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Market Update

AIG Prices AerCap Stake in Offering, Boeing Wins China Order


Author: Mukesh Buch
ticker.com
Last Update: 12:54 PM ET June 04 2015

12:45 PM New York – Boeing secured an order for 46 commercial aircrafts from China-based Shenzen Airlines. AIG to reduced stake in AerCap and raise $3.7 billion. Costco May same store sales was flat. Five Below net soared 39%. Smucker net swung to a loss.

Tollbooth Index slid 0.3% or 33.08 to 10,781.28.

Earnings Review

American International Group Inc (AIG) fell 44 cents to $60.67 after the insurance company priced in an underwritten offering of 86.88 million shares in the Netherlands-based airline AerCap Holdings NV for $3.7 billion.

The transaction is scheduled to close on June 9.

Boeing Company (BA) slipped 1.4% or $2.07 to $141.73 after the aerospace company signed an agreement with the China-based Shenzen Airlines to deliver 46 commercial aircraft of 737 series valued at a list price of $4.3 billion between fiscal 2016 and 2020.

As of May 28, the company received total orders of 134 aircrafts in the year before this announcement.

Cyberonics, Inc (CYBX) declined 5.8% or $4.04 to $65.40 after the medical devices maker reported net sales in the fourth-quarter ending in March slipped 0.9% to $74.1 million from a year ago period.

Net income in the quarter tumbled 42.9% to $10.5 million or 40 cents per diluted share compared to $18.4 million or 68 cents from the same quarter last year.

Costco Wholesale Corporation (COST) slid 33 cents to $141.82 after the discount stores operator reported net sales in four-weeks period ending in May jumped 2% to $8.98 billion from $8.78 billion from a year ago month.

Comparable store sales in the month were flat, U.S. sales increased 2% while international comparable sales declined 4%.

Cato Corporation (CATO) gained 1.6% or 59 cents to $37.90 after the women''s fashion specialty retailer said sales in four-weeks period ending in May rose 2% to $88.5 million and same-store sales in the month were flat from a year ago period.

Fred''s, Inc (FRED) rose 11 cents to $18.25 after the general merchandise stores stated total sales in four-week period ending in May climbed 10% to $166.9 million and comparable store sales in the month increased 0.3% compared with a 0.4% decrease in the same month a year ago.

Five Below Inc (FIVE) surged 8.3% or $2.91 to $38.01 after the specialty retailer reported revenues in the first-quarter ending in April jumped 22% to $153.7 million from a year ago period.

Comparable store sales in the quarter increased 1.7%.

Net income in the quarter soared 38.7% to $4.3 million or 8 cents per diluted share compared to $3.1 million or 6 cents from the same quarter last year.

The teen and pre-teen’s products retailer forecasted revenues for the second-quarter in the range of $182 million to $185 million and earnings per share between 12 cents and 13 cents.

For the year, the retailer lifted revenues outlook in the range of $820 million to $828 million and earnings per share in the range of $1.03 to $1.06 from the previous guidance between $1.02 and $1.05 per share and revenues in the range of $816 million to $824 million.

J M Smucker Co (SJM) dropped 2.3% or $2.67 to $115.52 after the food products maker said net sales in the fourth-quarter ending in April soared 17% to $1.45 billion from a year ago period.

Net in the quarter swung to a loss of $90.3 million or 82 cents per diluted share compared to profit of $118.5 million or $1.16 from the same quarter last year.

Smucker forecasted net sales for the year to climb 40% to $8 billion and earnings per share between $5.65 and $5.80.

Joy Global Inc (JOY) rose 1 cents to $38.94 after the mining equipment maker stated revenues in the second-quarter ending in April tumbled 13% to $810.52 million from a year ago period.

Net income in the quarter plunged 47.7% to $38.7 million or 40 cents per diluted share compared to $74 million or 73 cents from the same quarter last year.

Verint Systems Inc (VRNT) declined 3.3% or $2.22 to $64.13 after the software company said revenues in the first-quarter ending in April slumped 4.9% to $102.8 million from a year ago period.

Net in the quarter swung to a loss of $0.4 million or 1 cent per diluted share compared to profit of $27.9 million or 51 cents from the same quarter last year.

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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