock.
CenterPoint Energy, Inc. operates as a public utility holding company in the United States. The companys Electric Transmission & Distribution segment offers electric transmission and distribution services to retail electric providers, municipalities, electric cooperatives, and other distribution companies. As of December 31, 2014, this segment owned 28,282 pole miles of overhead distribution lines and 3,719 circuit miles of overhead transmission lines; 22,435 circuit miles of underground distribution lines and 26 circuit miles of underground transmission lines; and 236 substations with a capacity of 57,477 megavolt amperes.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should might occur.
