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Market Update

21st Century Fox Moves on Sky Stake, Nucor Lowers Outlook


Author: Mukesh Buch
ticker.com
Last Update: 12:21 PM ET December 15 2016

12:05 PM New York – Nucor lowered earnings outlook. RMR net income and revenues soared. Scholastic net jumped 5% and reaffirmed revenue forecast. Sanderson Farms net nearly tripled. Smart Sand net swung to a loss. 21st Century Fox agreed to acquire remaining stake in Sky for $23.4 billion.

Tollbooth Index jumped 61.95 or 0.6% to 11,346.59.

Earnings Review

Nucor Corporation (NUE) dropped 1.1% or 70 cents to $62.34 after the steel and steel products manufacturer lowered diluted earnings per share forecast in the fourth quarter ending December between 30 cents to 35 cents compared to the 84 cents in the same period a year ago.

Nucor said earnings estimate was lowered mainly due to sale price volatility and demand during 2016 and steel products prices are expected to be volatile in 2017.

RMR Group Inc (RMR) gained 1.7% or 74 cents to $44.24 after the real estate developer said total revenues in the fourth-quarter ending in September advanced 17% from a year ago to $56.3 million.

Net income in the quarter jumped 17.5% to $7.4 million or 46 cents per diluted share compared to the $6.3 million or 40 cents per share from the same quarter last year.

Scholastic Corp (SCHL) increased 2% or 94 cents to $46.94 after the children’s books publisher and distributor reported revenues in the second-quarter ending in November advanced 4% from a year ago to $623.1 million.

Net income in the quarter jumped 4.6% to $67.9 million or $1.92 per diluted share compared to the $64.9 million or $1.84 per share from the same quarter last year.

Scholastic reaffirmed total revenue in fiscal 2017 between $1.7 billion and $1.8 billion and diluted earnings per share in the range of $1.60 to $1.70.

Sanderson Farms, Inc (SAFM) fell 46 cents to $88.86 after the poultry products distributer said revenues in the fourth-quarter ending in October soared 16.4% from a year ago to $790.8 million.

Net income in the quarter surged 177.4% to $76 million or $3.36 per diluted share compared to the $27.4 million or $1.22 per share from the same quarter last year.

Smart Sand Inc (SND) advanced 2.9% or 39 cents to $13.89 after the raw frac sand producer stated revenues in the third-quarter ending in September jumped 29% from a year ago to $10.9 million.

Net in the quarter swung to a loss of $0.1 million or break even cents per diluted share compared to the $1.8 million or 7 cents per share from the same quarter last year.

Twenty-First Century Fox Inc (FOX) slid 7 cents to $27.52 after the media and entertainment group reached agreement to acquire the remaining 61% stake in the U.K-based Sky Plc for £11.7 billion.

The deal values the pay-TV broadcaster at £18.5 billion or $23.4 billion in an all-cash.

“We are excited to bring Sky fully into 21st Century Fox and partial ownership of Sky was not natural end for us. Fully combining the businesses is a clear logical,” said 21st Century Fox executive chairman Lachlan Murdoch said.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc