Shares of Johnson Controls Inc (NYSE:JCI) ended Tuesday session in red amid volatile trading. The shares closed down -1.25 points or -2.71% at $44.85 with 637.75 million shares getting traded. Post opening the session at $45.48, the shares hit an intraday low of $44.44 and an intraday high of $45.84 and the price vacillated in this range throughout the day. The company has a market cap of $28.95 billion and the numbers of outstanding shares have been calculated to be 637.75 million shares.
Johnson Controls Inc (JCI) on Sept. 8, 2016 announced its board of directors has approved the previously announced spin-off of its global automotive seating and interiors business. The transaction will result in two independent, publicly traded companies: Johnson Controls International plc and Adient plc. The spin-off is expected to be completed on Oct. 31, 2016.
At the time of the separation, Adient will be the world’s largest global automotive seating supplier, supporting all major automakers in differentiating vehicles through superior quality, technology and performance. Johnson Controls will continue to operate as a global leader in building products and technology, integrated solutions and energy storage.
“Announcement is an important step as Adient continues on its path toward becoming an independent company,” said incoming Adient Chairman and Chief Executive Officer R. Bruce McDonald. “As the market leader in the automotive seating industry, Adient is well-positioned for growth and margin expansion as we commit to reinvesting in the business on a global basis.”
Shares of VeriFone Systems Inc (NYSE:PAY) ended Tuesday session in red amid volatile trading. The shares closed down -0.42 points or -2.54% at $16.11 with 110.97 million shares getting traded. Post opening the session at $16.40, the shares hit an intraday low of $16.00 and an intraday high of $16.50 and the price vacillated in this range throughout the day. The company has a market cap of $1.77 billion and the numbers of outstanding shares have been calculated to be 110.97 million shares.
VeriFone Systems Inc (PAY) on September 2, 2016 announced financial results for the three months ended July 31, 2016.
Third Quarter Financial Highlights
- GAAP net revenues of $488 million and Non-GAAP net revenues of $493 million
- GAAP net loss per diluted share of $0.28
- Non-GAAP net income per diluted share of $0.42
- Operating cash flow of $13 million
“We made real progress during the third quarter in further repositioning Verifone, building our services business and bringing our new devices to market. Despite this progress, Q3 was a challenging quarter for Verifone on revenues. We moved decisively to reduce our cost structure, and those initial efforts helped us exceed our revised EPS target,” said Paul Galant, Chief Executive Officer of Verifone. “We are managing through what we believe are difficult but temporary local market and lingering EMV adoption issues. Our outlook for Q4 now assumes a significantly slower EMV rollout, and we are projecting fiscal year 2017 consolidated revenues to be approximately 3% below fiscal year 2016 levels. That said, we are relentlessly executing the long-term vision for Verifone to transform from a box shipper to a services provider.”