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Market Update

Apogee, Mylan, Walgreens Climb; Alcoa, Bed Bath, Buckle, Costco Drop


Author: Mukesh Buch
ticker.com
Last Update: 12:54 PM ET April 09 2015

12:45 PM New York – Alcoa net swung to profit. Apache sell its Australian unit for $2.1 billion. Apogee net surged 73%. Bed Bath & Beyond profit dropped 4%. Buckle March comparable sales slid 0.5%. Costco sales in March fell 2%. Cato same-store sales soared 12%. Walgreens Boots Alliance net surged.

Tollbooth Index slipped 0.3% or 29.66 to 10,124.08.

Earnings Review

Alcoa Inc (AA) declined 5.1% or 70 cents to $12.98 after the aluminum producer reported revenues in the first-quarter ending in March climbed 7% to $5.82 billion from a year ago period.

Net in the quarter swung to profit $195 million or 14 cents per diluted share compared to a loss of $178 million or 16 cents from the same quarter last year.

Apache Corporation (APA) gained 1.4% or 94 cents to $66.19 after the energy company agreed to divest its Australia-based exploration company to a consortium of private equity funds managed by Macquarie Capital Group Ltd and Brookfield Asset Management Inc for about $2.1 billion in cash.

The deal is expected to close in second-quarter of this year.

Apogee Enterprises Inc (APOG) surged 9% or $4.11 to $49.75 after the construction material supplier said net sales in the fourth-quarter ending in February soared 15% to $246.7 million from a year ago period.

Net income in the quarter surged 73% to $13.9 million or 47 cents per diluted share compared to $8.04 million or 27 cents from the same quarter last year.

Bed Bath & Beyond Inc (BBBY) plunged 5.9% or $4.54 to $73.16 after the home furnishing retailer reported net sales in the fourth-quarter ending in February jumped 4.2% to $3.34 billion from a year ago period.

Comparable store sales in the quarter climbed 3.7%

Net income in the quarter dropped 3.7% to $321.1 million or $1.80 per diluted share compared to $333.3 million or $1.60 from the same quarter last year.

The retailer forecasted earnings per share for the first-quarter between 90 cents and 95 cents and comparable store sales for first-quarter and full year are in the range of 2% to 3%.

Buckle Inc (BKE) dropped 3.7% or $1.84 to $47.83 after the apparel and accessories retailer said comparable store sales in the five-week period ending on April 4 fell 0.5% and net sales increased 1.7% to $106.6 million.

Costco Wholesale Corporation (COST) dropped 2% or $3.05 to $148.95 after the discount stores operator reported net sales in March that five-week period ending on April 4 were flat at $10.4 billion and total company comparable store sales slipped 2%.

The Cato Corporation (CATO) slid 27 cents to $38.68 after the women’s fashion specialty retailer reported sales for the five-week period ending on April 4 surged 15% to $117 million and same-store sales in the month soared 12%.

Family Dollar Stores, Inc (FDO) fell 31 cents to $79.67 after the general merchandise retailer said total net sales in the second-quarter ending in February jumped 3% to $2.80 billion from a year ago period.

Comparable store sales in the quarter rose 0.5%

Net income in the quarter gained 2.7% to $76.7 million or 67 cents per diluted share compared to $90.9 million or 80 cents from the same quarter last year.

LinkedIn Corporation (LNKD) increased 82 cents to $253.08 after the professional networking services provider agreed to acquire California-based lynda.com, an online education company for cash and stock transaction of about $1.5 billion.

Mylan N.V (MYL) climbed 3.6% or $2.56 to $70.86 after the U.K.-based pharmaceutical company offered to acquire Netherland-based generic drug maker Perrigo Co. Plc for $205 per share in cash and stock or $28.9 billion, a 25% premium to closing price on April 3.

Walgreens Boots Alliance Inc (WBA) jumped 2.6% or $2.31 to $89.99 after the drugs retailer reported net sales in the second-quarter ending in February climbed 35.5% to $26.6 billion from a year ago period.

Comparable store sales in the quarter soared 6.9%

Net income in the quarter surged two-fold to $2.04 billion or $1.93 per diluted share compared to $716 million or 74 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