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Market Update

Discovery in $14.6 B deal with Scripps, Loews Net Swings to Profit


Author: Mukesh Buch
ticker.com
Last Update: 8:50 PM ET July 31 2017

2:10 PM New York CNA Financial beats profit forecast despite weak revenues. Discovery Communications agreed to acquire the Scripps Networks for $14.6 billion. Dana lifted sales forecast. Loews net swing to profit. Roper Technologies net jumped.

Tollbooth Index slumped 26.95 or 0.2% to 12,278.82.

Earnings Review

Alexander''s, Inc (ALX) advanced $2.64 to $435.69 after the real estate developer said total revenues in the second-quarter ending in June rose 0.4% from a year ago to $57.2 million.

Net income in the quarter slumped 5% to $20.7 million or $4.04 per diluted share from $21.8 million or $4.26 in the same quarter last year.

CNA Financial Corp (CAN) jumped 4.5% or $2.21 to $51.55 after the property and casualty insurance services provider stated total revenues in the second-quarter ending in June increased 0.8% from a year ago to $2.37 billion.

Net income in the quarter soared 30.1% to $272 million or $1 per diluted share from $209 million or 77 cents in the same quarter last year.

Discovery Communications Inc (DISCA) plunged 7.1% or $1.85 to $24.97 after the pay-television services provider reported revenues in the second-quarter ending in June increased 2% from a year ago to $1.7 billion.

Net income in the quarter declined 8% to $374 million or 64 cents per diluted share from $408 million or 66 cents in the same quarter last year.

The broadcasting services provider said revenues distribution segment in the quarter jumped 5.4% to $857 million but revenues in advertisement segment dropped 1% to $805 million.

Discovery Communications agreed to acquire the Scripps Networks Interactive, Inc in a cash-and-stock transaction valued at $14.6 billion, or $90 per share including $2.7 billion of Scripps'' debt.

The transaction is expected to close by early 2018.

Dana Inc, formerly Dana Holding Corporation (DAN) gained 1.7% or 41 cents to $23.70 after the automobile parts maker said sales in the second-quarter ending in June surged 11% from a year ago to $1.8 billion.

Net income in the quarter soared 33.9% to $71 million or 47 cents per diluted share from $53 million or 36 in the same quarter last year.

Dana lifted fiscal 2017 sales forecast to jump 8% or between $6.8 billion and $7 billion and operating profit in the range of $790 million to $820 million and adjusted diluted earnings per share between $2.20 and $2.40.

Loews Corporation (L) increased 1.1% or 51 cents to $48.77 after the property and casualty insurance services provider reported total revenues in the second-quarter ending in June advanced 1.5% from a year ago to $3.4 billion.

Net in the quarter swung to profit $231 million or 69 cents per diluted share from a loss of $65 million or 19 cents in the same quarter last year.

Mercury General Corporation (MCY) jumped 4.9% or $2.79 to $58.80 after the automobile insurance services provider said total revenues in the second-quarter ending in June advanced 2.4% from a year ago to $797.7 million.

Net income in the quarter jumped 5.6% to $51.6 million or 93 cents per diluted share from $48.9 million or 88 cents in the same quarter last year.

Roper Technologies Inc (ROP) rose 96 cents to $233.30 after the software and engineered products maker reported revenues in the second-quarter ending in June soared 22% from a year ago to $1.1 billion.

Net income in the quarter jumped 13.6% to $179.6 million or $1.74 per diluted share from $158.1 million or $1.54 in the same quarter last year.

Roper lifted fiscal 2017 diluted earnings per share in the range of $9.12 to $9.30 from the earlier estimate of $8.98 to $9.28.

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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