News Buzz: Whole Foods Market, (NASDAQ:WFM), Micron Technology, (NASDAQ:MU), Linn Energy, (NASDAQ:LINE)

September 19, 2020 Travis Garlick Uncategorized Comments Off

On Thursday, Shares of Whole Foods Market, Inc. (NASDAQ:WFM), lost -2.11% to $30.11.

Whole Foods Market, declared a new capital allocation strategy that reflects confidence in the Companys future growth and cash flow generation, while expanding its commitment to return capital to shareholders.

As part of this strategy, the Companys Board of Directors has authorized a new $1 billion share repurchase program, bringing the Companys total share repurchase authorization to $1.3 billion. In addition, the Board declared a 4% improvement in the quarterly dividend to $0.135 per share from $0.13 per share, the Companys fifth successive dividend improvement since reinstating the dividend in 2011. The next dividend is payable on January 26, 2016 to shareholders of record as of January 15, 2016. Since 2011, the Company has returned about $2.4 billion to shareholders through dividends and share repurchases.

As part of its capital structure strategy, the Company recently reached a $500 million five-year revolving credit facility. In addition, before the end of the first quarter, the Company intends to incur additional long-term debt of up to $1 billion. The amount and composition of this debt will depend on market conditions and capital allocation considerations at the time the debt is incurred. The Company may also incur additional short-term debt of up to $350 million, which would be repaid with proceeds from the long-term debt. Proceeds from any debt incurred would be used for general corporate purposes, counting the repurchase of stock. The Companys intent is to spend the majority of the $1 billion buyback authorization in the first half of the fiscal year and anticipates the combined effects of the additional indebtedness and future share repurchases to be accretive to earnings per share in fiscal year 2016.

Whole Foods Market, Inc. operates as a retailer of natural and organic foods. The company’s stores offer produce and floral, grocery, meat, seafood, bakery, prepared foods and catering, coffee, tea, beer, wine, cheese, nutritional supplements, vitamins, and body care products, in addition to lifestyle products, counting books, pet products, and household products.

Shares of Micron Technology, Inc. (NASDAQ:MU), declined -5.33% to $16.51, during its last trading session, with the overall traded volume of 26,766,959 shares. Its average volume stands at 29,986,000.

The stock price is going above to its 52 week low with 22.30% and lagging behind from its 52 week high with -54.88%. Analyst recommendation for this stocks stands at 2.40. A look on the firm performance, its weekly performance is 1.85% and a quarterly performance of -10.47%.

Micron Technology, Inc. provides semiconductor systems worldwide. It operates in four segments: Compute and Networking Business Unit, Mobile Business Unit, Storage Business Unit, and Embedded Business Unit. The company offers DDR4 and DDR3 DRAM products for computers, servers, networking devices, communications equipment, consumer electronics, automotive, and industrial applications; mobile low-power DRAM products for mobile phones, tablets, embedded, computers, and other mobile consumer device applications; DDR2 DRAM, DDR DRAM, GDDR5 DRAM, SDRAM, reduced latency DRAM, and pseudo-static DRAM products for use in networking devices, servers, consumer electronics, communications equipment, computer peripherals, automotive and industrial applications, and computer memory upgrades; and HMC semiconductor memory devices for use in networking and computing applications.

Finally, Shares of Linn Energy, LLC (NASDAQ:LINE), ended its last trade with -1.41% loss, and closed at $2.79.

Linn Energy, and LinnCo, LLC (LNCO) declared financial and operating results for the three months ended September 30, 2015.

LINN stated the following third quarter 2015 results:

Average daily production of about 1,198 MMcfe/d for the third quarter 2015;
Total revenues of about $998 million for the third quarter 2015, which comprises gains on oil and natural gas derivatives of about $549 million;
Lease operating expenses of about $154 million, or $1.40 per Mcfe, for the third quarter 2015;
Net loss of about $1.6 billion, or $4.47 per unit, for the third quarter 2015, which comprises non-cash impairment charges of about $2.3 billion, or $6.43 per unit, non-cash gains related to changes in fair value of unsettled commodity derivatives of about $235 million, or $0.67 per unit, non-cash gains on extinguishment of debt of about $198 million, or $0.56 per unit, and gains on sale of assets and other of about $167 million, or $0.48 per unit;
Excess of net cash offered by operating activities after distributions to unitholders and discretionary adjustments considered by the Board of Directors, counting total development of oil and natural gas properties (see Plan 1), of about $111 million for the third quarter 2015;
Estimated net positive mark-to-market hedge book value of about $1.9 billion as of September 30, 2015;
Non-cash impairment of long-lived assets of about $2.3 billion for the third quarter 2015, primarily driven by lower commodity prices and the Companys estimates of proved reserves; and
Exceeded guidance expectations for average daily production, lease operating expenses, general and administrative expenses and excess of net cash offered by operating activities for the third quarter 2015.

Linn Energy, LLC, an independent oil and natural gas company, acquires and develops oil and natural gas properties in the Unites States. Its properties are located in the Rockies, the Hugoton Basin, California, east Texas and north Louisiana, the Mid-Continent, the Permian Basin, Michigan/Illinois, and south Texas.

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