Diamonds and Dogs
With today's diamond you can paint your house money green. Valspar (VAL) is popping 24% or $20 thanks to a buyout offer from Sherwin Williams. Sherwin-Williams, the third largest coating supplier in the industry is offering $113 a share or $11.3 billion in cash for Valspar. The combination will expand the brand portfolio in North America and significantly strengthen the global expansion plans. The combined companies look to create synergies of $320 million within two years after closing. The companies don't expect the deal to close before the first quarter of 2017.
Hope your gate is closed so the dog doesn't get out. Lions Gate Entertainment Corp (LGF) is down 2.3% intraday following disappointing box office numbers over the weekend. The movie company known for their films like the Hunger Games series and the Hurt Locker saw weak sales over the weekend from their latest Divergent Series, Allegiant. The Allegiant movie came in below estimates this morning prompting a downgrade from Stifel Securities. The analyst was expecting the movie, Allegiant to be the underpinning for better than expected earnings for 2017 and 2018. The stock and fundamentals don't seem to be looking as good as last week.