McGraw Hill Financial & SNL Financial
McGraw Hill Financial, the parent of Standard and Poor’s announced a deal to buy SNL Financial for more than $2 billion. SNL specializes in data and analytic services for the financial industry, which will expand’s McGraw’s offerings. McGraw tumbled almost six percent today to $99.59.
Norfolk Southern reported a big plunge in second-quarter profit. The railroad said declining revenue from coal and crude oil and fuel surcharges will pressure results for the rest of the year. Like other major railroads, the firm has seen coal shipments drop off as power plants shift to burning cheaper natural gas because of low energy prices. Shares were off slightly to $82.80.
Delta & China Eastern Airlines
Delta will pay nearly half a billion dollars to buy a stake in China Eastern Airlines. This as the airline looks to expand into China’s rapidly expanding travel industry. The boards of both firms still need to give the okay on the deal. Delta was off a fraction to $43.93. China eastern slid 6.5 percent to $44.34.
Restaurant Brands International
Restaurant Brands International posted a stronger-than-expected second quarter profit. The company behind the fast food chains Burger King and Tim Horton’s said both of those eateries recorded same-store sales growth because of new product launches. Shares popped 3.5 percent to $41.50.
Wendy’s is testing antibiotic-free chicken items in a handful of markets. The fast-food chain is evaluating a big move away from antibiotics in meat as consumers are growing more concerned about ingredients and how food is produced. Shares were off slightly to $10.06.
Baidu, China’s internet search company reported earnings and revenue that topped consensus late today. But weak revenue guidance disappointed investors. Shares dropped off initially after the close. Before the bell the stock was off by four percent to $197.68.