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Market Update

Lockheed Martin to Acquire Sikorsky, Morgan Stanley Net Drops


Author: Mukesh Buch
ticker.com
Last Update: 11:52 AM ET July 20 2015

11:45 PM New York Morgan Stanley net declined 5% but revenues jumped 13%. Lockheed Martin agreed to buy Sikorsky for $9 billion. Cal-Maine net soared 46%. Hasbro net jumped 5%. Halliburton net tumbled 93% on 26% plunge in revenues. Lennox Intl net climbed 10%.

Tollbooth Index gained 0.2% or 23.94 to 10,900.92.

Earnings Review

Cal-Maine Foods Inc (CALM) plunged 9.8% or $5.31 to $48.68 after the shell eggs producer said net sales in the fourth-quarter ending in May climbed 8.4% to $403 million form a year ago period.

Net income in the quarter soared 46.3% to $46.1 million or 95 cents per diluted share compared to $31.5 million or 65 cents from the same quarter last year.

CF Industries Holdings Inc (CF) declined 5.4% or $3.75 to $65.15 after the fertilizer maker confirmed that it is in advanced talks for a merger deal with the Netherland-based rival OCI N.V.

Hasbro, Inc (HAS) gained 2.9% or $2.30 to $80.55 after the toys and entertainment products maker said net revenue in the second-quarter ending on June 28 slipped 3.8% to $797.7 million from a year ago period.

Net income in the quarter jumped 5.2% to $41.8 million or 33 cents per diluted share compared to $33.5 million or 26 cents from the same quarter last year.

Halliburton Company (HAL) gained 1.6% or 63 cents to $40.62 after the oil and natural gas services provider reported total reported revenue in the second-quarter ending in June plunged 26.4% to $5.92 billion from a year ago period.

Net income in the quarter tumbled 93% to $54 million or 6 cents per diluted share compared to $774 million or 91 cents from the same quarter last year.

Morgan Stanley (MS) slid 1 cent to $40.19 after the financial services provider said net revenue in the second-quarter ending in June soared 12.8% to $9.7 billion from a year ago period.

Net income in the quarter declined 5.3% to $1.8 billion or 85 cents per diluted share compared to $1.9 billion or 92 cents from the same quarter last year.

The bank added wealth management revenues jumped 5.4% to $3.9 billion from $3.7 billion and revenues in investment management segment climbed 6.5% to $751 million from $705 million.

Fixed income & commodities sales and trading net revenues surged 30% to $1.3 billion from $1 billion a year ago.

Lennox International Inc (LII) soared 9.4% or $10.10 to $117.69 after the climate control solutions provider stated revenues in the second-quarter ending in June increased 3% to $992.5 million from a year ago period.

Net income in the quarter climbed 9.9% to $81.2 million or $1.78 per diluted share compared to $73.9 million or $1.49 from the same quarter last year.

Lockheed Martin Corporation (LMT) increased 1.3% or $2.67 to $203.85 after the defense contractor agreed to acquire Sikorsky Aircraft, the maker of Black Hawk helicopter, a unit of United Technologies Corp for more than $8 billion.

The acquisition is expected to close by late fourth quarter 2015 or early first quarter 2016.

Separately, the company reported net sales in the second-quarter ending in June increased 2.6% to $11.65 billion from a year ago period.

Net income in the quarter jumped 4.5% to $929 million or $2.94 per diluted share compared to $889 million or $2.76 from the same quarter last year.

The Progressive Corporation (PGR) slid 6 cents to $31.22 after the insurance company said net premiums written jumped 16% to $1.60 billion form a year ago period.

Net income in the quarter soared 95% to $94.6 million or 16 cents per diluted share compared to $48.5 million or 8 cents from the same quarter last year.

Sonic Automotive Inc (SAH) dropped 3.2% or 80 cents to $24 cents after the automobiles retailer said total revenues in the second-quarter ending in June increased 3% to $2.42 billion from a year ago period.

Net income in the quarter plunged 45.2% to $14.8 million or 29 cents per diluted share compared to $27 million or 51 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