Stocks at the top
Stocks at the top of the SPDR S&P 500 ETF (SPY) on October 26 were Laboratory Corporation Of America Holdings (LH), Endo International (ENDP), and Priceline Group (PCLN). These stocks gained 5.2%, 4.2%, and 3.7%, respectively.
Laboratory Corporation Of America Holdings (LH) announced its quarterly earnings results, which beat analysts’ expectations. The company reported $2.07 EPS (earnings per share) for the quarter, against consensus of $2.06 EPS, and revenue of $2.3 billion, compared with analysts’ estimated $2.25 billion for the third quarter. The stock earned an “outperform” rating by the analysts at William Blair.
The graph above shows performance of Laboratory Corporation Of America Holdings’ and stocks LH and Endo International’s stocks since July 2015.
Movers and shakers
Bridgestone Corporation (BRDCY), the tire maker, stated that it wants to acquire Pep Boys (PBY), the aftermarket automotive services company, to expand its retail operations in the United States. Following this announcement, Pep Boys’ stocks jumped 23.4% on October 26.
Piedmont Natural Gas (PNY) stocks surged 37.0% on Monday, October 26, after the announcement of Duke Energy Corporation’s (DUK) proposal to buy Piedmont Natural Gas for $4.9 billion in cash. Piedmont shareholders will receive $60 in cash for every share, which is approximately a 40% premium over Friday’s closing price of the stock.
Xerox Corporation (XRX) fell by 3.0% after the company reported its quarterly earnings, which missed analysts’ expectations. The company reported revenue of $4.5 billion against the estimated $4.54 billion. Next, we’ll look at the UK stock market.