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Market Update

Pure Storage Revenue Surges, Olympic Steel Net Swings to Profit


Author: Mukesh Buch
ticker.com
Last Update: 10:59 AM EST March 05 2018

11:00 AM New York City, New York Olympic Steel net swung to profit and revenues soared. Pure Storage net loss narrowed and revenues surged 48%. Reata Pharmaceuticals missed revenues. XL Group agreed to be acquired by France-based insurer AXA for $15.3 billion.

Tollbooth Index slumped 66.79 or 0.5% to 14,309.52.

Earnings Review

Olympic Steel, Inc (ZEUS) dropped 2.9% or 59 cents to $20.25 after the specialty metal service provider said net sales in the fourth-quarter ending in December soared 21% from a year ago to $308 million.

Net in the quarter swung to profit $4.2 million or 37 cent per diluted share from a loss of $2.1 million or 19 cents in the same quarter last year.

Pure Storage Inc (PSTG) declined 5.9% or $1.27 to $20.11 after the storage systems provider reported revenues in the fourth-quarter ending in January surged 48% from a year ago to $338.3 million.

Net loss in the quarter narrowed to $11.9 million or 5 cent per diluted share from $42.9 million or 21 cents in the same quarter last year.

Pure Storage forecasted fiscal 2019 total revenues in the range of $1.31 billion to $1.36 billion and gross margin in the range of 63.5% to 66.5%.

Reata Pharmaceuticals Inc (RETA) slipped 1.1% or 24 cents to $21.67 after the clinical-stage biopharmaceutical products maker reported total revenues in the fourth-quarter ending in December plunged 11.2% from a year ago to $39 million.

Net loss in the quarter narrowed to $1.7 million or 10 cent per diluted share from $6.8 million or 43 cents in the same quarter last year.

XL Group Ltd (XL) surged 29.8% or $12.90 to $56.20 after the Bermuda-based global property and casualty insurer agreed to be acquired by France-based property and casualty insurer AXA SA for about $57.60 per share or total consideration of $15.3 billion or 12.4 billion in cash.

The transaction is expected to close in the second-half of 2018.

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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