On May 22, 2014, S&P Dow Jones Indices will make the changes to the S&P MidCap 400 and S&P SmallCap 600 indices: NOW Inc. ((NYSE:DNOW) will replace General Cable Corp. (BGC) in the S&P MidCap 400, and General Cable will replace PCTEL Inc. (PCTI) in the S&P SmallCap 600 effective after the close of trading on Friday, May 30. S&P 100 & 500 constituent National Oilwell Varco Inc. (NOV) is spinning off NOW to shareholders in a transaction expected to be completed after the close of trading on that date. Post spin, National Oilwell Varco will remain in the S&P 100 & 500. General Cable is ranked near the bottom of the S&P MidCap 400. PCTEL is ranked near the bottom of the S&P SmallCap 600 and is no longer representative of that index. NOW Inc (NYSE:DNOW) weekly performance is -6.35%. On last trading day company shares ended up $32.72. Analysts mean target price for the company is $36.50. NOW Inc (NYSE:DNOW) distance from 50-day simple moving average (SMA50) is 0.10%.
On June 2, Scorpio Tankers Inc. (NYSE:STNG) has entered into an agreement to buy back millions of its own common stock. The company has also updated about the vessel deliveries. According to the agreement, Scorpio Tankers Inc. (NYSE:STNG) will buyback 7.5 million common shares from the existing shareholders. In the buyback, the company will sale in exchange 3.4 million common shares of Dorian LPG Ltd (NYSE:LPG), which the company presently owns. With the sale of 3.4 million Dorian shares, Scorpio Tankers will gain $11 million. After the transaction, its ownership in Dorian will go down to 9.4 million shares. Scorpio Tankers Inc. (NYSE:STNG) shares advanced 0.85% in last trading session and ended the day on $9.49. Gross Margin is 24.60% and its return on assets is 4.00%. Scorpio Tankers Inc. (NYSE:STNG) quarterly performance is -4.24%.
On June 9, Harbinger Group Inc. (NYSE:HRG) released a letter to the Board of Directors of Central Garden & Pet Company (“CENT”) requesting a dialogue intended to create significant shareholder value for all CENT shareholders. In its letter, HRG requested that the CENT Board explore strategic alternatives, including a potential sale of all of the equity of CENT or all or a portion of its assets to HRG or one or more of its affiliates. Harbinger Group Inc (NYSE:HRG) shares moved up 0.66% in last trading session and was closed at $12.26, while trading in range of $12.19 – $12.44. Harbinger Group Inc (NYSE:HRG) year to date (YTD) performance is 6.15%.
Compass Diversified Holdings(NYSE:CODI), the owner of CamelBak and other brands, has signed an agreement for a revolving credit facility totaling $400 million and a term loan of $325 million. The two credit facilities combine for $725 million in new debt financing and replace Compass’ previous revolving credit facility and term loan facility. Compass Diversified Holdings (NYSE:CODI) ended the last trading day at $17.50. Company weekly volatility is calculated as 1.04% and price to cash ratio as 9.76. Compass Diversified Holdings (NYSE:CODI) showed a positive weekly performance of 1.51%.
On June 4, 2014, Quinpario Acquisition Corp. ((NASDAQ:QPAC) announced that it has set a record date of June 16, 2014 (the “Record Date”) and a meeting date of June 30, 2014 for the special meeting in lieu of the 2014 annual meeting of stockholders of Quinpario (the “Special Meeting”) relating to the previously announced business combination between Quinpario and Jason Incorporated (“Jason”). Quinpario Acquisition Corp (NASDAQ:QPAC) weekly performance is 0.10%. On last trading day company shares ended up $10.26. Quinpario Acquisition Corp (NASDAQ:QPAC) distance from 50-day simple moving average (SMA50) is 0.5%.