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Market Update

Global Cash Access to Acquire Multimedia Games for $1.2 B


Author: Mukesh Buch
ticker.com
Last Update: 12:20 PM ET September 08 2014

12:20 PM New York Boeing won order to supply 200 planes from Ryanair. Campbell Soup swung to profit on 8% increase in net sales. GE sold its appliances business to Sweden-based Electrolux for $3.3 billion. Global Cash Access plans to acquire Multimedia Games for $1.2 billion.

Tollbooth Index fell 0.3% or 22.45 to 9,550.91.

Earnings Review

The Boeing Company (BA) jumped 2.5% or $3.09 to $127.78 after the industrial conglomerate received order valued at list price of $22 billion from Ireland-based discount carrier for 200 new Boeing 737 MAX 200 jetliner.

Campbell Soup Company (CPB) dropped 2% or 90 cents to $43.64 after the convenience food products maker reported net sales in the fourth-quarter ending on August 3 jumped 7.5% to $1.85 billion from a year ago period.

Net in the quarter swung to profit $137 million or 43 cents a diluted share compared to a net loss of $158 million or 50 cents from a same quarter last year.

General Electric Company (GE), the industrial conglomerate agreed to sold its appliances unit to Sweden-based Electrolux for $3.3 billion in cash.

Global Cash Access Holdings, Inc (GCA) gained 1.6% or 12 cents to $7.64 after the cash services provider to gaming industry plans to acquire slot machine maker Multimedia Games Holding Co Inc for about $1.2 billion.

The offer price of $36.50 a share represents a premium of 31% to Multimedia''s Friday closing price.

General Finance Corporation (GFN) slid 2 cents to $8.90 after the business support services provider said total revenue in the fourth-quarter ending in June soared 39% to $90.1 million from a year ago period.

Net income in the quarter surged to $0.8 million or 3 cents a diluted share compared to $0.2 million or 1 cent from a same quarter last year.

Xcerra Corp (XCRA) declined 5.1% or 54 cents to $10.14 after the testing equipment maker stated net sales in the fourth-quarter ending in July soared 17.9% to $124.3 million from a year ago period.

Net in the quarter swung to profit $13.5 million or 27 cents a diluted share compared to a net loss of $4.7 million or 10 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