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Market Update

Becton Dickinson to Buy CR Bard; Hasbro, Illinois Tool Net Jump


Author: Mukesh Buch
ticker.com
Last Update: 6:03 AM ET April 24 2017

2:10 PM New York – C R Bard agreed to be acquired by Becton Dickinson for $24 billion. Chevron agreed to sell its three Bangladesh gas fields. Halliburton net swung to a loss despite revenue in North America jumped 24%. Hasbro profit soared 41%. Kimberly Clark net rose.

Tollbooth Index increased 88.56 or 0.8% to 11,885.12.

Earnings Review

C R Bard Inc (BCR) surged 20.7% or $52.33 to $305.40 after the medical, surgical, diagnostic equipment supplier said sales in the first-quarter ending in March jumped 7.5% from a year ago to $938.8 million.

Net income in the quarter surged 53.3% to $178.1 million or $2.37 per diluted share from $116.2 million or $1.54 in the same quarter last year.

Separately, C R Brad agreed to be acquired by rival medical equipment supplier Becton Dickinson for $24 billion in cash-and-stock deal.

Chevron Corp (CVX) gained 85 cents to $105.74 after the petroleum refiner said its Bangladesh-based wholly-owned subsidiary Chevron Global Ventures, Ltd agreed to sell its three gas fields worth about $2 billion to a China-based consortium.

Separately, Chevron’s Australia-based subsidiary lost an appeal against the Australian Tax Office contesting a tax bill, including penalties and interest payable by Chevron of $260 million.

Halliburton Company (HAL) rose 27 cents to $47.33 after the oil and gas services provider reported total revenues in the first-quarter ending in March grew 2.4% from a year ago to $4.3 billion.

Net in the quarter swung to a loss of $32 million or 4 cents per diluted share from profit of $2.4 billion or $2.81 in the same quarter last year.

Halliburton said increase in revenues mainly after increased activity in pressure pump and well construction product service lines.

“First quarter revenue in North America increased 24% sequentially, significantly outperforming our largest peer,” said President Jeff Miller.

Hasbro, Inc (HAS) soared 5.6% or $5.63 to $101.61 after the toys and games maker said net revenues in the first-quarter ending in March rose 2% from a year ago to $849.7 million.

Net income in the quarter jumped 41% to $68.6 million or 54 cents per diluted share from $48.8 million or 38 cents in the same quarter last year.

Illinois Tool Works Inc (ITW) jumped 5.2% or $7.02 to $141.89 after the industrial products and equipment maker reported revenues in the first-quarter ending in March increased 6% from a year ago to $3.5 billion.

Net income in the quarter soared 14.5% to $536 million or $1.54 per diluted share from $468 million or $1.29 in the same quarter last year.

In the second-quarter, the industrial products maker estimated earnings per share between $1.55 and $1.65, the growth of 2 to 4%.

The industrial conglomerate lifted earnings per share forecast in the range of $6.20 to $6.40, the growth of 2 to 4% from earlier estimated range of 1.5 to 3.5%.

Kimberly Clark Corp (KMB) fell 28 cents to $129.68 after the sanitary products maker said revenues in the first-quarter ending in March were flat from a year ago to $4.5 billion.

Net income in the quarter rose 3% to $563 million or $1.57 per diluted share from $545 million or $1.50 in the same quarter last year.

Kimberly-Clark forecasted net sales in the full-year 2017 to increase 1% to 2% and earnings per share in the range of $6.20 to $6.35.

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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