Verizon Communications Inc. (NYSE:VZ) reported on Friday that it has decided to pay $612 million for Hughes Telematics Inc. HUTC, for the price of $12 each share in cash.
The attempt to purchase Atlanta-located Hughes Telematics arrives as blue chip Verizon looks to strengthen its existence in automotive and fleet telematics. The planned merger is predicted to end in the 3Q, conditional on regulatory acceptances. Major shareholders of Hughes Telematics shares have decided to vote their stock on the side of the agreement.
The BOD of HTI has collectively accepted the pact upon the suggestion of its special board, and the deal was collectively accepted by the directors of Verizon present and voting.
Its competitors include AT&T Inc. (NYSE:T) that slipped -0.15% to $34.12 with the total traded volume of 3.87 million shares and Sprint Nextel Corporation (NYSE:S) that surged 1.95% to $2.62 with the total traded volume of 7.67 million shares.
Other technology stocks with bullish trend include Telefonica S.A. (ADR) (NYSE:TEF) up 0.45% to $11.12, Activision Blizzard, Inc. (NASDAQ:ATVI) up 0.81% to $11.84 and SK Telecom Co., Ltd. (ADR) (NYSE:SKM) up 3.50% to $11.53, whereas with bearish trend include Facebook Inc (NASDAQ:FB) down -4.19% to $28.36, Groupon Inc (NASDAQ:GRPN) down -8.65% to $9.72 and Intel Corporation (NASDAQ:INTC) down -1.39% to $25.48.
Verizon Communications Inc. (NYSE:VZ) stock in current session held volume of 1.51 million shares as compare to its average volume of 13.31 million shares. The stock after opening at $41.52 hit high price of $41.68 and then trading at $41.27 by scoring -0.89% at 10:14AM EDT.
As the revenue measures VZ generated revenue of 112.13 billion in the following twelve months income of $2.65 billion. The Company showed a positive 9.67% in the net profit margin and in addition to in its operating margin which remained 12.15%. Company’s annual sales growth for the past five year was 4.69%.
The stock showed weekly upbeat performance of 0.87% which was maintained for the month at 2.66%. Likewise the positive performance for the quarter was recorded as 9.78% and for the year was 21.05% while the YTD performance remained at 6.52%.
The VZ past twelve months price to sales ratio was 1.06 and price to cash ratio remained 18.11. As far as the returns are concern, the VZ return on equity was recorded as 7.01% and increased 7.38% return on investment while its return on asset stayed at 4.81%.
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