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Market Update

Pricesmart Tumbles on Weak Profit, Sonos IPO to Raise $100 Million

Author: Mukesh Buch
Last Update: 12:59 PM EDT July 06 2018

12:50 PM New York City, New York – Bristol-Myers hired is reportedly looking to sell its France-based over-the-counter drugs business. Pricesmart profit fell. Silicon Motion Technology declined on weak second-quarter forecast. Sonos plans to raise $100 million in an initial public offering.

Tollbooth Index jumped 181.13 or 1.2% to 15,102.79 but for the year-to-date soared 9.8%.

Earnings Review

Bristol-Myers Squibb Company (BMY) gained 1% or 57 cents to $56.52 after Reuters said the drug maker has retained two banks to find a buyer for its French over-the-counter drugs business, which could valued more than €1 billion in a potential deal.

Pricesmart Inc (PSMT) tumbled 10.3% or $9.60 to $83.80 after the membership shopping warehouse operator reported total revenues in the third-quarter ending in May soared 7.1% from a year ago to $750.5 million.

Net income in the quarter fell 0.5% to $18.7 million or 61 cents per diluted share from $18.8 million or 62 cents in the same quarter last year.

Silicon Motion Technology Corp (SIMO) declined 5.1% or $2.79 to $51.81 after the semiconductors maker estimated preliminary revenues in the second-quarter at the midpoint from the original guidance range of $134.3 million to $140.8 million and gross margin is expected near the midpoint of the original guidance of 46.5% to 48.5%.

Sonos Inc, the privately held wireless music systems maker today filed for an initial public offering to raise $100 million.

According to the filings, Sonos plans to list on the Nasdaq Global Select Market under the symbol “SONO” and valuing the company between $2.5 billion to $3 billion.

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