Geo Group Approved for REIT Status and 4 Stocks Hitting 52-Week Highs
Biomarin Pharmaceuticals (NASDAQ:BMRN): Closing price $54.08
BioMarin’s Achondroplasia treatment wins FDA Orphan Drug designation. Shares closed up 0.97 percent on the day at$54.08, and have traded in a 52-week range of $31.91 to $53.84.
LM Ericsson Telephone Company (NASDAQ:ERIC): Closing price $10.56
Ericsson and STMicroelectronics (NYSE:STM) have retained JPMorgan to explore a divestiture of their cellphone-chip joint venture, ST-Ericsson, say inside sources to the Wall Street Journal. Shares closed up 2.33 percent on the day at $10.56, having been traded in a 52-week range of $8.23 to $10.60.
Geo Group (NYSE:GEO): Closing price $32.75
The GEO Group receives a favorable private letter ruling from the Internal Revenue Service, regarding with the firm’s previously announced conversion to a real estate investment trust. GEO also has received an opinion from Skadden, Arps, Slate, Meagher & Flom, LLP, which advised the company on its REIT conversion that it qualifies as such. Based on the receipt of the private letter ruling and the Skadden REIT opinion, GEO’s Board of Directors has authorized the dirm to elect REIT status effective January 1st. In addition, the firm also announced that on January 17th, its board declared GEO’s first ever quarterly cash dividend as a REIT of 50 cents per share of common stock based on its new outstanding share count of around 71.3 million, which includes the issuance of roughly 9.7 million shares linked with its previously announced $350 million special dividend which was paid on December 31st. The quarterly REIT cash dividend of 50c per share will be paid on March 1st to shareholders of record as of the close of business on February 15th. Shares closed up 6.61 percent on the day at $32.75, and have been traded in a 52-week range of $16.56 to $32.36.
Goldman Sachs Group (NYSE:GS): Closing price $144.45
Goldman Sachs may raise as much as $2 billion in an initial public offering from Geresidential landlord LEG Immobilien, says Bloomberg. According to three knowledgeable sources, LEG will likely list around 50 percent of the company and is valued at between €2.1 billion and €3 billion. Shares closed up 2.44 percent on the day at $144.45, having been traded in a 52-week range of $90.43 to $141.95.
Johnson & Johnson (NYSE:JNJ): Closing price $73.23
Johnson & Johnson should post its fourth quarter results before the open on January 22nd, with a conference call set for 8:30 am ET. Analysts expect earnings of $1.17 on revenue of $17.67 billion, says First Call. The consensus range for earnings is between$1.13 and $1.23 on revenue of $17.46 billion to $17.98 billion. Shares closed up 0.45 percent on the day at $73.23, and have been traded in a 52-week range of $61.71 and $73.23.