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Market Update

Macerich Rejected Simon Offer; Ford, GM March Sales Drop


Author: Mukesh Buch
ticker.com
Last Update: 1:40 PM ET April 01 2015

1:25 PM New York Ė GM said March vehicles sales decreased and Ford sales in the month fell 3.4%, but Fiat Chrysler sales increased 2%. Macerich rejected takeover proposal of $16.8 billion from Simon Property. Synnex net surged 21%. UTi Worldwide net loss widened.

Tollbooth Index slipped 0.5% or 54.15 to 10,393.24.

Earnings Review

Acuity Brands, Inc (AYI) gained 1% or $1.67 to $169.83 after the lighting solutions provider said net sales in the second-quarter ending in February climbed 13% to $616.1 million from a year ago period.

Net income in the quarter surged 42% to $46.4 million or $1.07 per diluted share compared to $32.7 million or 75 cents from the same quarter last year.

Ford Motor Company (F) slipped 1.6% or 26 cents to $15.88 after the automobile company said total sales in March declined 3.4% to 235,929 vehicles from 244,167 vehicles in a year ago month. Truck sales increased 3.8%.

The company''s retail sales in March increased 1% while fleet sales tumbled to 13%, best U.S. March month retail sales in nine years. Lincoln sales decreased 3.1% to 8,695 units from a year ago month.

Sales of Fiesta plunged 24.9%, Focus sales declined 14.5% and sales from Fusion dropped 11.9%. Sales from C-Max tumbled 22.9% while sales from Mustang in the month surged 36.1%.

Fiat Chrysler Automobiles NV (FCAU) fell 9 cents to $16.22 after the automobile manufacturer said U.S. vehicle sales in March increased 2% to 197,261 units, the groupís best March sales since 2007.

Jeep brand sales in the month soared 23% to 71,584 units. Chrysler brand sales climbed 15% to 30,038 units. RAM Truck brand sales rose 1% to 45,023 units. Fiat brand sales declined 5% to 4.494 units.

Total car sales in the month jumped 12% to 52,644 units and total truck sales slipped 2% to 144,617 units.

General Motors Company (GM) dropped 1.8% or 67 cents to $36.83 after the largest automaker said sales in March declined 2% to 249,875 vehicles.

GM added total sales of trucks, including pickups, vans and SUVs climbed 14%. Crossover deliveries jumped 6% while passenger car deliveries in the month tumbled 21%.

GM estimates that the seasonally adjusted annual selling rate for light vehicles in March was 16.9 million units.

Monsanto Company (MON) jumped 2.3% or $2.56 to $115.10 after the agricultural products provider reported total net sales in the second-quarter ending in February plunged 10.8% to $5.20 billion from a year ago period.

Net income in the quarter declined 14.4% to $1.43 billion or $2.92 per diluted share compared to $1.67 billion or $3.15 from the same quarter last year.

Macerich Co (MAC) declined 5.1% or $4.29 to $80 after the real estate developer unanimously rejected Simon Property Groupís revised unsolicited proposal of $95.50 per share valuing the company at $16.8 billion.

Synnex Corporation (SNX) plunged 5.5% or $4.22 to $73.03 after the computer peripherals provider stated revenues in the first-quarter ending in February climbed 5.6% to $3.20 billion from a year ago period.

Net income in the quarter surged 20.6% to $46.3 million or $1.16 per diluted share compared to $38.4 million or $1 from the same quarter last year.

The company forecasted revenue for the year in the range of $3.38 billion to $3.48 billion and adjusted net income between $60.2 million and $62.5 million and earnings per share in the range of $1.50 to $1.56.

UniFirst Corp (UNF) rose 3 cents to $117.72 after the workplace uniforms provider said revenues in the second-quarter ending in February jumped 5.1% to $344 million from a year ago period.

Net income in the quarter fell 0.8% to $25.4 million or $1.26 per diluted share compared to $25.6 million or $1.27 from the same quarter last year.

The company forecasted revenues for the year to be at the lower end of earlier estimated range of $1.45 billion to $1.47 billion and diluted earnings per share between $5.65 and $5.85.

UTi Worldwide Inc (UTIW) tumbled 16.2% or $1.99 to $10.31 after the air fright and logistic company reported revenues in the fourth-quarter ending in January plummeted 10% to $964.6 million from a year ago period.

Net loss in the quarter widened to $103.9 million or $1.02 per diluted share compared to $56 million or 53 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