Top Midday Stories: Dollar Tree to Sell Family Dollar for $1.01 Billion; Tesla to Launch in Saudi Arabia on April 10

12:04 PM EDT, 03/26/2025 (MT Newswires) -- The S&P 500 Index and Nasdaq Composite were both down in late-morning trading on Tuesday after President Donald Trump said in an interview on Newsmax that tariffs will likely "be more lenient than reciprocal."

In company news, Dollar Tree ( DLTR ) said Wednesday it agreed to sell its Family Dollar business to Brigade Capital Management and Macellum Capital Management in a deal worth around $1.01 billion. The company expects to generate net proceeds of roughly $804 million from the sale. The deal is expected to close in Q2, pending regulatory approval. Dollar Tree ( DLTR ) also reported fiscal Q4 adjusted earnings Wednesday of $2.29 a share, including $2.11 from continuing operations and $0.18 from discontinued operations, versus $2.49 from continuing operations the year before. The consensus on FactSet was for non-GAAP EPS of $2.20. Fiscal Q4 revenue was $5 billion, up from $4.96 billion in the year-ago period. Dollar Tree ( DLTR ) shares were up 3.1% around noon.

Tesla (TSLA) said it is set to launch in Saudi Arabia on April 10. The launch event in Riyadh will display EVs and Tesla products powered by solar energy, Tesla said. Separately, Tesla buyers in Canada will no longer be eligible for EV rebates following an order by Transport Minister Chrystia Freeland, according to media reports. Tesla shares were down 3.9%.

The board of GameStop ( GME ) unanimously decided to add bitcoin as a treasury reserve asset as part of its updated investment policy, the company said late Tuesday. GameStop ( GME ) shares were up 14.7%.

Cintas ( CTAS ) reported fiscal Q3 earnings Wednesday of $1.13 per diluted share, up from $0.96 a year earlier and above the FactSet consensus of $1.06. Fiscal Q3 revenue was $2.61 billion, up from $2.41 billion in the year-ago period and above the FactSet consensus of $2.60 billion. The company raised its fiscal 2025 guidance to a range of $4.36 to $4.40 per diluted share from $4.28 to $4.34. Analysts polled by FactSet expect $4.31. Cintas ( CTAS ) also altered its revenue guidance to a range of $10.28 billion to $10.31 billion from $10.26 billion to $10.32 billion. Analysts expect $10.29 billion. Cintas ( CTAS ) shares were up 7.1%.

Paychex ( PAYX ) reported fiscal Q3 earnings Wednesday of $1.49 per diluted share, up from $1.38 a year earlier and above the FactSet consensus of $1.48. Fiscal Q3 revenue was $1.51 billion, up from $1.44 billion in the year-ago period and in-line with the FactSet consensus. Paychex ( PAYX ) shares were up 4.1%.

Price: 68.91, Change: +1.77, Percent Change: +2.63

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.