Tulsa, Oklahoma-based diversified energy company, ONEOK Inc. (NYSE: OKE) today announced that its Board of Directors authorized the management to pursue a plan to separate the company’s natural gas distribution business into a standalone publicly traded company.
Under the proposed plan, OKE shareholders would retain their current shares in the company’s common stock and receive a pro-rata dividend of shares of stock in the new company. The transaction is expected to be tax-free to ONEOK and its shareholders.
John W. Gibson, ONEOK Chairman and CEO, said that the transaction should unlock the value of the assets currently in the ONEOK structure and is consistent with the Board of Directors’ commitment to create long-term, sustainable shareholder value. Gibson further said that creating two well-capitalized entities will help ensure that each has the financial strength and flexibility to pursue its own independent strategic priorities.
OKE shares hit a 52-week high of $54.19 earlier in the day. The stock closed 25.54% higher at $53.77 on above average volume of 14.48 million.
Crocs Inc. (NASDAQ: CROX) shares plunged in trading today as the company’s second-quarter earnings and outlook for the current quarter missed Street estimates. Crocs shares fell to an intra-day low of $12.97 earlier in the day. The stock ended the day 20.14% lower at $13.56 on above average volume of 13.85 million.
Facebook Inc. (NASDAQ: FB) shares surged today, hitting a 52-week high, as investors cheered the social network’s better-than-expected second-quarter results. FB’s second-quarter results benefited from strong mobile revenue. FB shares rose to a 52-week high of $34.88 earlier today before finishing the day 29.61% higher at $34.36 on above average volume of 350.13 million.
D.R. Horton Inc. (NYSE: DHI) shares, meanwhile, tumbled in trading today as the company’s revenue for the third quarter missed consensus forecast. DHI reported homebuilding revenue of $1.64 billion for the third quarter, up 47% on a year-over-year basis. This fell short of the consensus forecast of $1.70 billion. The company’s profit for the third quarter came in at $146 million, or $0.42 per share, compared to $787.8 million, or $2.22 per share reported for the same period in the previous year.
DHI shares fell to an intra-day low of $19.13 earlier today. The stock ended the day 8.58% lower at $19.38 on above average volume of 22.84 million.
Shares of another homebuilder, PulteGroup Inc. (NYSE: PHM) also tumbled in trading today after the company reported its second-quarter financial results. PHM shares ended the day 10.30% lower at $16.55 after hitting an intra-day low of $16.13.
Shares of Baidu.com Inc. (ADR) (NASDAQ: BIDU) rose sharply today after the company reported its financial results for the second quarter. BIDU shares hit an intra-day high of $132.86, which is slightly short of its 52-week high of $134.71. The stock ended the day 11.01% higher at $125.85 on above average volume of 21.58 million. BIDU shares have gained 14.40% in the last three trading sessions. Year-to-date, the stock has gained 25.49%.