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Market Update

Icahn Raise Offer for Pep Boys; Staples, Office Depot Merger in Limbo


Author: Mukesh Buch
ticker.com
Last Update: 11:27 AM ET December 21 2015

11:20 AM New York Carnival net swung to profit. Icahn Enterprises lifted its offer for The Pep Boy to $16.50 a share. Ingersoll-Rand intends to sell its remaining stake in Hussmann for $400 million. Staples fail to win antitrust approval for Office Depot.

Tollbooth Index increased 59.45 or 0.6% to 10,645.24.

Earnings Review

Carnival Corp (CCL) jumped 2.5% or $1.31 to $53.74 after the cruise operator reported revenues in the fourth-quarter ending in November was flat from a year ago to $3.71 billion.

Net in the quarter swung to profit $270 million or 35 cents per diluted share compared to a loss of $104 million or 13 cents per share from the same quarter last year.

Icahn Enterprises LP (IEP) rose 26 cents to $63.55 after the investment company lifted its offer for The Pep Boys Manny, Moe & Jack of $16.50 per share or about $919 million in cash.

The current offer is higher than the Japan-based tyre maker Bridgestone Corp''s offer of $15.50 per share.

Ingersoll-Rand Plc (IR) increased 41 cents to $53.03 after the Ireland-based industrial machinery equipment maker intends to sell its remaining stake in Hussmann Parent, Inc. for about $400 million.

The company had already completed to divest its majority stake in Hussmann business to private equity group Clayton, Dubilier & Rice LLC in September 2011.

The transaction is expected to close in the first-half of 2016.

Neogen Corporation (NEOG) slipped 29 cents to $57.69 after the diagnostic test kits maker said in the second-quarter ending in November jumped 16% from a year ago to $79.6 million.

Net income in the quarter surged 16.7% to $9.1 million or 24 cents per diluted share compared to $7.8 million or 21 cents per share from the same quarter last year.

Staples, Inc (SPLS) advanced 2.5% or 23 cents to $9.53 after the retail and online shopping platform provider said the U.S. regulator rejected its revised higher offer to divest up to $1.25 billion worth commercial contracts to secure approval for its acquisition of smaller rival Office Depot Inc.

Urstadt Biddle Properties Inc (UBA) gained 2.3% or 43 cents to $19.55 after the self-administered real estate developer said total revenues in the fourth-quarter ending in October jumped 6.5% from a year ago to $27.9 million.

Net income in the quarter declined 11.1% to $23 million or 70 cents per diluted share compared to $27 million or 87 cents per share from the same quarter last year.

During the quarter, the company sold Meriden, CT property with a gain of about $20 million.

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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