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Market Update

Liberty Interactive to Buy Zulily for $2.4 B


Author: Mukesh Buch
ticker.com
Last Update: 10:52 AM ET August 17 2015

10:45 PM New York Cargill agreed to acquire Norway-based Ewos for about $1.5 billion. Liberty Interactive agreed to acquire Zulily for $ $2.4 billion. Accenture agreed to buy consulting unit of Schlumberger for an undisclosed amount. Agilent net plunged 30%. Estee Lauder net tumbled 41%. Urban Outfitters net slid.

Tollbooth Index edged up 1.26 to 10,927.30.

Earnings Review

Agilent Technologies Inc (A) rose 2 cents to $38.84 after the measurement equipment maker reported revenues in the third-quarter ending in July edged up 1% to $1.01 billion from a year ago period.

Net income in the quarter plunged 30% to $103 million or 31 cents per diluted share compared to $147 million or 43 cents from the same quarter last year.

For the fourth-quarter, the company forecasted revenues in the range of $1.03 billion to $1.05 billion and non-GAAP earnings per share between 45 cents and 49 cents.

Accenture Plc (ACN) gained 6 cents to $103.45 after the Ireland-based technology and outsourcing services provider agreed to acquire Schlumberger Business Consulting, the management consulting unit of Schlumberger for undisclosed amount.

Cargill Inc, the privately held food and poultry products maker agreed to acquire Norway-based Ewos, fish feed maker for about $1.50 billion or 1.35 billion from private equity firms Altor and Bain Capital.

The transaction is expected to close before the end of this year.

Estee Lauder Companies Inc (EL) declined 6.8% or $6.07 to $82.80 after the skin care and hair care products maker reported revenues in the fourth-quarter ending in June plunged 7.7% to $2.52 billion form a year ago period.

Net income in the quarter tumbled 41% to $153 million or 40 cents per diluted share compared to $257.7 million or 66 cents from the same quarter last year.

The company forecasted net sales for the first-quarter to increase between 13% and 14% and diluted earnings per share in the range of 66 cents to 69 cents.

For the year, the company estimated revenues to jump between 8% and 10% and diluted earnings per share in the range of $3.10 to $3.17.

Liberty Interactive Corp (QVCA) decreased 1.9% or 59 cents to $29.80 after the on-line home shopping company agreed to acquire internet retailer Zulily Inc for about $$2.4 billion or $18.75 per share, representing a 49% premium to closing price of $12.57 last Friday.

Zulily surged 44.6% to $18.74.

Urban Outfitters, Inc (URBN) slipped 1% or 34 cents to $32.23 after the lifestyle specialty retailer said total sales in the second-quarter ending on July 1 increased 7% to $867.5 million from a year ago period.

Net sales in comparable retail segment soared 14% at Free People chain, 4% at Urban Outfitters chain and 2% at Anthropologie chain.

Wholesale segment net sales surged 21%.

Net income in the quarter slid 1% to $66.8 million or 52 cents per diluted share compared to $67.5 million or 49 cents from the 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