On Wednesday, XPO Logistics Inc (NYSE:XPO)’s shares declined -0.02% to $49.49.
XPO Logistics Inc (XPO) declared that it has reached definitive agreements with a group of global institutional investors to raise a total of $1.26 billion of equity. The company will receive all of the net proceeds and will use them to fund its ongoing growth strategy.
The group comprises Ontario Teachers` Pension Plan, GIC - Singapore`s sovereign wealth fund - and Public Sector Pension Investment Board, which collectively made an initial investment of $700 million in the company in September 2014. These three global investors each raised their holdings in XPO with the new private placement and were joined by 12 institutional investors, counting sovereign and university endowment funds.
The company intends to use the net proceeds, together with cash on hand and the debt financing declared this morning, to fund its pending purchase of Norbert Dentressangle SA and for other unspecified acquisitions. There are no selling shareholders.
The transaction, which is complete and planned to settle this week, provides for the sale of newly issued common stock and preferred stock to the investors at a price of $45 per share of common stock on an as-converted basis. Upon approval by the company`s shareholders, the preferred stock will be converted into common stock. The stock issuance represents 28 million shares, or about 21% of XPO`s common stock on a fully diluted basis, assuming conversion of the preferred stock. Bradley Jacobs and Jacobs Private Equity, LLC intend to vote in favor of the stock issuance. Jacobs Private Equity, LLC will remain the company`s largest shareholder.
XPO Logistics, Inc. provides transportation and logistics services primarily in the United States. The company operates through two segments, Transportation and Logistics. The Transportation segment provides truckload, less-than truckload and intermodal brokerage, and last-mile delivery logistics services under the brands XPO Logistics, XPO Last Mile, and Pacer; and time-critical, time-sensitive, or high priority freight shipment services under the brand names XPO Express, XPO NLM, and XPO Air Charter.
Martin Marietta Materials, Inc. (NYSE:MLM)’s shares dropped -1.02% to $147.86.
On a down day for the stock market generally, shares of quarry miner Martin Marietta Materials, Inc (NYSE:MLM) fared better than most, rising 1.6%.
Part of the reason for this may owe to continued insider buying by the folks who know the company best — company insiders. Case in point: Insider Monkey’s database shows that on May 29, company director Stephen Zelnak made a direct purchase of 15,000 Martin Marietta shares at an average price of $150.16 per share.
According to information publicly accessible on Insider Monkey, this was the fourth such acquisition that Zelnak has made in just the past week. In addition to his most recent, Zelnak’s purchases have comprised of:
-105 shares attained in a non-open market transaction, also on May 29, at a time when the shares were selling for $149.21 per share;
-10,500 shares bought directly on May 27 at $151.40 per share;
- and 5,650 shares bought directly on May 26, at $150.35 per share.
That’s enough to lift Zelnak’s stake in the company to 52,649 shares in all — a $7.9 million stake in the company, and more than twice the shares he owned just one week ago.
Martin Marietta Materials, Inc., together with its auxiliaries, supplies aggregates products and heavy building materials for the construction industry in the United States and internationally. It operates through Mid-America Group, Southeast Group, West Group, Cement, and Magnesia Specialties segments.
At the end of Wednesday’s trade, Knowles Corp (NYSE:KN)‘s shares surged 2.31% to $19.93.
Knowles Corp (KN) declared that it has introduced the most advanced Inter-IC Sound, or I²S, interface MEMS (Micro-Electro-Mechanical Systems) microphone for wearables, remote controllers, automotive, and smart home automation and security.
Knowles’ solution is superior in size and power consumption, with a 25 percent smaller footprint and 40 percent lower current consumption than competitive products. Using this I²S interface, the bottom port digital MEMS microphone allows manufacturers to connect directly to application processors or microcontrollers. The result is a more efficient architecture due to reduced complexity, raised battery performance, and lower bill of material cost.
This innovation is especially important for space constrained devices such as wearables, which have a very small board size that puts a premium on component space. The new technology easily integrates with existing mobile device architecture and simplifies system integration through a direct connection to signal processors.
Knowles Corporation designs, manufactures, and sells products and components to the mobile communications, consumer electronics, medical technology, and telecommunications infrastructure, military, aerospace, and industrial markets worldwide. The company operates in two segments, Mobile Consumer Electronics and Specialty Components. The Mobile Consumer Electronics segment designs and manufactures acoustic products, counting microphones, speakers, receivers, and integrated modules for the handset, tablet, and other consumer electronic markets.
Check Point Software Technologies Ltd. (NASDAQ:CHKP), ended its Wednesday’s trading session with 0.08% gain, and closed at $83.70.
Check Point Software Technologies Ltd. (CHKP) issued its 2015 Security Report, the company’s third annual report revealing the major security threats that influenced organizations across the world.
The 2015 Security Report provides insight into the degree of infiltration and sophistication of new threats in the enterprise. Mobility, virtualization and other technologies have changed the way we do business. While organizations have adopted these tools to enhance productivity, they often forget about the security implications that arise when they lack the proper security implementations. The Check Point 2015 Security Report reveals the prevalence and growth of threats on enterprise networks, through information obtained over the course of 2014. This report is based on collaborative research and in-depth analysis of over 300,000 hours of monitored network traffic, from more than 16,000 Threat Prevention gateways and 1 million smartphones.
Check Point Software Technologies Ltd. develops, markets, and supports a range of software, combined hardware, and software products and services for information technology (IT) security worldwide. It offers a portfolio of network security, endpoint security, data security, and administration solutions .
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