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Market Update

Mid-America in $4 B Deal with Post Properties, Sysco Net Surges

Author: Mukesh Buch
Last Update: 6:12 PM ET August 15 2016

2:00 PM New York CSW Ind net plunged 53% on 5% decline in revenues. Honeywell is reportedly in talks to acquire JDA Software for $3 billion. Mid-America Apartment Communities agreed to acquire Post Properties for $4 billion. Sysco profit surged after revenues jumped 10%.

Tollbooth Index increased 35.29 or 0.3% to 11,205.36.

Earnings Review

CSW Industrials Inc (CSWI) slumped 3% or $1.05 to $32.77 after the diversified industrial chemical producer said revenues in the first-quarter ending in June dropped 5.4% from a year ago to $84.1 million.

Net income in the quarter plunged 52.9% to $4.1 million or 26 cents per diluted share compared to the $8.7 million or 55 cents per share from the same quarter last year.

Honeywell International Inc. (HON) rose 48 cents to $116.58 on the media speculation aircraft engines maker is closed to acquiring JDA Software Group Inc the software developer for businesses to manage supply chains worth about $3 billion.

Earlier, Reuters reported Honeywell was in talks to buy JDA.

Mid-America Apartment Communities Inc (MAA) declined 5.8% or $5.96 to $96.19 after the self-administered real estate developer agreed to acquire Post Properties, Inc for about $4 billion.

The transaction is expected to close during the fourth-quarter of this year and the combined companies are expected to have total market capitalization of $17 billion.

Sysco Corporation (SYY) gained 1.1% or 60 cents to $52.80 after the food service provider said net sales in the fourth-quarter ending on July 2 soared 10% from a year ago to $13.6 billion.

Net income in the quarter surged 195.5% to $215.7 million or 38 cents per diluted share compared to the $73 million or 12 cents per share from the same quarter last year.

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