B&G Foods Acquires Two Chipita Brands and 4 Stocks Enjoying 52-Week Highs
General Electric Company (NYSE:GE) will collaborate with Electric Transmission Texas on the largest series compensation project in the country. The latter, which is a joint venture between the subsidiaries of American Electric Power Company Inc. (NYSE:AEP) and MidAmerican Energy Holdings, is a regulated transmission-only utility which constructs, owns and operates transmission assets as a regulated utility in the state of Texas. Under the terms of the multi-million dollar agreement, GE will install eight series compensation banks at four different facilities that are owned by ETT in West and Central Texas. Hundreds of American workers will be employed by this project in manufacturing, engineering, project management and construction. Shares closed up 0.32 percent on the day at $43.97, and have traded in a 52-week range of $35.85 to $43.96.
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B&G Foods, Inc. (NYSE:BGS) will purchase the New York Style and Old London brands from Chipita America, Inc. in a cash transaction worth about $62.5 million. The acquisition includes a state-of-the-art manufacturing facility in Yadkinville, North Carolina, with around 250 employees. The buyer believes that the brands will bring net sales of between $45 million and $50 million, and earnings before interest, depreciation, taxes and amortization of about $8 million to 9 million in 2013. Shares closed up 1.69 percent on the day at $31.97, having been traded in a 52-week range of $15.29 to $31.64.
ConAgra Foods, Inc.’s (NYSE:CAG) board of directors has approved a rise in the quarterly dividend from 24 cents per share to 25 cents, in recognition of the firm’s strong cash flows and earnings outlook. Payment will be made on Dec. 4th, to stockholders of record at the close of business on Oct. 31st. Shares closed up 6.2 percent on day at $27.24, and have traded in a 52-week range of $22.39 to $27.34.
Comcast Corporation’s (NASDAQ:CMCSA) Chief Financial Officer Michael Angelakis says that the pattern of large cable companies acquiring smaller firms is probably over, commenting that “We frankly would rather buy back stock, adding that there’s a disconnect between how the private market and public market values cable systems.” Shares closed up 1.61 percent on the day at $35.95, having been traded in a 52-week range between $19.72 and $35.45.
Full House Resorts, Inc. (AMEX:FLL) has gotten an okay to own a Mississippi gaming licensee by the Mississippi Gaming Commission, which should allow the company to close on its purchase on October 1st of the Silver Slipper Casino Venture LLC, which operates the Silver Slipper Casino in Hancock County, Mississippi. Shares closed up 3.4 percent on the day at $3.35, and have traded in a 52-week range of $2.33 to $3.59.
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