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Market Update

PepsiCo Lifts Outlook, WhiteWave Soars on Danone Deal


Author: Mukesh Buch
ticker.com
Last Update: 4:07 PM ET July 07 2016

2:00 PM New York AVG Technologies agreed to be acquired by Avast Software for $1.3 billion. Computer Services net declined 11%. WhiteWave Foods agreed to be acquired by France-based rival Danone for $12.5 billion. PepsiCo lifted earnings outlook.

Tollbooth Index gained 17.54 or 0.2% to 10,542.53.

Earnings Review

AVG Technologies NV (AVG) surged 31.1% or $5.84 to $24.63 after the software and online services provider agreed to be acquired by Netherland-based security software provider Avast Software N.V for $25 per share in cash or for a total consideration of about $1.3 billion.

Computer Services, Inc (CSVI) fell 25 cents to $36.75 after the information technology solution service provider said revenues in the first-quarter ending in May fell 1.8% from a year ago to $56.1 million.

Net income in the quarter declined 10.5% to $6.8 million or 48 cents per diluted share compared to $7.6 million or 54 cents per share from the same quarter last year.

The WhiteWave Foods Company (WWAV) soared 18.6% or $8.84 to $56.27 after the consumer packaged food and beverage maker agreed to be acquired by France-based rival Danone SA for $56.25 per share in cash or total enterprise value of about $12.5 billion including debt and certain other liabilities.

The transaction is expected to close by the end of the year.

PepsiCo, Inc (PEP) jumped 2.3% or $2.36 to $108.31 after the food and beverage maker reported total revenues in the second-quarter ending on June 11 dropped 3% from a year ago to $15.4 billion.

Net income in the quarter rose 1% to $2 billion or $1.38 per diluted share compared to $1.98 billion or $1.33 per share from the same quarter last year.

PepsiCo lifted core earnings forecast in the full-year to $4.71 per share from the previous guide of $4.66 per share.

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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