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Market Update

Actavis, Dean Foods, Sotheby’s Climb; Hilton, Noble Energy, Wayfair Drop


Author: Mukesh Buch
ticker.com
Last Update: 12:45 PM ET May 11 2015

12:35 PM New York – Actavis net swung to a loss but revenues soared 60%. AES net swung to profit while revenues plunged 7%. DISH Network profit surged two-fold. Dean Foods net loss widened. Noble Energy agreed to acquire Rosetta Resources for $2.1 billion plus net debt of $1.8 billion.

Tollbooth Index fell 0.2% or 16.80 to 10,746.95.

Earnings Review

Actavis Plc (ACT) climbed 3.3% or $9.79 to $302.39 after the Ireland-based specialty pharmaceutical company said net revenues in the first-quarter ending in March soared 59.6% to $4.23 billion form a year ago period.

Net in the quarter swung to a loss of $535.2 million or $1.85 per diluted share compared to profit of $96.5 million or 55 cents from the same quarter last year.

Actavis forecasted revenues for the year in the range of $20.5 billion to $21 billion and earnings per share including Allergan between $17 and $18.50.

AES Corporation (AES) fell 5 cents to $13.61 after the electricity producer stated total revenues in the first-quarter ending in March declined plunged 6.5% to $3.98 billion in a year ago period.

Net in the quarter swung to profit $142 million or 20 cents per diluted share compared to a loss of $58 million or 8 cents from the same quarter last year.

For the year, the electricity producer forecasted adjusted earnings per share between $1.25 and $1.35.

DISH Network Corp (DISH) slipped 1% or 70 cents to $66.16 after the pay-television services provider reported revenues in the first-quarter ending in March jumped 3.6% to $3.72 billion form a year ago period.

Net income in the quarter surged 99.4% to $351 million or 76 cents per diluted share compared to $176 million or 38 cents from the same quarter last year.

The company said Pay-TV subscribers in the quarter dropped 1.8% to 13.844 million from 14.097 million in the same period a year ago.

Dean Foods Co (DF) surged 6.9% or $1.13 to $17.40 after the food and beverage company said revenues in the first-quarter ending in March declined 12.4% to $2.05 billion form a year ago period.

Net loss in the quarter widened to $73.7 million or 78 cents per diluted share compared to $8.96 million or 9 cents from the same quarter last year.

The company forecasted adjusted diluted earnings per share for the second quarter between 20 cents and 30 cents.

Hilton Worldwide Holdings Inc (HLT) decreased 1.6% or 50 cents to $29.60 after the hotels and resorts operator certain selling stockholders affiliated with The Blackstone Group L.P. have commenced a secondary offering of 90 million shares of the company.

The underwriters will have a 30-day option to purchase up to an additional 13.50 million shares of common stock from the selling stockholders, the company said in a statement.

Hilton not to offer any stock in the sale and also will not receive any proceeds, the company said today.

Noble Energy, Inc (NBL) plunged 7.1% or $3.48 to $45.72 after the oil and gas producer agreed to acquire Rosetta Resources Inc in transaction valued at $2.1 billion, plus net debt as of March 31 of about $1.8 billion.

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

Shares of Rosetta Resources Inc surged 25.9% to $24.32.

Leucadia National Corp (LUK) fell 3 cents to $23.97 after the diversified investment company reported net revenue in the first-quarter ending in March climbed 8.2% to $3.18 billion form a year ago period.

Net income in the quarter surged more than three-fold to $380.8 million or 99 cents per diluted share compared to $94.3 million or 25 cents from the same quarter last year.

Sothebys (BID) gained 1.1% or 49 cents to $44.20 after the online and auction services said revenues in the first-quarter ending in March edged down to $155.68 million from a year ago period.

Net in the quarter swung to profit $5.20 million or 7 cents per diluted share compared to a loss of $6.11 million or 9 cents from the same quarter last year.

Wayfair Inc (W) declined 4.5% or $1.38 to $29.40 after the online e-commerce retailer said net revenues in the first-quarter ending in March climbed 52.3% to $424.4 million form a year ago period.

Net loss in the quarter narrowed to $27.1 million or 33 cents per diluted share compared to $35.2 million or 85 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