General Electric Rips Higher and 4 Stocks Enjoying 52-Week Highs
Eastgroup Properties (NYSE:EGP) announced that its Board of Directors has approved a 2.0 percent raise in its quarterly dividend, increasing it to 53c per share from 52c per share. The dividend is to be payable on September 28 to shareholders of record of Common Stock as of September 18. The shares closed at $54.95, up $0.01 or 0.02% on the day. They have traded in a 52-week range of $34.99 to $55.01.
General Electric Com (NYSE:GE): GE Capital, Corporate Finance announced it will be administrative agent on a $75 million asset-based credit facility for Acme Lift Company, LLC, which is a top wholesale rental company for aerial work platform equipment. The loan is to be used in the refinancing of existing debt and to support future growth, and GE Capital Markets served as sole bookrunner. The shares closed at $21.59, up $0.28 or 1.31% on the day. They have traded in a 52-week range of $14.02 to $21.32.
Google Inc. (NASDAQ:GOOG) is to spend $150 million in the building of its first data center in Latin America, the Associated Press stated. The site right outside the capital of Chile is to be the home of computer servers able to store vast amounts of information and employ 20 people. The shares closed at $706.15, up $6.75 or 0.97% on the day. They have traded in a 52-week range of $480.60 to $699.89.
Hi-Crush Partners Lp (HCLP): Kayne Anderson has reported a 15.38 percent passive stake in Hi-Crush Partners. The shares closed at $20.52, up $0.22 or 1.08% on the day. They have traded in a 52-week range of $17.00 to $20.42.
Hershey Foods Corp. (NYSE:HSY) announced that it reached an agreement for the acquisition of the 49 percent stake in Godrej Hershey Ltd. which it does not own, mainly from Godrej Industries as well as another minority shareholder. Including the assumption of nearly $47.6 million in debt, which already has been consolidated by Hershey as the majority shareholder, the company is to own the Maha Lacto and Nutrine candy brands and the Jumpin and Sofit beverage brands as well as the related manufacturing facilities. The transaction should close by the Q3’s end, and the new entity is to transition to use the name Hershey India as it becomes a wholly owned subsidiary of The Hershey Company. As part of the transaction, the minority shareholders are to receive an undisclosed cash consideration. For the year that ended on December 31, 2011, the Godrej Hershey joint venture had net sales of totaling approximately $80 million. The portion of the net loss for the full year attributable to Hershey was totaled $7 million. Annual net sales totaled about $70 million when the joint venture was announced back in 2007. Hershey stated that due to this transaction there is no change to its financial outlook that has been provided in its Q2 earnings release. The shares closed at $72.32, down $0.84 or 1.15% on the day. They have traded in a 52-week range of $55.32 to $73.19.
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