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Market Update

Samsung Agrees to Acquire Harman Intl for $8 B, ViaSat Buys Arconics


Author: Mukesh Buch
ticker.com
Last Update: 6:18 PM ET November 14 2016

2:10 PM New York Aecom net surged but revenues declined. Enerplus net loss narrowed despite revenues plummeted 35%. Harman International agreed to be acquired by South Korea-based Samsung Electronics for $8 billion. InterOil net loss narrowed. ViaSat agreed to buy Ireland-based Arconics.

Tollbooth Index slumped 62.48 or 0.6% to 10,757.08.

Earnings Review

Aecom (ACM) slipped 1.8% or 57 cents to $31.68 after the engineering construction services provider reported revenues in the fourth-quarter ending in September declined 8.5% from a year ago to $4.3 billion.

Net income in the quarter surged to $7 million or 5 cents per diluted share compared to the $1.1 million or 1 cent per share from the same quarter last year.

Aecom forecasted earnings per share in fiscal 2017 between $2.70 and $3.10 and capital expenditures of about $115 million while depreciation expense of about $165 million.

Enerplus Corp (ERF) slid 5 cents to $6.35 after Canada-based energy producer said revenues in the third-quarter ending in September plummeted 35.2% from a year ago to $200.4 million.

Net loss in the quarter narrowed to $96.2 million or 42 cents per diluted share compared to the $176.9 million or $1.42 per share from the same quarter last year.

Harman International Industries Inc (HAR) surged 25.4% or $22.25 to $109.89 after the auto-parts supplier agreed to be acquired by the South Korea-based smart-phone maker Samsung Electronics Co for $112 in cash or about $8 billion.

The transaction is expected to close in mid-2017.

InterOil Corporation (IOC) rose 19 cents to $47.44 after Singapore-focused oil and gas producer reported total revenues in the third-quarter ending in September plunged 39% from a year ago to $7.2 million.

Net loss in the quarter narrowed to $25.7 million or 51 cents per diluted share compared to the $103.7 million or $2.09 per share from the same quarter last year.

ViaSat, Inc (VSAT) slipped 79 cents to $80.36 after the broadband technologies and services provider agreed to acquire Ireland-based aviation software solution provider Arconics without disclosing financial terms.

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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