In Thursday trading, Facebook Inc. (FB, Financial) shares rose after the company launched its new WhatsApp Business app. designed for smaller businesses. WhatsApp said in a blog post the new app would "make it easier for companies to connect with customers, and more convenient for our 1.3 billion users to chat with businesses that matter to them." The platform will benefit small businesses with "quick replies" to answer questions.
Shares of Wyndham Worldwide Corp.(WYN, Financial) traded higher after announcing it will buy La Quinta Holdings Inc.'s (LQ, Financial) hotel business for $1.95 billion in cash.The deal is expected to close in the second quarter. La Quinta shareholders will receive $8.40 per share in cash and Wyndham Worldwide will repay approximately $715 million of La Quinta's debt net of cash.
"This transaction builds on Wyndham Worldwide's proven track record of acquiring companies that are a strong strategic and cultural fit, add highly-regarded brands to our portfolio and offer clear opportunities to drive shareholder value through growth, shared best practices and sharp execution," Wyndham CEO Stephen Holmes said.
La Quinta shares also rose on the news.
Netflix Inc. (NFLX, Financial) shares moved into positive territory after analysts at Morgan Stanley raised their price target to $255 per share from $235 per share, which is about 16% higher than its current price.
Further, analysts at UBS established a buy rating on Avery Dennison Corp.(AVY, Financial) with a price target of $135. The target represents a 12.5% upside from the current market price.
On the other hand, Alcoa Corp. (AA, Financial) lost more than 8% after reporting its financial results for the fourth quarter Wednesday evening. The company posted $1.04 in EPS on $3.17 billion in revenue. Both figures fell short of expectations.
For full-year 2017, the aluminum company reported net income of $217 million, or $1.16 per share, compared to a $400 million net loss, or $2.19 per share, in 2016. Excluding special items, the company reported adjusted net income of $563 million, or $3.01 per share, compared to a $227 million adjusted net loss, or $1.24 per share, in the year prior.
Disclosure: The author holds no positions in any stocks mentioned.
