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Market Update

DIRECTV, Dex Media Jump; Discovery, Merck, Towers Watson Drop


Author: Mukesh Buch
ticker.com
Last Update: 11:59 AM ET May 06 2014

11:40 AM New York Arrow Electronics net climbed 38%. DIRECTV net plunged 75%. Dex Media surged but net loss widened. Discovery net slid. Merck agreed to sell its consumer care business to Bayer for $14.2 billion. NVIDIA profit surged 75%.

Arrow Electronics, Inc (ARW) slumped 1.8% or $1 to $54.99 after the computing solutions provider said sales in the first-quarter ending in March jumped 4.8% to $5.08 billion.

Net income in the quarter climbed 37.5% to $107.1 million or $1.06 a diluted share compared to $77.9 million or 72 cents.

The company forecasted sales in the second-quarter between $5.45 billion and $5.85 billion and diluted earnings per share in the range of $1.35 to $1.47.

DIRECTV (DTV) gained 1.7% or $1.30 to $81.10 after the television services provider reported revenue in the first-quarter ending in March advanced 4% to $7.86 billion.

Net income in the quarter plunged 75% to $561 million or $1.09 a diluted share compared to $690 million or $1.20.

Dex Media Inc (DXM) surged 22.9% or $1.75 to $9.40 after the mobile marketing solution provider said revenue in the first-quarter ending in March soared 58.3% to $456 million.

Net loss in the quarter widened to $82 million or $4.74 a diluted share compared to $59 million or $5.84.

Discovery Communications Inc (DISCA) plummeted 4% or $3.12 to $74.65 after the media and entertainment company reported revenue in the first-quarter ending in March climbed 22% to $1.41 billion.

Net income in the quarter slid 0.4% to $230 million or 66 cents a diluted share compared to $231 million or 63 cents.

HCP, Inc (HCP) slid 16 cents to $42.03 after the real estate investment company stated total revenue in the first-quarter ending in March increased 3.7% to $530 million.

Net income in the quarter climbed 12.1% to $258 million or 56 cents a diluted share compared to $230.1 million or 51 cents.

Merck & Co., Inc (MRK), the health care company agreed to sell its consumer care business to Germany-based Bayer AG for $14.2 billion.

The transaction is expected to close in second half of this year.

NVIDIA Corporation (NVDA) slipped 1.4% or 26 cents to $18.39 after the graphics chips maker said revenue in the first-quarter ending in March climbed 16% to $1.10 billion.

Net income in the quarter surged 75.2% to $136.5 million or 24 cents a diluted share compared to $77.9 million or 13 cents.

Office Depot Inc (ODP) soared 16% to $4.85 after the office supplies retailer reported wider-than-expected loss and said it plans to close 150 stores this year and a total of 400 stores in two years. The retailer has 1,900 U.S. stores at the end of the March quarter.

The company reported quarterly net loss of $109 million or 21 cents a share.

The retailer said same-store sales in the first-quarter declined 3% after declining 4% in the previous quarter and raised its full-year adjusted earnings outlook to at least $160 million from the previous estimate of $140 million.

Towers Watson & Co plunged 6% or $6.72 to $105.19 after the professional services provider reported revenue in the third-quarter ending in March rose 1% to $905 million.

Net income in the quarter jumped 75% to $102.5 million or $1.45 a diluted share compared to $94.9 million or $1.34.

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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