$DD's sales for 4Q16 declined 2% YoverY, as a 1% benefit from currency was offset by a 2% decrease in local price and 1% decline in volume. Volume declined as growth in Performance Materials, Electronics & Communications and Industrial Biosciences was more than offset by declines in Agriculture, on timing of 4Q seed sales.
$DD swung to a 4Q16 profit from a loss last year, driven by lower expenses despite a decline in sales. Net income was $263MM or $0.30 per share compared to a loss of $256MM or $0.29 per share last year. Net sales fell to $5.21Bil from $5.3Bil. Non-GAAP EPS increased to $0.51 from $0.27.
$PNFP announced a proposed underwritten public offering of common shares to raise aggregate gross proceeds of $175MM. $PNFP plans to use proceeds to pay related fees and expenses; provide capital support for the growth of Pinnacle Bank, including in connection with its proposed acquisition of BNC Bancorp; and for other general corporate purposes.
$JCP extended its existing stockholder rights plan for an additional three years to continue protecting the company's valuable net operating loss carryforwards (NOLs). As of the end of FY15, the company had about $2.6Bil in NOLs, which in certain circumstances to offset future taxable income and reduce federal income tax liability.
$UDR established an unsecured commercial paper program in the U.S. Under the terms of the program, the company may issue unsecured commercial paper notes up to a maximum aggregate outstanding of $500MM. The proceeds will be used for general corporate purposes.