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Market Update

Boeing Wins Strong Orders at Dubai Show, Qualcomm Rejects Broadcom Offer


Author: Mukesh Buch
ticker.com
Last Update: 12:44 PM EST November 13 2017

12:45 AM New York – Aecom net surged on 12% jump in revenues. Boeing secured strong orders at the opening of Dubai Air Show. Qualcomm rejected $103 billion offer from Broadcom. Tyson Foods net slid but revenues soared 10%.

Tollbooth Index edged down 8.10 to 13,294.50.

Earnings Review

American Tower Corp (AMT) gained 57 cents to $151.11 after the mobile tower developer’s Indian subsidiary agreed with Vodafone India Limited and Idea Cellular Limited to acquire tower businesses for about $1.2 billion in cash or ₹78.5 billion and will add 20,000 communications sites to its existing Indian portfolio.

The transactions are expected to close in the first-half of 2018.

Aecom (ACM) slipped 1.9% or 70 cents to $34.86 after the infrastructure developer reported revenues in the fourth-quarter ending in September soared 12% from a year ago to $4.9 billion.

Net income in the quarter surged to $88.5 million or 55 cents per diluted share from $7 million or 5 cents in the same quarter last year.

Aecom said in the year, the backlog soared to record $23.2 billion after the strong contributions from DCS Americas and Management services businesses and total backlog surged 11% to $47.5 billion from a year ago.

The infrastructure developer forecasted fiscal 2018 operating profit of about $910 million and earnings per share in the range of $2.50 to $2.90, reflecting strong growth compared to fiscal 2017.

Clementia Pharmaceuticals Inc (CMTA) fell 1.5% or 25 cents to $16.75 after the clinical stage biopharmaceutical drugs maker said net loss in the third-quarter ending in September widened to $39 million or $1.83 per diluted share from $1.6 million or 69 cents in the same quarter last year.

The Boeing Company (BA) rose 67 cents to $261.52 after the commercial aircrafts maker said in Dubai Air Show Emirates agreed to purchase 40 787-10 Dreamliners including airplanes and related equipment, is valued at $15.1 billion at list price and the deliveries of the aircraft are scheduled to start in 2022.

Meanwhile, Azerbaijan Airlines also order five more 787-8 Dreamliners and a commitment to purchase two large freighters in a deal valued at about $1.9 billion at current list prices.

Separately today The Boeing said Kuwait-based ALAFCO commercial aircraft leasing provider booked order for 20 additional 737 MAX 8s valued at $2.2 billion at current list prices.

Qualcomm Inc (QCOM) increased 2% or $1.32 to $65.90 after the chip-maker today said that it unanimously rejected an “unsolicited takeover” offer worth about $103 billion from Broadcom Ltd, the bid contains ""significant regulatory uncertainty.""

""It is the board''s unanimous belief that Broadcom''s proposal significantly undervalues Qualcomm relative to the company''s leadership position in mobile technology and out future growth prospects,"" said by Qualcomm chairman Paul Jacobs.

""We are confident in our ability to create significant additional value for our stockholders,” said chief executive officer Steve Mollenkopf.

Tyson Foods, Inc (TSN) gained 1.3% or 95 cents to $75.09 after the food processor reported sales in the fourth-quarter ending in September soared 9.8% from a year ago to $10.1 billion.

Net income in the quarter fell 0.8% to $394 million or $1.07 per diluted share from $391 million or $1.03 in the same quarter last year.

Tyson Foods forecasted fiscal 2018 earnings per share between $5.70 and $5.85 and capital expenditures of about $1.4 billion and continue reduce the debt.

Viewray Inc (VRAY) declined 7.5% or 64 cents to $7.87 after the MRI-guided radiation therapy system developer said total revenues in the third-quarter ending in September soared from a year ago to $12.2 million.

Net loss in the quarter narrowed to $11.2 million or 19 cents per diluted share from $14.1 million or 35 cents in the same quarter last year.

In 2017, Viewray forecasted to deliver 7 to 8 MRIdian Linac Systems but adjusting total revenue to be in the range of $42 million to $47 million.

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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