Its Hip To Be Square….
Insurance giant Allstate Corp. announced Monday it has agreed to acquire privately held Squaretrade Inc., which sells warranties on electronic products. The deal, worth $1.4 billion, will help Allstate expand its presents into new markets and products. SquareTrade has been a disruptive force in the electronic warranty space because of its online sales model, pricing, and the information the company provides consumers about failure rates of products. Headquartered in San Francisco, Squaretrade’s customers include major retailers such as Amazon, Costco, Sam’s Club, Target, and Office Depot. The deal, which still needs regulatory approval, is expected to close in January. Share of Allstate slipped in after-hours trading.
Shares of news magazine publisher Time, surged more than 17% on Monday after reports claimed it has been approached by private investors. Edgar Bronfman Jr, former chairman and CEO of Warner Music, and Access Industries have teamed up together to potential buy the magazine publisher for $18 per share, a 30% premium over Friday’s closing price. According to a report in the New York Post, the offer has been rejected by Time’s board. Time’s publishing business included brands like People, InStyle, and Sports Illustrated.
Asia: Asian markets closed mostly down on Tuesday after South Korea’s president agreed to step down.
Europe: European shares closed lower on Monday, as investors wait cautiously for Saturday’s referendum in Italy.
U.S: U.S. markets closed lower on Monday as investors took profits after the recent Trump rally. DJIA: -54.24 19, 097.90 Nasdaq: -30.11 5,368.81 S&P: -11.63 2,201.72
Word of The Day:
A class of stock issued by a company which typically pays a fixed dividend however, they do not have voting rights. In the event of a company bankruptcy’s preferred stock holders have the right to be paid company assets first.
Dinner or Drink:
Waste of Time
1 oz. Midori® melon liqueur
1 oz. white rum
1/2 oz. amaretto almond liqueur
2 oz. pineapple juice
Shake, strain into a cocktail glass, and serve.
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