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Market Update

Oracle Net and Sales Ease; Herman Miller, Under Amour Jump


Author: Mukesh Buch
ticker.com
Last Update: 1:04 PM ET September 17 2015

12:55 PM New York – Amgen agreed to acquire Netherlands-based Dezima for $1.5 billion. Apogee net plunged 12%. Clarcor net tumbled 13% on 11%. Marcus revenues and profit surged. Oracle net declined 20% and revenues fell 2%. Rite Aid net tumbled 83%.

Tollbooth Index rose 19.45 to 10,515.92.

Earnings Review

Amgen, Inc (AMGN) gained $1.23 to $152.41 after the biotechnology company agreed to acquire Netherlands-based privately-held rival Dezima Pharma B.V. from capital firm Forbion Capital Partners for $1.55 billion.

The transaction is expected to close in the fourth-quarter of this year.

Apogee Enterprises Inc (APOG) declined 3.9% or $2.24 to $55.62 after the glass fitting services provider said revenues in the second-quarter ending on August 29 increased 4% from a year ago to $240.8 million.

Net income in the quarter plunged 12% to $14.8 million or 50 cents per diluted share compared to $16.8 million or 57 cents from the same quarter last year.

Clarcor Inc (CLC) plunged 12.9% or $7.17 to $48.47 after the filtration products maker reported net sales in the third-quarter ending on August 29 declined 10.6% from a year ago to $357.6 million.

Net income in the quarter tumbled 12.7% to $36.4 million or 72 cents per diluted share compared to $41.7 million or 82 cents from the same quarter last year.

Herman Miller, Inc (MLHR) soared 5.2% or $1.45 to $29.32 after the furniture products maker stated revenues in the first-quarter ending on August 29 soared 10.9% from a year ago to $565.4 million.

Net income in the quarter jumped 5.9% to $33.5 million or 56 cents per diluted share compared to $25.2 million or 42 cents from the same quarter last year.

Marcus Corp (MCS) gained 1.9% or 36 cents to $19.73 after the movie theatres, hotels and resorts operator stated total revenues in the first-quarter ending on August 27 surged 13.2% from a year ago to $149.2 million.

Net income in the quarter soared 17.8% to $14.7 million or 53 cents per diluted share compared to $12.4 million or 45 cents from the same quarter last year.

Oracle Corporation (ORCL) dropped 3.1% or $1.19 to $37.03 after the enterprise software services provider reported net revenues in the first-quarter ending in August slipped 2% from a year ago to $8.45 billion.

Net income in the quarter declined 19.7% to $1.75 billion or 40 cents per diluted share compared to $2.18 million or 48 cents from the same quarter last year.

The company said total hardware revenues in the quarter fell 3% to $1.1 billion and software license updates and product support revenues slid 1% to $4.7 billion but services revenues rose 1% to $862 million from a year ago period.

Oracle said total on-premise software and cloud revenues in the quarter decreased 2% to $6.5 billion, new software licenses revenues tumbled 16% to $1.15 billion and cloud software-as-a-service and platform-as-a-service surged 34% to $451 million.

Perrigo Company Plc decreased 65 cents to $181.74 after the drug maker said its board of directors rejected the unsolicited tender offer of $27 billion from Mylan NV and said “the offer substantially undervalues the company.”

Chief executive officer Joseph Papa said the offer is “neither compelling, nor accretive” and “Perrigo has never refused to engage” with Mylan, but “offers have simply not been a basis for discussions.”

Rite Aid Corporation (RAD) slumped 9.9% or 84 cents to $7.76 after the retail drugstore chain said revenues in the second-quarter ending on August 29 surged 17.5% from a year ago to $7.7 billion.

Same store drugstore sales in the retail pharmacy segment increased 2.1% and the number of prescriptions filled in same stores rose 0.2%.

Net income in the quarter tumbled 83.2% to $21.5 million or 2 cents per diluted share compared to $127.8 million or 13 cents from the same quarter last year.

Under Amour Inc (UA) jumped 2.1% or $2.19 to $105.68 after the apparel, footwear and accessories maker forecasted revenues in fiscal 2018 of about $7.5 billion.

The retailer reported revenue in 2014 was $3.08 billion and estimated 2015 revenues of about $3.84 billion.

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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