Market Focus

Ford 

Ford is jumping in on the ride-sharing craze. The auto maker is launching its own pilot program in six U.S. cities and in London. Customers who finance through Ford’s credit service will be able to rent their vehicle out to pre-screened drivers for short-term use. Separately, the company is recalling more than 200,000 vehicles because of instrument panel and seat belt issues. Still, shares were more than one percent higher to $15.50.

Disney

Dividend news from Disney. The Dow component is increasing its payout by 15 percent to 66 cents a share and will be payable to shareholders July 29th. Also, the firm will pay dividends twice a year, up from once. The yield is around one percent. Shares rose on the news in after-hours trading. Before the close the stock was down a fraction to $113.77.

Freeport McMoran

Freeport McMoran is planning an energy initial public offering. The mining company filed to sell $100 million in shares of its oil and gas unit which will be listed on the New York Stock Exchange under the ticker “FMOG.” Shares were up more than two percent to $20.56.

Lennar 

Shares of Lennar also higher on strong results. The home builder trumped earnings estimates with new orders rising nearly 20 percent. The firm also saying it sees a strong future for sales. The stock popped four percent to $51.06.

Box & IBM 

Box and IBM are teaming up. The Dow component and the cloud storage company will integrate existing products and develop new ones. This will give box access to IBM’s huge base of corporate customers. Box was 5.5 percent higher to $18.53. IBM fell about one percent to $166.97.

Sysco & US Foods 

Investors getting a chance to react to news today that a federal judge halted the merger between Sysco and US foods. The ruling could kill the $3.5 billion deal, which was announced in December, to combine the nation’s two largest food distributors. Shares rose three percent to $38.75.

Delhaize 

The Dutch based supermarkets operator Ahold has reached a deal to by its Belgian peer Delhaize. The $28 billion would create one of the biggest food retailers in the United States and a major player in Europe. Delhaize slid seven percent to $22.83.

This entry was posted in Market Focus. Bookmark the permalink.

Leave a Reply