11:45 AM New York – Axalta Coating rejected $9.1 billion takeover offer from Nippon Paint. Big Lots net soared after store makeover. CVS is close to buying Aetna. Costco November sales surged 13%. Genesco lowered fiscal 2018 outlook. Michaels reported stronger-than-expected results.
Tollbooth Index decreased 18.68 to 13,627.71.
American Woodmark Corporation
) gained 1.9% or $1.90 to $101.50 after the kitchen cabinets maker said sales in the second-quarter ending in October increased 4% from a year ago to $274.8 million.
Net income in the quarter surged 12.5% to $19.8 million or $1.21 per diluted share from $17.6 million or $1.07 in the same quarter last year.
Separately, today the kitchen cabinets maker agreed to acquire kitchen and bath cabinetry and home storage products maker RSI Home Products, Inc for about $1.8 billion.
The transaction is expected to close in January 31, 2018.
Axalta Coating Systems Ltd
) increased 1.7% or 54 cents to $32.20 and the paint and coatings maker rejected $9.1 billion takeover offer from Nippon Paint Holdings.
Big Lots, Inc
) declined 3.1% or $1.84 to $57.26 after the deep discount retailer reported net sales in the third-quarter ending on October 28 rose 0.5% from a year ago to $1.1 billion.
Comparable store sales in the quarter increased 1%.
Net income in the quarter soared to $4.4 million or 10 cents per diluted share from $1.4 million or 3 cents in the same quarter last year.
CVS Health Corp
) fell 1.1% or 85 cents to $75.75 after the Wall Street Journal reported that pharmacy care services provider is close to buying health insurer Aetna Inc for as much as $205 per share or more than $66 billion.
Costco Wholesale Corporation
) slipped $1.54 to $182.88 after the discount stores operator reported net sales in the four-week ending on November 26 surged 13.2% to $11.3 billion and comparable sales advanced 10.8%.
The discount stores operator said online sales in the month jumped 39%.
In the first quarter of fiscal year 2018 ending on November 26 net sales soared 13.3% to $31.13 billion and comparable sales in the quarter jumped 10.5% from a year ago period and online sales in the quarter surged 43.6%.
) tumbled 18.7% or $5.80 to $25.30 after the footwear, apparel and accessories retailer and wholesaler said net sales in the third-quarter ending on October 28 rose 1% from a year ago to $717 million.
Comparable store sales in the quarter increased 1%, with a 4% increase in each of Journeys Group and Schuh Group while comparable store sales in the Lids Sports Group declined 6% and in Johnston & Murphy Group sales decreased 1%.
Net in the quarter swung to a loss of $164.8 million or $8.56 per diluted share from $25.9 million profit or $1.30 per share in the same quarter last year.
The retailer recognized impairment of goodwill in the Lids Sports Group and recorded a non-cash pre-tax impairment charge of $182.2 million, or $8.13 per diluted share after-tax.
Michaels Companies Inc
) rose 1.5% or 32 cents to $21.92 after the arts and crafts specialty retailer said total net sales in the third-quarter ending on October 28 grew 1.1% from a year ago to $1.2 billion.
Comparable store sales in the quarter rose 1%.
Net income in the quarter jumped 4.3% to $79.8 million or 44 cents per diluted share from $76.5 million or 37 cents in the same quarter last year.
Fiscal 2017 total net sales are estimated to increase in the range of 2.9% to 3.2%, comparable store sales are expected to increase between 0.6% and 0.9% and diluted earnings per share in the range of $2.13 to $2.16.
Titan Machinery Inc
) surged 11.7% or $2.22 to $21.22 after the agricultural and construction equipment provider said revenues in the third-quarter ending in October fell 0.6% from a year ago to $330.3 million.
Net income in the quarter surged to $2.3 million or 11 cents per diluted share from $0.3 million or 1 cent in the same quarter last year.