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Market Update

Alexion Pharma, Maximus, Soar; Apache, Priceline, Whole Foods Plummet


Author: Mukesh Buch
ticker.com
Last Update: 12:52 PM ET May 07 2015

12:40 PM New York Apache net swung to a loss. Alexion Pharma agreed to acquire Synageva for $8.4 billion. Becton, Dickinson net tumbled 25%. Icahn Entp net swung to profit. Maximus net declined 6%. Priceline net rose but Tripadvisor net declined 7%. Whole Foods profit surged 11%.

Tollbooth Index jumped 0.5% or 51.30 to 10,639.30.

Earnings Review

Apache Corporation (APA) declined 3.9% or $2.57 to $64.77 after the energy company reported revenues in the first-quarter ending in March plunged 50.4% to $1.82 billion from a year ago period.

Net in the quarter swung to a loss of $4.65 billion or $12.34 per diluted share compared to profit of $236 million or 60 cents from the same quarter last year.

Apache said net loss includes after-tax ceiling-test write down of $4.7 billion and substantially lower commodity prices.

Alexion Pharmaceuticals, Inc (ALXN) climbed 3.3% or $5.04 to $160.05 after the drug-maker agreed to acquire Synageva BioPharma Corp for about $8.4 billion to develop its experimental early-stage treatment for rare metabolic disease.

Alexion said it will pay $115 in cash and a portion of its stock for each of Synageva share, a premium of about 136% to Synageva''s closing price of $95.87 on May 6.

The transaction is expected to close in the middle of the year.

Shares of Synageva Biopharma Corp jumped 2.7% to $208.90.

Becton, Dickinson and Co (BDX) gained 2.2% or $3.13 to $144.21 after the medical devices maker said revenues in the second-quarter ending in March fell 1% to $2.05 billion from a year ago period.

Net income in the quarter tumbled 24.7% to $216 million or $1.08 per diluted share compared to $287 million or $1.45 from the same quarter last year.

Church & Dwight Co., Inc (CHD) rose 47 cents to $82.25 after the household and personal care products maker stated net sales in the first-quarter ending in March climbed 3.9% to $812.3 million form a year ago period.

Net income in the quarter jumped 4.5% to $107.2 million or 80 cents per diluted share compared to $102.6 million or 73 cents from the same quarter last year.

Icahn Enterprises LP (IEP) increased 22 cents to $91.67 after the diversified investment company said revenues in the first-quarter ending in March declined 9.6% to $4.51 billion from a year ago period.

Net in the quarter swung to profit $161 million or $1.27 per diluted share compared to a loss of $29 million or 24 cents from the same quarter last year.

MAXIMUS, Inc (MMS) climbed 3.9% or $2.50 to $65.49 after the government services provider stated revenues in the second-quarter ending in March soared 10% to $481.8 million from a year ago period.

Net income in the quarter declined 5.8% to $38.8 million or 58 cents per diluted share compared to $41.2 million or 59 cents from the same quarter last year.

Priceline Group Inc (PCLN) declined 3.7% or $41.48 to $1,225.43 after the online travel company reported revenues in the first-quarter ending in March soared 12.2% to $1.84 billion from a year ago period.

Net income in the quarter rose 0.6% to $333.3 million or $6.36 per diluted share compared to $331.2 million or $6.25 from the same quarter last year.

Tripadvisor Inc (TRIP) increased 1.6% or $1.17 to $77.97 after the online travel review site operator said revenues in the first-quarter ending in March climbed 29.2% to $363 million from a year ago period.

Net income in the quarter slumped 7.3% to $63 million or 43 cents per diluted share compared to $68 million or 47 cents from the same quarter last year.

Whole Foods Market, Inc (WFM) tumbled 10% or $4.75 to $42.97 after the natural and organic foods retailer reported revenues in the second-quarter ending in March jumped 9.9% to $3.65 billion from a year ago period.

Net income in the quarter surged 11.3% to $158 million or 44 cents per diluted share compared to $142 million or 38 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