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LXP-News
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Brookfield and Canada Pension Complete Acquisition of LXP for $5.2B
Brookfield Asset Management (BAM) and Canada Pension Plan Investment Board, announced the completion of their acquisition of LXP Industrial Trust (LXP) in an all-cash transaction. The transaction values LXP at approximately $5.2B, including net debt and preferred equity. Under the terms of the agreement, LXP shareholders will receive $61.20 per share in cash. As the transaction has now been completed, LXP's shares no longer trade on the New York Stock Exchange and LXP is a privately held company.
LXP Industrial Trust Shareholders Approve Merger with Brookfield
LXP Industrial Trust (LXP) announced that its shareholders approved the acquisition of LXP by Brookfield Asset Management (BAM) and Canada Pension Plan Investment Board at the Special Meeting of Shareholders held earlier today. More than 99% of votes cast at the meeting, which represented about 82% of the outstanding LXP common shares as of the record date, were voted in favor of approving the merger. Under the terms of the merger agreement announced on July 20, common shareholders of the company will receive $61.20 in cash for each LXP common share owned. The transaction is expected to be completed on November 2, subject to the satisfaction or waiver of the conditions to closing.
Q2 Revenue Reaches $88.1M, Exceeds Consensus
Reports Q2 revenue $88.1M, consensus $85.97M. Reports Q2 Same-Store NOI up 0.5% vs. last year.
Nasdaq Closes Near Flat as Market Eyes Megacap Earnings
The major averages closed lower, with the Nasdaq closing near flat, as stocks looked to rebound from last week's technology-led selloff. Attention is turning to a week of megacap earnings that could determine whether the AI-driven rally regains momentum. However, gains remain restrained by escalating geopolitical tensions in the Middle East.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Domino's Pizzareported, with U.S. same store sales growing 0.1% but international same store sales falling 0.1%Tempus AIPersonalisfor $16.25 per shareAMC Entertainmentreported better-than-expectedBrookfieldand Canada Pension Plan Investment BoardLXP Industrial Trustin a $5.2B all-cash transactionAlibaba'sAliExpress has been fined EUR550M by the EU for2. WALL STREET CALLS:Phillip SecuritiesNetflixto Buy from AccumulateGoldman SachsTravelersto SellCLSAcoverage of Microsoftwith an Outperform rating and $535 price targetBarclaysLumentumto OverweightPenguin Solutionsto Underweight at Barclays3. AROUND THE WEB:U.S. District Judge Araceli Martinez-Olguin ordered Paramount Skydanceand Warner Bros. Discoveryto hold off on consummating their deal to combine for 14 days after California and 11 other states sued to block the merger, Bloomberg reportsGoogleis developing a new AI chip that integrates Gemini model architecture directly into hardware, aiming to improve efficiency and reduce the cost of serving AI models at scale, The Information reportsHoneywellCEO Vimal Kapur said plans to reshape the company were already underway when activist investor Elliott Management took a stake and pushed for a breakup in 2024, Bloomberg saysAerCapis in discussions to buy Boeing787 Dreamliner aircraft, with the leasing company considering as many as 15 of the 787 widebodies, Bloomberg saysSamsunghas cut roles at its U.S. display, phone, and consumer electronics operations at its New Jersey and Texas offices, Reuters reports4. MOVERS:Irenhigher after raising its AI Cloudto over $4B from $3.7BHut 8increases after announcingArcher Aviationgains after announcing its jointly-developed autonomousImmix Biopharmalower after announcing theEnphase Energyfalls after TD Cowenon the stock5. EARNINGS/GUIDANCE:Dynex Capital, with EPS beating consensusZurn Elkay WaterCEO Todd Adams said the company sees Q2 resultsNomad FoodsreportedPeoples Bancorp, with EPS higher year-over-yearKnightscopereported, with revenue higher year-over-yearINDEXES:The Dow fell 307.16, or 0.59%, to 51,839.26, the Nasdaq lost 12.17, or 0.048%, to 25,508.07, and the S&P 500 declined 14.41, or 0.19%, to 7,443.28.
Tech Stocks Rebound as Market Eyes Megacap Earnings
The major averages were mixed near noon as stocks look to rebound from last week's technology-led selloff. Attention is turning to a week of megacap earnings that could determine whether the AI-driven rally regains momentum. However, gains remain restrained by escalating geopolitical tensions in the Middle East.This week's earnings calendar is headlined by Alphabet, Tesla, Intel and IBM, with investors closely watching whether continued heavy spending on artificial intelligence infrastructure is translating into stronger financial results. The reports come after semiconductor stocks suffered a sharp reversal last week, pushing the Philadelphia Semiconductor Index more than 20% below its June high and into bear market territory.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Domino's Pizzareported, with U.S. same store sales growing 0.1% but international same store sales falling 0.1%Tempus AIPersonalisfor $16.25 per shareAMC Entertainmentreported better-than-expectedBrookfieldand Canada Pension Plan Investment BoardLXP Industrial Trustin a $5.2B all-cash transactionAlibaba'sAliExpress has been fined EUR550M by the EU for2. WALL STREET CALLS:Phillip SecuritiesNetflix (NFLX) to Buy from AccumulateGoldman SachsTravelersto SellCLSAcoverage of Microsoftwith an Outperform rating and $535 price targetBarclaysLumentumto OverweightPenguin Solutionsto Underweight at Barclays3. AROUND THE WEB:Googleis developing a new AI chip that integrates Gemini model architecture directly into hardware, aiming to improve efficiency and reduce the cost of serving AI models at scale, The Information reportsHoneywellCEO Vimal Kapur said plans to reshape the company were already underway when activist investor Elliott Management took a stake and pushed for a breakup in 2024, Bloomberg saysAppleis piloting a system in Apple Stores called Live Notes that lets Genius Bar staff make transcripts and summaries of conversations with customers, Bloomberg reportsAerCapis in discussions to buy Boeing787 Dreamliner aircraft, with the leasing company considering as many as 15 of the 787 widebodies, Bloomberg saysSamsunghas cut roles at its U.S. display, phone, and consumer electronics operations at its New Jersey and Texas offices, Reuters reports4. MOVERS:Irenhigher after raising its AI Cloud annualizedto over $4B from $3.7BHut 8increases after announcingArcher Aviationgains after announcing its jointly-developedwith AndurilImmix Biopharmalower afterof Chief Medical Officer Richard GraydonEnphase Energy (ENPH) falls after TD Cowenon the stock5. EARNINGS/GUIDANCE:Dynex Capitalwith EPS beating consensusZurn Elkay WaterCEO Todd Adams said the company sees Q2 results "range we provided earlier in the quarter"Nomad FoodsreportedPeoples Bancorp, with EPS higher year-over-yearKnightscope, with revenue higher year-over-yearINDEXES:Near midday, the Dow was down 0.16%, or 83.29, to 52,063.13, the Nasdaq was up 0.80%, or 203.51, to 25,723.75, and the S&P 500 was up 0.42%, or 31.18, to 7,488.87.
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