Stock Update: Shutterfly, Inc. (NASDAQ:SFLY), Dresser-Rand Group Inc. (NYSE:DRC) and Apple Inc. (NASDAQ:AAPL)
Dallas, Texas, 09/24/2014 (ustrademedia) – On Monday, Shutterfly, Inc. (NASDAQ:SFLY), appears to have been approached by a suitor. Making news headlines were the talks between Silver Lake, a private equity firm, and SFLY for an estimated $2 billion. Shutterfly which has made forays as a successful photo-sharing service provider sat down to advanced talks, after Silver Lake proved to be the highest bidder, in an auction. Silver Lake is now negotiating terms of likely acquisition the news byte noted.
Dresser-Rand Group Inc. (NYSE:DRC) it appears has finally found a suitable buyer in German-based Siemens Group. In a press release on Monday, DRC reported that it will now be bought by Siemens for $7.6 billion cash transaction. Dresser-Rand Group Inc., which has a presence in the oil and gas industry across the US, is likely to be fortuitous for Siemens as the electronics giant had been looking for a profitable acquisition or partner to scale operations in the US. Experts believe that the price paid by Siemens is rather high, when compared to fundamental value. However, the foundation for Siemens to establish credible footprint in the US is definitely well-laid with the expensive buy of Dresser-Rand Group Inc. (NYSE:DRC) and its assets.
Apple Inc. (NASDAQ:AAPL) was reportedly taking a downslide on the stock markets, during the extended-trading hours. AAPL was the victim of rumours making rounds of a possible withdrawing of Beats music streaming. The technology stock, had in the early hours of trading reported gains, given the brisk sales of its latest iPhone offering. The record sales of over 10 million units in a span of three days from the release of the model, has apparently taken Apple Inc. (NASDAQ:AAPL), itself by surprise, indicate industry watchers. However, there has been no news forthcoming from Apple Inc. about Beat music streaming service withdrawal. Techcrunch news report suggested that Apple Inc. may be pursuing a unifying approach by closing down Beat music which it bought for a reportedly high price of $3 billion in May 2014.