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Market Update

Carl Icahn Sold Family Dollar Stake, Verint Swings to Loss


Author: Mukesh Buch
ticker.com
Last Update: 12:30 PM ET September 05 2014

12:25 PM New York Aceto net rose 3%. Cooper profit fell 1% but revenue jumped 5%. Esterline net grew 2%. Family Dollar rejected higher takeover bid and Carl Icahn sold entire stake worth $200 million in the retailer. Hurco profit surged four-fold. Verint net swung to a loss. Zumiez profit climbed 57%.

Tollbooth Index rose 0.2% or 20.97 to 9,546.64.

Earnings Review

Aceto Corporation (ACET) climbed 9.1% or $1.78 to $21.38 after the pharmaceutical intermediates and ingredients maker said net sales in the fourth-quarter ending in June jumped 13.4% to $139.6 million from a year ago period.

Net income in the quarter rose 2.8% to $5.6 million compared to $5.4 million and diluted earnings per share was flat at 19 cents from a same quarter last year.

The Cooper Companies, Inc (COO) slid 70 cents to $160.25 after the medical devices maker reported revenues in third-quarter ending in July increased 5% to $432.5 million from a year ago period.

Net income in the quarter fell 1% to $88.1 million or $1.80 a diluted share compared to $88.9 million or $1.79 from a same quarter last year.

Total debt increased $3.3 million from October 2013 to $347.9 million.

Esterline Technologies Corporation (ESL) fell 1.1% or $1.25 to $116.06 after the aerospace and defense products maker stated sales in the third-quarter ending on August 1 climbed 11% to $531.1 million from a year ago period.

Net earnings in the quarter grew 1.7% to $38.9 million or $1.19 a diluted share compared to $38.2 million or $1.20 from a same quarter last year.

Family Dollar Store Inc (FDO) slipped 1.3% or $1.07 to $78.99 after the discount store retailer rejected higher takeover bid of $9 billion by Dollar General.

Dollar Tree said it will divest as many stores required to win antitrust clearance to acquire Family Dollar.

Billionaire Carl Icahn sold his entire stake of about 3.61% in Family Dollar worth $200 million.

Hurco Companies, Inc (HURC) surged 9.5% or $3.19 to $36.70 after the industrial technology company reported revenues in third-quarter ending in July soared 23% to $55.4 million from a year ago period.

Net income in the quarter surged four-fold to $4.4 million or 66 cents a diluted share compared to $0.9 million or 13 cents from a same quarter last year.

Verint Systems Inc (VRNT) soared 7% or $3.57 to $54.67 after the software service provider said revenues in second-quarter ending in July jumped 24.5% to $276.8 million from a year ago period.

Net in the quarter swung to a loss of $12.3 million or 21 cents a diluted share compared to profit $17.5 million or 33 cents from a same quarter last year.

Zumiez Inc (ZUMZ) tumbled 11.2% or $3.65 to $28.76 after the specialty retailer stated total net sales in the second-quarter ending on August 2 soared 11.9% to $176.7 million from a year ago period. Comparable store sales in the quarter jumped 3.4%.

Net income in the quarter climbed 57.3% to $7.5 million or 26 cents a diluted share compared to $4.7 million or 16 cents 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