News Review – General Electric Company, (NYSE:GE), Intuit, (NASDAQ:INTU), CBRE Group, (NYSE:CBG)

October 11, 2020 Travis Garlick NYSE Stocks, Uncategorized Comments Off

On Friday, Shares of General Electric Company (NYSE:GE), gained 1.29% to $30.66, hitting its highest level.

General Electric Company has signed a contract to sell a portfolio of first lien mortgage loans from its UK Home Lending business, representing aggregate ending net investment (ENI) of about US$5.8 billion, to an investment consortium made up of opportunistic funds managed by Blackstone, TPG Special Situations Partners (TSSP), and CarVal Investors. The loans have a face value, or customer servicing balance of US$5.9/£3.8 billion. The transaction is predictable to close in December 2015; terms were not revealed.

“This transaction represents the sale of almost all our remaining UK mortgage business, which successfully offered financing for UK home owners,” said Keith Sherin, GE Capital chairman and CEO. “We began this year with around US$13 billion of ENI and when this transaction closes, we will have about US$0.4 billion of ENI remaining in our UK mortgage business. This is an important step as we continue to execute on our plan to sell most of the assets of GE Capital.”

As formerly declared, GE is embarking on a strategy to focus on its high-value industrial businesses and is selling most GE Capital assets. GE and its Board of Directors have determined that current market conditions are favorable to pursue disposition of these assets. GE will retain the financing verticals that relate to GE’s industrial businesses.

General Electric Company operates as an infrastructure and financial services company worldwide. The company’s Power and Water segment offers gas, steam and aeroderivative turbines, nuclear reactors, generators, combined cycle systems, controls, and related services; wind turbines; and water treatment services and equipment. Its Oil and Gas segment provides surface and subsea drilling and production systems, equipment for floating production platforms, compressors, turbines, turboexpanders, reactors, industrial power generation, and auxiliary equipment.

Shares of Intuit Inc. (NASDAQ:INTU), inclined 5.93% to $103.20, during its last trading session.

Intuit, declared financial results for the first quarter of fiscal 2016. The company’s fiscal first quarter ended Oct. 31.

“We started the fiscal year the same way we ended the last, with strong momentum across our businesses as our intense focus on our global cloud strategy takes shape,” said Brad Smith, Intuit’s president and chief executive officer.

Financial Highlights

In the first quarter Intuit:

Stated 17 percent revenue growth, which comprises the impact of ratable revenue recognition for certain desktop software offerings.
Raised total QuickBooks Online subscribers by 57 percent.
More than doubled QuickBooks Online subscribers outside the U.S. to 215,000.
Repurchased $1.3 billion of its common shares.
Raised GAAP and non-GAAP earnings per share guidance for fiscal 2016.

Intuit Inc. provides business and financial administration solutions for small businesses, consumers, and accounting professionals primarily in the United States, Canada, the United Kingdom, Australia, India, and Singapore. The company’s Small Business segment provides QuickBooks financial and business administration online services and desktop software; QuickBooks technical support services; financial supplies; and QuickBooks Accountant, QuickBooks Accountant Plus, and QuickBooks Online Accountant, in addition to the QuickBooks ProAdvisor Program for the accounting professionals.

Finally, Shares of CBRE Group, Inc. (NYSE:CBG), ended its last trade with 1.49% gain, and closed at $36.86.

CBRE Group, declared that it received a perfect score of 100 percent on the 2016 Corporate Equality Index (CEI), a national benchmarking survey and report on corporate policies and practices related to LGBT workplace equality that is administered by the Human Rights Campaign Foundation. With its high score, CBRE is recognized as a Best Place to Work for LGBT Equality. This marks CBRE’s third successive year of achieving a perfect score, and the company continues to pave the way for raised diversity across the entire commercial real estate industry.

“We recognize the importance of a diverse workplace in attracting and retaining talented professionals and fostering innovation and CBRE continuously strives to enhance our efforts,” said Jennifer Ashley, global director of human resources, CBRE. “We are proud to be recognized as a Best Place to Work for LGBT Equality for the third successive year.”

The 2016 CEI rated 1,024 businesses in the report, which evaluates LGBT-related policies and practices such as non-discrimination workplace protections, domestic partner benefits, transgender-inclusive health care benefits, competency programs, and public engagement with the LGBT community.

CBRE Group, Inc. operates as a commercial real estate services and investment company worldwide. The company operates through Americas; Europe, Middle East and Africa; Asia Pacific; Global Investment Administration; and Development Services segments. It provides advisory services, such as planned advice and execution to owners, investors, and occupiers of real estate in connection with leasing, disposition, and acquisition of property; integrated investment sales and debt/structured financing services under the CBRE Capital Markets brand; and valuation services, counting market value appraisals, litigation support, discounted cash flow analyses, feasibility and fairness opinions, and property condition and environmental consulting, in addition to originates and services commercial mortgage loans.

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