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Market Update

Caesars in $2.2 Billion Casino Deal, Nu Skin Drops 6%


Author: Mukesh Buch
ticker.com
Last Update: 11:51 AM ET March 03 2014

11:45 AM New York Caesars Entertainment agreed to sell its four casinos to Caesars Growth for $2.2 billion. Icahn Enterprise profit surged. Magellan Health net tumbled 50%. Nu Skin sales and net soared. QR Energy net swung to profit. Tyco agreed to sell its security business in South Korea.

Caesars Entertainment Corp (CZR) slipped 2% or 52 cents to $25.44 after the diversified casino-entertainment provider agreed to sell its four casinos to Caesars Growth Partners, LLC for a price of $2.2 billion.

The transaction is expected to close in the second quarter of 2014.

Icahn Enterprises LP (IEP) rose 54 cents to $111.76 after the diversified company reported revenues in the fourth-quarter ending in December climbed 13.5% to $4.87 billion.

Net income in the quarter surged to $222 million or $1.90 a diluted share compared to $6 million or 5 cents.

Magellan Health Services Inc (MGLN) dropped 3.3% or $2 to $59.14 after the healthcare service provider stated revenue in the fourth-quarter ending in December jumped 21.4% to $1 billion.

Net income in the quarter tumbled 50% to $18.5 million or 67 cents a diluted share compared to $37 million or $1.32.

Nu Skin Enterprises, Inc (NUS) declined 5.5% or $4.62 to $78.90 after the personal care products maker said total revenue in the fourth-quarter ending in December doubled to $1.05 billion.

Net income in the quarter more than doubled to $125.3 million or $2.02 a diluted share compared to $59.2 million or 97 cents.

For the first quarter, the company now estimates revenue growth of 20% to 24% or in the range of $650 to $670 million and earnings per share between 90 cents and 94 cents.

QR Energy, LP (QRE) jumped 3.9% or 68 cents to $18.22 after the oil and gas explorer stated revenue in the fourth-quarter ending in December dropped 5.3% to $119.3 million

Net in the quarter swung to a profit $27.2 million or 25 cents a diluted share compared to a loss of $21.7 million or 57 cents.

Rockwood Holdings, Inc (ROC) fell 4 cents to $78.84 after the specialty chemicals maker reported net sales in the fourth-quarter ending in December increased 7.8% to $ 347 million.

Net income in the quarter plummeted 47.7% to $14.8 million or 20 cents a diluted share compared to $28.3 million or 35 cents.

Tyco International Ltd (TYC) gained 1.1% or 46 cents to $42.64 after the Switzerland-based security and surveillance products provider agreed to sell Tyco Fire & Security Services Korea Co. Ltd. and its subsidiaries to The Carlyle Group in a cash consideration of about $1.93 billion.

The transaction is expected to close in third quarter of this year.

Separately, the company said its board of directors has approved an additional $1.75 billion authorization for share repurchase in addition to the remaining of $250 million, bringing the total share repurchase to $2 billion.

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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