Gapping Down:
In reaction to disappointing earnings/guidance:
- VFC -4.7%, KMB -3.8%, GFI -2.3% (provides Q3 operating update, affirms FY16 outlook; gold produced was +1.5% q/q)
M&A Related:
- SYT -7.2% (it and ChemChina failed to submit concessions to the EU by deadline),
- COL -1.9% (to Acquire B/E Aerospace (BEAV) for $8.3 Billion in Total Consideration),
- T -1.7%, TWX -1.0% (Time Warner (TWX) confirms deal to be acquired by AT&T (T) for $107.50/share in cash & stock, or ~$85.4 bln)
Other news:
- BAS -25.6% (enters into a restructuring support agreement with its certain term loan lenders; under the terms, co must file chapter 11 cases to implement the Plan on or before October 25),
- TDW -15.1% (receives limited waiver extensions from its lenders and noteholders until November 11, 2016),
Analyst comments:
- EA -1.9% (downgraded to Neutral from Buy at BofA/Merrill),
- LECO -1.8% (downgraded to Underperform at Longbow),