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Market Update

Abercrombie & Fitch, Express, Oshkosh Jump; Heico, Schlumberger Fall


Author: Mukesh Buch
ticker.com
Last Update: 12:42 PM ET August 26 2015

12:35 PM New York – Monsanto withdrew from $47 billion offer for Syngenta. Schlumberger agreed to acquire Cameron Intl for $14.8 billion. Oshkosh secured $6.7 billion contacts from the U.S. Army. Chico''s net tumbled. Express net surged.

Tollbooth Index jumped 150.31 or 1.5% to 9,970.31.

Earnings Review

Abercrombie & Fitch Co (ANF) surged 12.2% or $2.10 to $19.35 after the teen’s apparel retailer said net sales in the second-quarter ending on August 1 declined 8% from a year ago to $817.8 million.

Comparable store sales in the quarter dropped 4%.

Net in the quarter swung to a loss of $0.8 million or 1 cent per diluted share compared to profit of $12.9 million or 17 cents from the same quarter last year.

Chico''s FAS, Inc (CHS) jumped 5.5% or 75 cents to $14.59 after the women''s apparel retailer reported net sales in the second-quarter ending on August 1 fell 1.4% from a year ago to $680.4 million.

Comparable store sales in the quarter increased 0.2%.

Net income in the quarter tumbled 93% to $2.1 million or 2 cents per diluted share compared to $30.1 million or 20 cents from the same quarter last year.

Dycom Industries, Inc (DY) jumped 2.8% or $1.69 to $62 after the communication infrastructure services provider said revenues in the fourth-quarter ending on July 25 soared 20% from a year ago to $578.5 million.

Net income in the quarter more than doubled to $33.8 million or 97 cents per diluted share compared to $16.5 million or 47 cents from the same quarter last year.

Express, Inc (EXPR) soared 18.4% or $3.11 to $20.01 after the specialty apparel and accessories retailer stated net sales in the second-quarter ending on August 1 jumped 11% from a year ago to $535.6 million.

Comparable store sales in the quarter soared 7%.

Net income in the quarter surged 204% to $21 million or 25 cents per diluted share compared to $6.9 million or 8 cents from the same quarter last year.

The retailer lifted net income outlook for the third-quarter in the range of $22 million to $25 million from $14.6 million reported in a year ago period and diluted earnings per share forecasted between 26 cents and 29 cents compared to 17 cents reported in a year ago period.

Heico Corp (HEI) declined 3.4% or $1.71 to $49.02 after the jet engine and aircraft component maker reported revenues in the third-quarter ending in July gained 3% from a year ago to $300.4 million.

Net income in the quarter rose 3% to $34.4 million or 51 cents per diluted share compared to $33.4 million or 49 cents from the same quarter last year.

Monsanto Company (MON) soared 8.2% or $7.33 to $96.75 after the agricultural products provider said it was abandoning offer to buy the Switzerland-based Syngenta AG for 470 Swiss francs or $501.98 per share valued at about $47 billion and also confirmed to raise a reverse break-up fee offer to $3 billion.

Syngenta rejected a revised offer on August 18 after raising a previous offer to 470 Swiss francs.

Shares of Syngenta AG tumbled 18.2% to 309.90 Swiss francs.

Oshkosh Corporation (OSK) advanced 6.6% or $2.53 to $41.07 after the specialty vehicles maker won a contract worth $6.7 billion to build new light tactical vehicles for the U.S. Army.

Qualcomm, Inc (QCOM) increased 2.9% or $1.59 to $55.47 after the communications products and services provider agreed to sell the entirety of its UK L-Band spectrum in two separate transactions to Vodafone Group Plc and Hutchison 3G UK Limited for an undisclosed financial terms.

Schlumberger Limited (SLB) plunged 4.8% or $3.55 to $68.95 after the oilfield service provider agreed to acquire Cameron International Corporation for about $14.8 billion, a premium of around 56.3% closing price of yesterday.

The shareholders of Cameron will own approximately 10% and will receive $14.44 in the form of cash along with 0.716 shares of Schlumberger’s shares.

The transaction is expected to close in first-quarter ending in March 2016.

Shares of Cameron International Corporation surged 40.8% to $59.78.

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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