U.S. indices posted modest gains Wednesday as energy stock soared 0.8% and basic materials fell 0.8%. The S&P 500 Index gained 0.1%, the Dow Jones Industrial Average wafted up 0.2% and the Nasdaq Composite edged 0.1% higher.
Here’s what you should know:
Lattice Semiconductor Corp (LSCC)
President Donald Trump has blocked the acquisition of Lattice Semiconductor.
A Chinese company called Canyon Bridge Fund attempted to buy the semiconductor maker, but the POTUS blocked the move, saying such a buy could pose a threat to national security in the U.S.
The interagency Committee on Foreign Investments in the United States gives Trump the power to block any moves that could result in endangering the national security of the country.
The agency, along with Trump, issued a statement regarding the Lattice Semiconductor move, saying “the transaction poses a risk to the national security of the United States that cannot be resolved through mitigation.”
The company manufactures programmable logic devices, which can be programmed to perform similar functions to chips.
LSCC shares edged 0.9% higher after hours.
Tenet Healthcare Corp (THC)
Tenet Healthcare shares were soaring Wednesday on the company’s news that it’s seeking a buyer.
The company, which has a market cap of $1.64 billion, is reportedly seeking a potential suitor to buy the company, as well as other financial restructuring plans that could aid it moving forward.
Sources close to the matter say a sale of Tenet Healthcare would still be in its early stages, and it is one of the options the company is considering to enhance shareholder value.
A group of banks has been hired by the company to help make its sale a reality. In a regulatory filing, Tenet CEO Trevor Fetter mentioned continuing to make divestitures, but did not mention a sale directly.
THC stock skyrocketed as much as 11.6% after hours Wednesday.
United Natural Foods, Inc. (UNFI)
United Natural Foods shares rose late in the day on the company’s earnings call.
For its fourth quarter, the company posted profit of 72 cents per share on an adjusted basis. On a GAAP basis, the figure was 76 cents per share, which topped analysts’ projection of 70 cents per share.
Revenue was slightly below the mark at $2.34 billion as the Wall Street consensus estimate predicted sales of $2.36 billion.
United Natural Foods now sees its fiscal 2018 earnings to be in the range of $2.67 to $2.77 per share, while revenue is slated to be in the range of $9.63 billion to $9.81 billion.
Analysts are calling for 2018 earnings of $2.67 per share on revenue of $9.75 billion.
UNFI stock gained 6.7% after the bell yesterday.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.