NEW YORK, August 29, 2022: Avid Technology Inc. (NASD:AVID) will replace Plantronics Inc. (NYSE:POLY) in the S&P SmallCap 600 effective prior to the opening of trading on Thursday, September 1. S&P 500 constituent HP Inc. (NYSE:HPQ) acquired Plantronics in a deal that closed today.
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PALO ALTO, Calif., Aug. 01, 2022 (GLOBE NEWSWIRE) - HP Inc. (NYSE: HPQ) (“HP” or the “Company”) announced today that it has extended the expiration date of the previously announced offer to exchange (the “Exchange Offer”) any and all outstanding notes (the “Poly Notes”) of Plantronics, Inc. (NYSE: POLY) (“Poly”) for up to $500,000,000 aggregate principal amount of new notes to be issued by the Company (the “HP Notes”). HP hereby extends such expiration date from 11:59 p.m., New York City time, on August 1, 2022, to 5:00 p.m., New York City time, on August 15, 2022 (as the same may be further extended, the “Expiration Date”). At 5:00 p.m., New York City time, on July 18, 2022 (the “Early Participation Date”), the previously announced solicitation of consents to adopt certain proposed amendments (the “Amendments”) to the indenture governing the Poly Notes (the “Poly Indenture”) expired. The requisite consents were received to adopt the Amendments with respect to all outstanding Poly
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One of the financial metrics I use to find large-cap stocks trading at a discount is their free cash flow yield. Free cash flow (or FCF) is the remaining cash flow from operations after subtracting a company’s capital expenditures. Uses for FCF include dividends, share repurchases, debt repayment, acquisitions, and investing in the business. If a company’s FCF yield is 8% or higher, there is a strong possibility that investors are undervaluing its shares. The inverse of FCF yield is price-to-free-cash-flow (P/FCF). With this in mind, I screened S&P 500 stocks with a market capitalization of $10 billion or greater to find large-cap stocks trading at a discount. In turn, the screen provided 51 possibilities . However, 24 were financial stocks, which don’t tend to be good candidates for P/FCF and FCF yield stock screens. Nonetheless, I found seven large-cap stocks trading at a discount to buy now — with each one coming from a different sector. Ticker Company Price LYB LyondellBasell $87.17 LYV Live Nation Entertainment $89.78 EXPE Expedia $97.73 FANG Diamondback Energy $118.28 AXP American Express $149.83 MOH Molina Healthcare $308.68 HPQ HP Inc. $31.99 Large-Cap Stocks: LyondellBasell (LYB) Source: Flagmania / Shutterstock.com LyondellBasell (NYSE: LYB ) is a producer of chemicals such as ethylene, propylene, propylene oxide, methanol, acetic acid and many others.
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PALO ALTO, Calif., July 13, 2022 (GLOBE NEWSWIRE) -- HP Inc. (NYSE: HPQ) (“HP” or the “Company”) announced today a further extension of (i) its previously announced private exchange offer to certain eligible holders (the “Exchange Offer”) for any and all outstanding notes (the “Poly Notes”) issued by Plantronics, Inc. (NYSE: POLY) for up to $500,000,000 aggregate principal amount of new notes to be issued by the Company and cash, and (ii) the concurrent consent solicitation (the “Consent Solicitation” and, together with the Exchange Offer, the “Exchange Offer and Consent Solicitation”) to adopt certain proposed amendments to the indenture governing the Poly Notes. HP hereby extends the previously extended Early Participation Date and Consent Revocation Deadline set forth in HP’s press release dated July 12, 2022 from 5:00 p.m., New York City time, on July 14, 2022 to 5:00 p.m., New York City time, on July 18, 2022 and the previously extended Expiration Date from 11:59 p.m., New York City time, on July 28, 2022 to 11:59 p.
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