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Market Update

Baker Hughes and Halliburton in Merger Talks, Hertz, SINA Plunge


Author: Mukesh Buch
ticker.com
Last Update: 12:00 PM ET November 14 2014

11:55 AM New York Baker Hughes is in preliminary talk with rival Halliburton for possible merger. Hertz Global plunged and the rental car company said it plans to restate its results from fiscal 2011. MFC Industrial net fell 8%. Matthews Intl net tumbled 64%. Nordstrom profit jumped 4%. SINA net plunged 20%.]

Tollbooth Index slid 0.1% or 9.77 to 9,837.16.

Earnings Review

Baker Hughes Inc (BHI) fell 19 cents to $58.56 after the oilfield service provider confirmed that the company is in preliminary talk with rivalHalliburton Company.

Hertz Global Holdings, Inc (HTZ) plunged 7.7% or $1.72 to $21.01 after the rental and leasing cars provider said it need to restate its results of fiscal 2011, 2012 and 2013.

The company plans to buy approx 350,000 vehicles in model year 2015, 60% more than 2014 model year that it owns.

MFC Industrial Ltd. (MIL) jumped 2.6% or 14 cents to $5.97 after the commodity supplier reported net sales in the third-quarter ending in September surged 82% to $389.4 million from a year ago period.

Net income in the quarter dropped 8% to $6.42 million or 10 cents a diluted share compared to $6.98 million or 10 cents from a same quarter last year.

Matthews International Corp (MATW) soared 5.1% or $2.36 to $48.31 after the memorialization products maker stated sales in the fourth-quarter ending in September soared 38.4% to $349.8 million.

Net income in the quarter tumbled 64.1% to $5.2 million or 16 cents a diluted share compared to $14.5 million or 52 cents from a same quarter last year.

Nordstrom, Inc (JWN) jumped 2.6% or $1.94 to $75.19 after the fashion specialty retailer reported total net sales revenues in the third-quarter ending in September climbed 8.9% to $3 billion from a same period last year. Comparable sales in the quarter advanced 3.9%.

Net earnings in the quarter jumped 3.6% to $142 million or 73 cents a diluted share compared to $137 million or 69 cents from a same quarter last year.

SFX Entertainment, Inc. (SFXE) plunged 15.4% or 76 cents to $4.20 after the entertainment company said revenues in the third-quarter ending in September soared 194.5% to $143.5 million from a same period last year.

Net income in the quarter swung to profit $2.67 million compared to a loss of $28.79 million from a same quarter last year.

SINA Corp (SINA) plunged 5.8% or $2.44 to $39.43 after the online media company said net revenues in the third-quarter ending in September climbed 8% to $198.6 million from a year ago period.

Net income in the quarter plunged 20% to $133.6 million or $1.91 a diluted share compared to $25.4 million or 37 cents from a 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