S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
Market Update

J&J Bids $3.3 B for Hair Care Products Maker Vogue, Ciena Net Falls


Author: Mukesh Buch
ticker.com
Last Update: 12:48 PM ET June 02 2016

11:55 AM New York J&J consumer unit plans to acquire privately held hair care products maker Vogue International for about $3.3 billion. Ciena net tumbled 32%. CorVel net fell 16%. Conn''s and Joy Global net swung to a loss. Donaldson profit jumped 15%. Mesa Labs net soared 78%.

Tollbooth Index fell 20.51 or 0.2% to 10,650.12.

Earnings Review

Ciena Corporation (CIEN) surged 10.7% or $1.89 to $19.63 after the networking solution provider said revenues in the second-quarter ending in April increased 3.1% from a year ago to $640.7 million.

Net income in the quarter tumbled 32.4% to $14 million or 10 cents per diluted share compared to $20.7 million or 17 cents per share from the same quarter last year.

The network specialist estimated revenues in the third-quarter between $655 million and $685 million.

CorVel Corporation (CRVL) rose 2.2% or $1.03 to $48.73 after the healthcare services provider stated revenues in the fourth-quarter ending in March jumped 5% from a year ago to $128 million.

Net income in the quarter declined 16.4% to $5.6 million or 27 cents per diluted share compared to $6.7 million or 34 cents per share from the same quarter last year.

Conn''s Inc (CONN) tumbled 23.4% or $2.73 to $8.98 after the consumer goods retailer said total revenues in the first-quarter ending in April soared 6.8% from a year ago to $318.5 million.

Net in the quarter swung to a loss of $9.7 million or 32 cents per diluted share compared to profit of $15.7 million or 43 cents per share from the same quarter last year.

Donaldson Company, Inc (DCI) soared 8% or $2.67 to $35.95 after the filtration systems provider reported sales in the third-quarter ending in April slid 0.7% from a year ago to $571.3 million.

Net income in the quarter jumped 14.8% to $54.8 million or 41 cents per diluted share compared to $47.8 million or 34 cents per share from the same quarter last year.

Donaldson forecasted sales in the year of about $2.23 billion and earnings per share in the range of $1.53 to $1.59.

Joy Global Inc (JOY) jumped 10.4% or $1.74 to $18.44 after the mining equipment maker said revenues in the second-quarter ending on April 29 slumped 25.7% from a year ago to $602 million.

Net in the quarter swung to a loss of $9.8 million or 10 cents per diluted share compared to profit of $56 million or 57 cents per share from the same quarter last year.

Johnson & Johnson (JNJ) rose 99 cents to $113.82 after the healthcare products maker said its consumer unit plans to acquire privately held hair care and personal care products maker Vogue International for about $3.3 billion in cash.

The transaction is expected to close during the third-quarter and will not impact its sales or earnings forecasts in the fiscal 2016.

Mesa Laboratories, Inc (MLAB) surged 11.8% or $11.94 to $113.51 after the testing equipment maker stated revenues in the fourth-quarter ending in March advanced 34% from a year ago to $24.8 million.

Net income in the quarter soared 78% to $4 million or $1.06 per diluted share compared to $2.2 million or 61 cents per share from the same quarter last year.

  1
Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc