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Itron, Inc. stock price
Itron, Inc. latest news:
Ubiquiti's stock slumps after results beat expectations by outlook falls short
Shares of Ubiquiti Networks Inc. slumped 3.7% in premarket trade Thursday, after the network technology company reported fiscal first-quarter results that beat expectations, but provided a downbeat revenue outlook. Net income for the quarter to Sept. 30 rose to $74.93 million, or 92 cents a share, from $71.8 million, or 86 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share of 92 cents was above the FactSet consensus of 86 cents. Revenue rose 20% to $245.9 million, beating the FactSet consensus of $235.5 million, as 50% growth in enterprise technology revenue helped offset a 0.6% decline in service provider technology revenue. The company said it expects second-quarter revenue of $240 million to $250 million, which is below the FactSet consensus of $252 million. The closed Monday at $66.36, just shy of its Aug. 8 record close of $66.44. The stock had tumbled to a 3-month low in mid-September after short seller Andrew Left of Citron Research called the company a "fraud," then started recovering later that month after Ubiquiti Chief Executive Robert Pera vigorously defended the company. The stock has rallied 13% year to date through Wednesday, while the S&P 500 has gained 16%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-Solitron Devices announces preliminary Q2 and Q1 results
Solitron Devices Inc(SODI). * Solitron Devices, Inc. Announces preliminary second quarter and first quarter results. * Q2 sales $2.4 million versus $1.9 million Source text for Eikon: Further company coverage:
Itron to buy Silver Spring Networks for a 25% premium
Itron Inc. said Monday it agreed to buy internet-of-things company Silver Spring Networks Inc. in a deal valued at $830 million. Under terms of the agreement, Silver Spring shareholders will received $16.25 in cash for each share they own, which represents a 25% premium to Friday's closing price of $13. Itron expects the deal to produce synergies of $50 million a year, add to gross margin in the first year after the deal closes and add to adjusted earnings per share in the second year. Itron plans to pay for the deal, which is expected to close in late 2017 or early 2018, with cash and $750 million in new debt. Silver Spring's stock, which was halted for news, has run up 23.5% over the past three months, while Itron shares have gained 5.0% and the S&P 500 has tacked on 2.8%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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