CG Stocks in the Rumor! Oshkosh Corp (OSK), Tempur Sealy International Inc (TPX)
Shares of Oshkosh Corp (NYSE:OSK) ended Friday session in red amid volatile trading. The shares closed down -1.13 points or -2.02% at $54.91 with 954,186 shares getting traded. Post opening the session at $56.10, the shares hit an intraday low of $54.88 and an intraday high of $56.29 and the price vacillated in this range throughout the day. The company has a market cap of $3.95 billion and the numbers of outstanding shares have been calculated to be 73.48 million shares.
Oshkosh Defense, LLC, an Oshkosh Corporation (OSK) company, announced that the U.S. Army has placed a $42 million order that exercises available options for the Joint Light Tactical Vehicle (JLTV) program including vehicles, installed kits and packaged kits. The order is the third since the contract was awarded in August 2015. Work will be performed in Oshkosh, Wisconsin with an estimated completion date of November 2017.
“This latest order demonstrates that the JLTV continues to be a central piece of the Army’s future ground force and a modernization priority,” said Dave Diersen, Oshkosh Defense vice president of Joint Programs. “The JLTV program is moving forward with a focus on giving Soldiers and Marines the next generation light vehicle they need for their missions.”
Shares of Tempur Sealy International Inc (NYSE:TPX) ended Friday session in red amid volatile trading. The shares closed down -0.77 points or -1.44% at $52.80 with 957,369 shares getting traded. Post opening the session at $53.79, the shares hit an intraday low of $52.34 and an intraday high of $54.18 and the price vacillated in this range throughout the day. The company has a market cap of $3.04 billion and the numbers of outstanding shares have been calculated to be 58.41 million shares.
Tempur Sealy International Inc (TPX) provided an update to its financial guidance for full year 2016.
Tempur Sealy International, Inc. Chairman and CEO Scott Thompson commented, “Third quarter net sales are below our prior expectations. We currently expect net sales for the full year to be down 1 to 3 percent as compared to 2015. For the full year 2016, the Company currently expects Adjusted EBITDA to range from $500 million to $525 million.”
Thompson concluded, “While our net sales are below expectations, our operational initiatives are going well and are continuing to drive considerable margin expansion. The net impact of the revenue shortfall and our continued margin expansion is that we felt it was appropriate to lower the midpoint of our adjusted EBITDA guidance by 5%. The midpoint of this updated guidance implies an increase in adjusted EBITDA of approximately 12% and approximately 20% growth in adjusted earnings per share compared to 2015.”