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General Electric (GE) and Baker Hughes (BH) have decided to merge. The new entity will be controlled by GE. Under the deal shareholders of Baker Hughes will receive a special one-time cash dividend of $17.50 a share and shares of the new company. The combined company could generate $32 billion in revenue and will compete with rivals such as Schlumberger providing equipment and services to oil rigs and wells. The deal also enables GE to benefit from an expected recovery in the oil and gas industry without having to pay for a full acquisition of Baker Hughes.
CenturyLink (CTL) announced Monday it will purchase Level 3 Communication (LVLT) in a cash and stock deal worth roughly $25 billion. The marriage will give the communication company more muscle to weather the competitive cable and telecommunication landscape. Under the deal shareholders of Level 3 will receive $26.50 in cash and 1.4286 shares of CenturyLink for each share of Level 3 owned. Level 3 runs one of the largest internet backbones in the world and has increased its focus to small and midsize business to reverse slowing sales growth in its core business. CenturyLink, is a rural local-phone-service provider who has upgraded its network with fiber-optic lines to help compete with rivals in the cable industry. The deal is expected to close in the third quarter of 2017.
Asia: Asian markets closed mostly lower, after investors faced concerns over the U.S. presidential election, weak Japanese data and lower oil prices weighed on sentiment.
Europe: European markets closed lower on Friday after corporate earnings weighted on investors.
U.S: Markets lost most of their gains on Friday after a report the FBI is considering Hilary Clinton’s emails surfaced. DJIA: -8.49 18,161.19 S&P: -6.63 2,126.41 NASDAQ: -25.87 5,190.10
Word of The Day
A strategy where an investor sells stocks before May 1 and refrains from reinvesting in the stock market until October 31.
Dinner or Drink:
- 1 part Aged Light Rum
- 1 part Aged Dark Rum
- 1 part 151 Rum
- 1 part Apricot Liqueur
- 3 parts Orange Juice
- 1 dash Lime Bitters
- Orange Peel
- Combine light rum, dark rum, apricot liqueur, orange juice and bitters in a cocktail shaker with ice. Strain into a large glass filled with ice. Top with the shot of Cruzan® 151, then garnish with the orange peel and cherries.
- Garnish: Peel orange rind and lay flat on surface. Take circle cookie cutter and cut circle space out of the peel. Use paring knife to cut mini circles for eyes, nose and jaw of skeleton garnish.