During Friday’s Morning trade, Shares of Rackspace Hosting, Inc. (NYSE:RAX), gained 1.29% to $25.97.
Rackspace Hosting, declared the pricing of an offering of $500 million aggregate principal amount of 6.500 percent senior notes due 2024 (the Notes). The offering size was raised to $500 million from $350 million. The Notes are being offered to qualified institutional buyers following Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and outside the United States to non-U.S. persons following Regulation S under the Securities Act. The sale of the Notes is predictable to close on November 25, 2015, subject to the satisfaction of customary closing conditions. Interest on the Notes will be payable in cash semi-annually in arrears, starting on July 15, 2016.
Rackspace intends to use a portion of the net proceeds from the offering to repay all outstanding amounts under its senior revolving credit facility. Rackspace intends to use the remaining net proceeds from the offering for general corporate purposes, which may comprise share repurchases following its formerly declared $1 billion share buyback authorization.
This declaration is being issued following Rule 135c under the Securities Act and does not constitute an offer to sell or a solicitation of an offer to buy the Notes, nor shall there be any offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The Notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.
Rackspace Hosting, Inc., through its auxiliaries, provides cloud computing services and managing Web-based IT systems for small and medium-sized businesses and large enterprises worldwide.
Shares of Allstate Corp (NYSE:ALL), inclined 0.52% to $63.72, during its current trading session.
The Allstate Corporation, declared that its board of directors has adopted amendments to the companys bylaws providing proxy access shareholder rights. Allstates board is committed to strong corporate governance and creating value for our shareholders, said Thomas J. Wilson, chairman and chief executive officer. Our board proactively adopted proxy access as part of our ongoing commitment to governance best practices that comprise dialogue, transparency and responsiveness to shareholder views.
Proxy access enables eligible long-term shareholders to nominate their own director candidates in a companys proxy statement. The bylaw amendments will allow holders of at least 3 percent of Allstates outstanding common shares, who have held the shares continuously for at least three years, to submit eligible director candidates for up to 20 percent of the board. Up to 20 shareholders may aggregate their shares to reach the 3 percent ownership threshold. Proxy access rights will first be available to shareholders in connection with Allstates 2017 annual shareholders meeting.
The Allstate Corporation, through its auxiliaries, engages in the property-liability insurance and life insurance businesses in the United States and Canada. The company’s Allstate Protection segment sells private passenger auto and homeowners insurance products under the Allstate, Encompass, Esurance brand names.
Finally, Shares of Ross Stores, Inc. (NASDAQ:ROST), gained 9.77%, and is now trading at $50.70.
Ross Stores, stated that earnings per share for the 13 weeks ended October 31, 2015 raised 15% to $.53, on net earnings that rose 12% to $216 million. Sales for the fiscal 2015 third quarter grew 7% to $2.783 billion, with comparable store sales up 3% on top of last years 4% gain.
For the first nine months of the fiscal year, earnings per share raised 15% to $1.85, while net earnings rose 12% to $757 million. Sales for the first nine months of 2015 raised 8% to $8.689 billion, with comparable store sales up 4%.
Barbara Rentler, Chief Executive Officer, commented, We are happy with the better-than-predictable sales and earnings growth we achieved in the third quarter. These results demonstrate that customers continue to respond positively to the wide assortments of fresh and exciting bargains we offer throughout our stores. Third quarter operating margin of 12.1% was ahead of plan, up 30 basis points over last year, mainly driven by higher merchandise margin.
Ross Stores, Inc., together with its auxiliaries, operates off-price retail apparel and home fashion stores under the Ross Dress for Less and dd’s DISCOUNTS brand names in the United States. It primarily offers apparel, accessories, footwear, and home fashions. The company’s Ross Dress for Less stores sell its products at everyday savings of 20% to 60% off department and specialty store regular prices primarily to middle income households; and dd’s DISCOUNTS stores sell its products at everyday savings of 20% to 70% off moderate department and discount store regular prices to moderate income households.
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