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Market Update

3M to Buy Capital Safety, Netflix Announces 7-1 Stock Split


Author: Mukesh Buch
ticker.com
Last Update: 11:24 AM ET June 24 2015

11:25 AM New York 3M agreed to acquire Capital Safety for $2.5 billion. Carnival net more than doubled. Monsanto profit surged 33% on 8% increase in revenues. Lennar net and revenues climbed 33%. Netflix plans for a 7-for-1 stock split.

Tollbooth Index edged down 9.86 to 10,874.26.

Earnings Review

3M Company (MMM) fell 11 cents to $159.73 after the industrial conglomerates agreed to acquire fall protection equipment maker Capital Safety from a private-equity firm KKR & Co LP for about $2.5 billion including debt of about $700 million.

The transaction is expected to close in the third-quarter.

Carnival Corporation (CCL) increased 2.2% or $1.08 to $50.55 after the cruise and port services provider reported revenues in the second-quarter ending in May fell 1.1% to $3.59 billion from a year ago period.

Net income in the quarter soared 126.5% to $222 million or 29 cents per diluted share compared to $98 million or 13 cents from the same quarter last year.

Monsanto Company (MON) decreased 1.6% or $1.82 to $110.96 after the agricultural products provider said revenues in the third-quarter ending in May jumped 7.7% to $4.58 billion from a year ago period.

Net income in the quarter surged 32.9% to $1.14 billion or $2.39 per diluted share compared to $858 million or $1.62 from the same quarter last year.

Lennar Corporation (LEN) increased 4% or $1.96 to $50.96 after the real estate developer reported revenues in the second-quarter ending in May surged 32% to $2.39 billion from a year ago period.

Net income in the quarter climbed 32.9% to $183 million or 79 cents per diluted share compared to $137.7 million or 61 cents from the same quarter last year.

Netflix, Inc (NFLX) rose 2.9% or $19.86 to $701.05 after the online television streaming services provider announced that its board approved a 7-for-1 stock split as of July 14.

Last month the streaming services provider said it was in talks to begin operations in China.

Vanda Pharmaceuticals Inc (VNDA) gained 5% or 64 cents to $13.54 after the biopharmaceutical company presented positive results from a schizophrenia relapse prevention study of its Fanapt drug.

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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