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Market Update

Mylan Missed Earnings Estimate on EpiPen Weakness, Vopak Net Tumbles

Author: Sarla Buch
Last Update: 12:17 PM EST November 06 2017

4:00 PM Frankfurt bet-at-home.com declined despite the surge in profit and revenues. Mylan missed profit estimates after sales in EpiPen business declined. Rexel to raise 500 million of debt. Vopak missed profit expectations.

In London trading, FTSE 100 index edged up 0.49 to 7,560.84 and in Frankfurt the DAX index slid 11.67 to 13,467.11.

In Paris, CAC 40 index fell 10.23 or 0.2% to 5,507.74.

bet-at-home.com AG plunged 6.3% to 116.20 after Germany-based online sports betting and gaming provider said revenues in the nine-month ending in September jumped 8.3% from a year ago to 108.7 million.

Net profit in the period soared 9.2% to 15.9 million from 14.6 million in a year ago nine-month period and diluted earnings per share dropped to 0.55 from 9.46.

The online betting services provider forecasted fiscal 2017 betting and gaming revenues to increase to 144 million and operating profit to between 34 million and 38 million.

Mylan N.V, the U.K.-based drugs-maker reported total revenues in the third-quarter ending in September dropped 2% from a year ago to $2.99 billion.

Net in the quarter swung to profit $88.3 million from a loss of $119.8 million in a year ago quarter and diluted earnings per share swung to 16 cents from 23 cents.

Mylan said net sales in the North America segment plunged 22% to $1.17 billion, EpiPen Auto-Injector sales declind 6% while net sales in the Europe segment surged 24% to $1.04 billion.

The drugs-maker forecasted fiscal 2017 total revenues in the range of $11.75 billion to $12.5 billion, an increase of 9% at the midpoint from fiscal 2016 but diluted earnings per share in the range of $4.45 to $4.70, a decrease of 6% at the midpoint from the prior year.

Rexel SA slipped 1.1% to 15.20 after France-based electrical parts supplier said it plans to launch to sell 500 million of senior unsecured notes due 2025 and the note will be listed on the Luxembourg Stock Exchange.

SBM Offshore N.V tumbled 12.2% to 13.65 after the Netherlands-based offshore energy services provider said take provision $238 million on advanced discussions to settle the investigation with the U.S. Department of Justice for Latin American bribery case.

The offshore services provider today confirmed its commitment to close out the legacy issues in Brazil and pay the agreed substantial amounts.

Koninklijke Vopak N.V declined 5.2% to 34.83 after the Netherlands-based oil and gas storage and logistics services provider reported revenues in the nine-month ending in September slumped 3% from a year ago to 981.4 million.

Net profit in the period tumbled 17% to 211.2 million from 254.6 million in a year ago nine-month period and diluted earnings per share decreased to 1.66 from 2.

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