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Market Update

Broadcom, Connís, Calavo, Nordion Jump; Ventas Drops


Author: Mukesh Buch
ticker.com
Last Update: 11:54 AM ET June 02 2014

11:45 AM New York Ė Connís net surged eight-fold. Calavo Growers profit soared on 17% increase in sales. Marathon Oil to sell its Norwegian operations for $2.7 billion. Nordion net surged eight-fold. Ventas agreed to acquire ARC Healthcare for $2.6 billion in cash.

Broadcom Corporation (BRCM) surged 8.1% or $2.58 to $34.46 after the wireless communication chip maker plans to explore strategic alternatives for its cellular baseband business including potential sale or wind-down.

The company forecasted revenue for the June quarter between $2 billion and $2.1 billion.

Connís, Inc. (CONN) soared 6.4% or $3.03 to $49.67 after the specialty retailer said revenues in the first-quarter ending in April surged 33% to $335.4 million. Same store sales in the quarter climbed to 15.6%.

Net income in the quarter surged eight-fold to $28.5 million or 77 cents a diluted share compared to $22.7 million or 61 cents.

Calavo Growers, Inc (CVGW) climbed 6.6% or $2.05 to $33.32 after the avocados and fresh food wholesaler reported revenue in the second-quarter ending in April surged 17.2% to $194.9 million.

Net income in the quarter soared 205% to $6.7 million or 43 cents a diluted share compared to $2.2 million or 15 cents.

Marathon Oil Corporation (MRO) rose 18 cents to $36.84 after the international energy company agreed to sell its Norwegian operations for $2.7 billion to Norway-based oil and gas explorer Det norske oljeselskap controlled by billionaire Kjell Inge Roekke.

The acquisition will increase companyís output by about 80,000 barrels a day a 20-times above the current production.

Nordion Inc. (NDZ) jumped 7.7% or 92 cents to $12.87 after the Canada-based health science company reported revenues in the second-quarter ending in April soared 33% to $74.7 million.

Net income in the quarter surged eight-fold to $6.7 million or 11 cents a diluted share compared to $0.7 million or 1 cent.

Ventas, Inc (VTR) dropped 3.2% or $2.11 to $64.69 after the real estate developer agreed to acquire ARC Healthcare from American Realty Capital Healthcare Trust, Inc in cash-and-stock transaction valued $2.6 billion in cash or $11.33 per ARC Healthcare share.

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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