Westinghouse Air Brake Technologies Corporation (NYSE:WAB) [Trend Analysis] knocking active thrust in leading trading session, shares a gain of 2.62% to 83.94 with around 380588 shares have changed hands in this session. Wabtec Corporation (WAB) declared that it has acquired Workhorse Rail LLC, a supplier of engineered freight car components, mainly for the aftermarket. The company has annual sales of about $35 million. Workhorse Rail supplies freight car couplers, knuckles and related parts to a variety of Class I railroads and freight car manufacturers.
The company offers a variety of product designs and sells primarily in the North American aftermarket. Raymond T. Betler, Wabtec’s president and chief executive officer, said: “Workhorse Rail brings an excellent reputation, strong engineering capabilities and new products to our portfolio. In addition, we believe Wabtec’s geographic presence and aftermarket footprint will provide opportunities to expand Workhorse Rail’s consumer base in North America and globally.” The stock is going forward its fifty-two week low with 39.95% and lagging behind from its 52-week high price with -5.88%.
Similar, the positive performance for the quarter recorded as 8.32% and for the year was 14.45%, while the YTD performance remained at 15.59%. WAB has Average True Range for 14 days of 1.60.
Fred’s, Inc. (NASDAQ:FRED) [Trend Analysis] retains strong position in active trade, as shares scoring -0.79% to $20.03 in a active trade session, while looking at the shares volume, around 2.49 Million shares have changed hands in this session. Fred’s Inc. (FRED) reported the company has signed contract with Walgreens Boots Alliance, Inc. (WBA) and Rite Aid Corp. (RAD) to purchase 865 stores and certain assets related to store operations located across the eastern and western United States for $950 million.
Upon completion, Fred’s will operate the acquired stores and will retain the Rite Aid banner through a 24-month transition. Fred’s Pharmacy expects that the acquired stores would be accretive to earnings and generate substantial cash flow. The company noted that, in aggregate, the 865 stores are generally representative of Rite Aid’s pre-divesture store performance with respect to both sales and EBITDA.
Fred’s said the transaction, if authorized, is targeted to close during the first half of 2017 and will position Fred’s Pharmacy as the third-largest drugstore chain in the United States. The company noted that closing of the transaction is expected to take several months after Walgreens’ proposed acquisition of Rite Aid is completed. The firm has institutional ownership of 98.40%, while insider ownership included 5.90%. FRED attains analyst recommendation of 2.90 with week’s performance of 83.05%. Investors looking further ahead will note that the Price to next year’s EPS is 55.10%.