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Market Update

Keurig Green Recalls 7.2 M Machines, B&N to Split Nook


Author: Mukesh Buch
ticker.com
Last Update: 12:51 PM ET December 24 2014

12:00 PM New York Barnes & Noble agreed to buy back its Nook e-reader stake from Pearson and plans to split the business. Cal-Maine profit surged 40%. CalAmp net dropped 4%. Chesapeake Energy announced share-buyback plan for up to $1 billion. Keurig Green recalled 7.2 million brewing machines.

Tollbooth Strategy Index edged down 0.01% or 1 to 10,147.50.

Earnings Review

Barnes & Noble, Inc (BKS) jumped 2.9% or 68 cents to $23.76 after the bookseller announced that it has agreed to buy back its Nook e-reader business from the U.K.-based publisher Pearson Plc for about $27.7 million in cash and stock.

In 2013, Barnes sold 5% stake to Pearson for $89.5 million. On December 4th Barnes agreed to reacquire $300 million stake sold to Microsoft for $62.4 million in cash and 2.7 million of its stock.

The bookseller plans to split the business into a separate company by the end of August 2015.

Cal-Maine Foods Inc (CALM) declined 6.1% or $2.71 to $41.40 after the shell eggs producer reported net sales in the second-quarter ending in November climbed 6.9% to $378.6 million from a year ago period.

Net income in the quarter surged 40.2% to $36.6 million or 76 cents a diluted share compared to $26.1 million or 54 cents from a same quarter last year.

CalAmp Corporation (CAMP) tumbled 10.9% or $2.16 to $17.56 after the wireless communication service provider reported revenues in the third-quarter ending in November slid 0.5% to $63.2 million from a year ago period.

Net income in the quarter dropped 4.3% to $4.02 million or 11 cents a diluted share compared to $4.21 million or 12 cents from a same quarter last year.

The company forecasted adjusted earnings per share for the fourth-quarter in the range of 26 cents to 30 cents and revenues between $66 million and $70 million.

Chesapeake Energy Corp (CHK) slipped 1.3% or 25 cents to $20.04 after the oil and gas explorer announced share-buyback plan for up to $1 billion and said indicated that it completed its sale of shale assets for proceeds of around $5 billion.

Keurig Green Mountain Inc (GMCR) gained $1.07 to $137.62 after the specialty coffee and coffeemaker recalled more than seven million of its single-serve hot coffee brewing MINI Plus Brewing System machines mainly due to burn risk for users if water overheats and sprays out of the machines.

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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