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Market Update

Auxilium Pharma Rejects $2.2 B Offer, AutoZone Net Soars 7%

Author: Mukesh Buch
Last Update: 12:40 PM ET September 22 2014

12:30 PM New York – AutoZone net soared 7% on 5% increase of revenue. Auxilium Pharma rejected $2.2 billion offer from Endo Intl. CARBO Ceramics tumbled after unexpected sales outlook. Neogen net and revenue surged.

Tollbooth Index dropped 1.7% or 160.50 to 9,346.36.

Earnings Review

AutoZone, Inc (AZO) declined 3.9% or $20.90 to $505.54 after the auto parts retailer and distributor reported net sales in the fourth-quarter ending in August climbed 4.5% to $3 billion from a year ago period. Same store sales in the quarter jumped 2.1%.

Net income in the quarter soared 7.4% to $373.7 million or $11.28 a diluted share compared to $371.2 million or $9.76 from a same quarter last year.

Auxilium Pharmaceuticals, Inc (AUXL) fell 0.6% to $30.95 after the biopharmaceutical company’s board rejected offer of $2.2 billion from U.K.-based Endo International Plc and said the offer ""significantly undervalues” the company.

CARBO Ceramics Inc (CRR) tumbled 19.8% or $16.69 to $67.69 after the oilfield service provider forecasted ceramic proppant sales in the third-quarter will be similar from the first-quarter of 2014.

Ingram Micro Inc (IM) slipped 1.9% or 51 cents to $27.07 and the cloud based service provider’s subsidiary signed an agreement with SoftLayer to offer cloud services to its partners.

Neogen Corporation (NEOG) dropped 2.1% or 87 cents to $39.97 after the medical equipment maker said revenue in the first-quarter ending in August surged 15% to $67.6 million from a year ago period.

Net income in the quarter climbed 13% to $8.9 million or 24 cents a diluted share compared to $7.8 million or 21 cents from a same quarter last year.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc