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Market Update

Berkshire Buys Duracell from P&G, Wal-Mart Net Slips


Author: Mukesh Buch
ticker.com
Last Update: 11:45 AM ET November 13 2014

11:40 AM New York Berkshire Hathaway agreed to acquire the Duracell battery business from Procter & Gamble. Hasbro is in talk with DreamWorks Animation. Kohl''s net plunged 20%. SeaWorld Entertainment net tumbled 27.7% on 8% decrease in revenues. Viacom netdeclined 9%. Wal-Mart net slid 0.4%.]

Tollbooth Index rose 0.1% or 10.05 to 9,841.54.

Earnings Review

Berkshire Hathaway Inc, the insurance company agreed to acquire the Duracell battery business from Procter & Gamble Co. for $4.7 billion.

Under the terms, in exchange for recapitalized of Duracell that include $1.7 billion in cash at closing, P&G will receive its shares that are held by Berkshire Hathaway valued of about $4.7 billion.

The transaction is expected to close in the second-half of the next year.

Hasbro Inc (HAS) plunged 4.7% or $2.73 to $54.74 after the leisure products provider said it is in talks to acquire DreamWorks Animation SKG Inc.

Alan G. Hassenfeld, director, sold 453,574 shares in the open market that valued for about $25.96 million. The company already holds 40% stake in the Discovery Family Channel.

Shares of Dreamworks Animation SKG Inc surged 16.7% to $26.10.

Kohl''s Corporation (KSS) declined 3.1% or $1.79 to $56.12 after the department stores operator said net sales in the third-quarter ending on November 1 slipped 1.6% to $4.37 billion from a year ago period. Comparable store sales in the quarter decreased 1.8%.

Net income in the quarter plunged 20% to $142 million or 70 cents a diluted share compared to $177 million or 81 cents from a same quarter last year.

SeaWorld Entertainment Inc (SEAS) rose 1 cent to $16.86 after the theme park and entertainment group stated revenues in the third-quarter ending in September dropped 7.9% to $495.8 million form a year ago period.

Net income in the quarter tumbled 27.7% to $87.2 million or $1 a diluted share compared to $120.7 million or $1.34 from a same quarter last year.

Tyco International Ltd (TYC) dropped 3% or $1.31 to $42.05 after the security and surveillance products provider said revenues in the fourth-quarter ending in September increased 4% to $2.70 billion from a year ago period.

Net in the quarter swung to a loss of $89 million or 20 cents a diluted share compared to profit of $166 million or 35 cents from a same quarter last year.

Viacom, Inc (VIAB) jumped 2.9% or $1.99 to $71.22 after the entertainment company reported revenues in the fourth-quarter ending in September climbed 9% to $3.99 billion from a year ago period.

Net income in the quarter declined 9% to $732 million or $1.72 a diluted share compared to $806 million or $1.69 from a same quarter last year.

The company said revenues from media networks business jumped 8% to $2.66 billion and revenues from filmed entertainment segment soared 12% to $1.36 billion.

Wal-Mart Stores, Inc (WMT) climbed 3.5% or $2.79 to $81.98 after the retail stores operator reported total revenues in the third-quarter ending in September jumped 2.9% to $119 billion from a year ago period. U.S. comparable store sales increase 0.5% and sales from Sam''s Club rose 0.4%.

Net income in the quarter slid 0.4% to $3.71 billion or $1.15 a diluted share compared to $3.73 billion or $1.14 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