On Friday, Shares of Prudential Financial Inc (NYSE:PRU), subtract -0.54% and closed at $84.53 in the last trading session. The last trading range of the stock ranges between $83.81 and $85.00. The company’s Market capitalization is $36.73 Billion with the total Outstanding Shares of 438.74 million. United Technologies Corp. (UTX) recently declared two related actions that are expected to reduce the overall size of its pension obligations by about $1.77 billion.
First, United Technologies will transfer about $775 million of its outstanding pension benefit obligations under the UTC Employee Retirement Plan and the UTC Represented Employee Retirement Plan to The Prudential Insurance Company of America (PRU). This transaction is expected to close on October 12 with the purchase of a group annuity contract from Prudential. Prudential was selected in consultation with independent experts after a competitive bidding process. Prudential will assume the obligation and administrative responsibility for retirement benefits owed to about 36,000 United Technologies retirees and surviving beneficiaries who presently receive a benefit of $300 per month or less from the plans.
The United Technologies retirees and beneficiaries included in this group will not see any reduction in their monthly payments and will soon receive detailed information packages. United Technologies anticipates a seamless transition since Prudential already administers benefit payments for United Technologies retirees. “This transaction is an important part of United Technologies’ long-term strategy to reduce future pension risk and expense. It will not affect participants remaining in the plans and entrusts the assets leaving the plans to a highly rated insurance company whose core business is retirement security and administration of pension benefits,” said Robin Diamonte, United Technologies’ Chief Investment Officer.
Cardinal Health Inc (NYSE:CAH), dropped -0.40% and closed at $76.40 in the last trading session. The last trading range of the stock ranges between $75.86 and $77.12. The company’s Market capitalization is $24.35 Billion with the total Outstanding Shares of 319.95 million. During the 52-week trading session the minimum price at which share price traded, registered at $72.25 and reached to max level of $91.22. Leading global, integrated healthcare services and products company, Cardinal Health (CAH), recently declared that it will bring its powder-free gloves product line to Hong Kong while further penetrating the disposable drapes and gowns segment as part of its expansion in Asia.
Although the US Food and Drug Administration (FDA) had declared a projected ban on powdered surgical gloves in March1, many users in the region are still using traditional powdered gloves that can cause allergy and respiratory problems to medical professionals, and pose even more hazards to patients.
“There is a tremendous demand for powder-free gloves in Asia,” said Carl Hall, vice president/managing director of Commercialization, Asia-Pacific at Cardinal Health. “In this region, aside from Japan, Australia, New Zealand and Hong Kong, about 70% of users are still using powdered gloves. Our aim is to assist Asia move to a powder-free environment in order to improve the safety and health of patients and clinicians.”
On the otherhand Equity Residential (NYSE:EQR), dropped -0.90% and closed at $60.80 in the last trading session. The last trading range of the stock ranges between $60.69 and $62.41. During the 52-week trading session the minimum price at which share price traded, registered at $30.26 and reached to max level of $82.39. Equity Residential (EQR) recently declared that the company will release its third quarter 2016 operating results on Tuesday, October 25, 2016 after the close of market and host a conference call to discuss those results on Wednesday, October 26, 2016 at 10:00 am Central. The conference call will be available via web cast on the Shareholder section.