On Thursday, PBF Energy Inc (NYSE:PBF)’s shares inclined 0.47% to $29.68.
PBF Energy Inc. (PBF) declared that it will release its earnings for the second quarter 2015 on Thursday, July 30, 2015. The company will host a conference call and webcast regarding second quarter results and other business matters on Thursday, July 30, 2015, at 8:30 a.m. ET.
PBF Energy Inc., together with its auxiliaries, engages in the refining and supply of petroleum products. It produces gasoline, ultra-low-sulfur diesel, heating oil, jet fuel, lubricants, petrochemicals, and asphalt, in addition to unbranded transportation fuels, heating oil, petrochemical feedstocks, and other petroleum products. The company sells its products in Northeast and Midwest of the United States, in addition to in other regions of the United States and Canada. PBF Energy Inc. is based in Parsippany, New Jersey.
Sonic Corporation (NASDAQ:SONC)’s shares dropped -2.04% to $27.79.
Sonic Corporation (SONC) is bringing creativity and a gourmet twist to one of America’s most iconic foods just in time for National Hot Dog Month. For a limited time only, SONIC Drive-In will introduce a brand new premium hot dog to its already popular line-up of hot dogs: the Croissant Dog.
In recent years, the croissant crossover trend has highlighted a larger consumer desire for uniquely mismatched culinary concoctions that perfectly marry the gourmet with the everyday. As the leading provider of hot dogs in the QSR industry – one in every seven hot dogs consumed outside of the home is eaten at one of its 3,500 drive-ins – SONIC leveraged its unrivaled hot dog expertise to develop the Croissant Dog, a reimagined and reinvented premium take on an American classic.
Sonic Corp. operates and franchises a chain of quick-service drive-in restaurants in the United States. As of March 13, 2015, the company operated 3,517 restaurants in 44 states. It also leases signs and real estate. The company was founded in 1953 and is headquartered in Oklahoma City, Oklahoma.
At the end of Thursday’s trade, Anthem Inc (NYSE:ANTM)‘s shares dipped -1.30% to $163.11.
A.M. Best has placed under review with negative implications the financial strength ratings (FSR), issuer credit ratings (ICR) and debt ratings of Anthem, Inc. (Anthem) (Indianapolis, IN) (ANTM) and its insurance auxiliaries. (See link below for a detailed listing of the companies and ratings.)
The rating actions follow the declarement that Anthem has made a proposal to acquire Cigna Corporation (Cigna) (CI) for about $184 per share in cash and stock. In addition to issuing Anthem shares to Cigna shareholders, Anthem is predictable to finance about $34 billion through a combination of parent company cash, debt and new equity. Additionally, it is anticipated that if an agreement is reached, Anthem would assume Cigna’s outstanding debt. Presently, the two parties are not in agreement on all aspects of the potential transaction; hence, it may not come to fruition. The projected acquisition is subject to the approval by shareholders, in addition to state insurance departments and other regulators, which could extend the closing to late 2016.
The under review status reflects A.M. Best’s concerns regarding the projected reduced financial flexibility of Anthem due to heightened financial leverage, estimated to enhance to about 50% at closing; the noteworthy enhance in goodwill and intangibles to nearly 1.5 times equity; and the execution and integration risk related to the acquisition. Post-close, Anthem’s financial leverage and goodwill and intangibles-to-equity ratio would be materially higher than similarly rated peers and forecasted interest coverage would decline in the near to medium term. Additionally, while dividend capacity of Anthem’s auxiliaries has been strong, narrowing of operating margins can affect future dividends and pressure partner risk-adjusted capital. Moreover, Anthem has historically pursued a considerable share repurchase program and is predictable to maintain noteworthy stock dividends. A.M. Best is concerned about execution and integration risk considering the lack of agreement on the transaction’s key aspects, especially governance, in addition to exposure to regulatory issues and potential litigation.
Anthem, Inc., through its auxiliaries, operates as a health benefits company in the United States. It operates through three segments: Commercial and Specialty Business, Government Business, and Other. The company offers a spectrum of network-based managed care health benefit plans to large and small employer, individual, Medicaid, and senior markets. Its managed care plans comprise preferred provider organizations; health maintenance organizations; point-of-service plans; traditional indemnity plans and other hybrid plans, such as consumer-driven health plans; and hospital only and limited benefit products.
BorgWarner Inc. (NYSE:BWA), ended its Thursday’s trading session with 0.44% gain, and closed at $57.65.
BorgWarner Inc. (BWA) declares the following Webcast:
What:
BorgWarner 2015 Second Quarter Results Conference Call.
When:
July 30 @ 9:30am Eastern Time.
Where:
http://www.borgwarner.com/en/Investors/default.aspx.
BorgWarner Inc. manufactures and sells engineered automotive systems and components primarily for powertrain applications worldwide. The company’s Engine segment offers turbochargers, timing devices and chain products, emissions systems, thermal systems, and diesel coldstart and gasoline ignition technology.
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