11:45 AM New York Emerson Electric withdraws $29 billion offer to buy Rockwell Automation. Momo profit and revenues surged. Roark Capital agreed to buy Buffalo Wild Wings for $2.4 billion. Thor Industries beats earnings and revenues estimates. Tech Data beats third-quarter results.
Tollbooth Index advanced 37.46 or 0.3% to 13,528.67.
Emerson Electric Co
) increased 2.3% or $1.43 to $63.31 after the diversified automation maker abandoned its $29 billion offer to acquire Rockwell Automation Inc after the company rebuffed its buyout offer twice to $225 per share.
We are disappointed that the Rockwell board refused even to discuss the potential combination of our two great companies, said chief executive officer David Farr.
) tumbled 16.4% or $5.04 to $25.89 after the China-based mobile social networking platform provider reported revenues in the third-quarter ending in September surged 126% from a year ago to $354.5 million.
Net income in the quarter more than doubled to $79.1 million or 19 cents per diluted share from $39 million or 10 cents in the same quarter last year.
The mobile social networking platform provider said as of September 30, monthly active users soared 22 % to 94.4 million compared to 77.4 million in the same period a year ago.
Momo forecasted fiscal fourth-quarter revenues to jump between 50% and 56% or between $370 million and $385 million.
Roark Capital Group Inc
, the Bloomberg reported that the private equity firm and owner of Arby''s restaurant agreed to buy restaurant chain Buffalo Wild Wings Inc for $157 per share in cash or about $2.4 billion.
Buffalo Wild Wings stock in the premarket trading jumped 6.6% to $155.95.
The transaction is expected to close in the first-quarter of fiscal 2018.
Thor Industries, Inc
) surged 11.5% or $15.68 to $151.94 after the recreational vehicles maker reported revenues in the first-quarter ending in October soared 29.4% from a year ago to $2.2 billion.
Net income in the quarter surged 63.2% to $128.4 million or $2.43 per diluted share from $78.7 million or $1.49 in the same quarter last year.
Tech Data Corp
) soared 10.2% or $9.54 to $102.76 after the technology products wholesale distributor said net sales in the third-quarter ending in October surged 41% from a year ago to $9.1 billion.
Net income in the quarter jumped 51% to $76.7 million or 97 cents per diluted share from $50.9 million or $1.03 in the same quarter last year.
Tech Data forecasted fiscal fourth-quarter net sales in the range of $10.25 billion to $10.80 billion and diluted earnings per share in the range of $2.39 to $2.69.
jumped 7.8% or 70 cents to $9.73 after the China-based online leisure and packaged tours operator said net revenues in the third-quarter ending September soared 53.5% to $121.2 million and gross profit in the quarter surged to 73.5% to $66.3 million from a year ago.