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Market Update

Shenandoah, Rentech Nitrogen Soar; Envestnet, Symantec, Zebra Tech Plunge


Author: Mukesh Buch
ticker.com
Last Update: 1:29 PM ET August 11 2015

1:00 PM New York Envestnet agreed to acquire personal financial account aggregator Yodlee for $660 million. Shenandoah agreed to acquire NTELOS for $640 million. Ares Management net declined 32%. Symantec net tumbled 50%. Rentech net loss widened. Towers Watson net climbed 8%. Zebra plunged after net swung to a loss.

Tollbooth Index slipped 68.27 or 0.6% to 10,770.19.

Earnings Review

Ares Management, L.P. (ARES) dropped 1.8% or 35 cents to $18.70 after the investment company said net revenues in the second-quarter ending in June surged 33.6% to $175.8 million from a year ago period.

Net income in the quarter declined 32% to $12.1 million or 15 cents per diluted share compared to $17.8 million or 22 cents from the same quarter last year.

Envestnet Inc (ENV) plunged 29.6% or $13.28 to $32.04 after the wealth management software provider said total revenues in the second-quarter ending in climbed 21.1% to $102.7 million from a year ago period.

Net income in the quarter plunged 32.4% to $2.5 million or 7 cents per diluted share compared to $3.7 million or 10 cents from the same quarter last year.

Separately, the company agreed to acquire cloud-based digital financial services provider Yodlee in a cash and stock transaction for $18.88 a share or about $660 million.

The transaction is expected to close in the fourth-quarter of this year or in the first-quarter of 2016.

Rentech Nitrogen Partners LP (RNF) soared 7.2% or 95 cents to $14.20 after the fertilizer products maker stated in the second-quarter ending in June jumped 7.6% to $149.8 million form a year ago period.

Net loss in the quarter widened to $53.4 million or 23 cents per diluted share compared to $20.6 million or 9 cents from the same quarter last year.

Shenandoah Telecommunications Company (SHEN) surged 19.6% or $7.05 to $43.12 after the diversified telecommunications company agreed to acquire wireless communications services provider NTELOS Holdings Corporation for about $640 million.

Shares of NTELOS Holdings Corp soared 23.1% to $9.

Symantec Corporation (SYMC) declined 4.2% or 97 cents to $21.94 after the antivirus software maker reported total net revenues in the first-quarter ending on July 3 slumped 14% to $1.50 billion form a year ago period.

Net income in the quarter tumbled 50% to $117 million or 17 cents per diluted share compared to $236 million or 34 cents from the same quarter last year.

Separately, the company agreed to sell its Veritas data-storage and recovery business to a consortium led by private-equity firm Carlyle Group LP for $8 billion in cash, as the Singapore-based wealth fund GIC also joined Carlyle in the deal.

Towers Watson & Co (TW) fell $1.03 to $124.97 after the professional services provider reported total revenues in the fourth-quarter ending in June rose 1% to $888.2 million form a year ago period.

Net income in the quarter climbed 8.1% to $89.1 million or $1.28 per diluted share compared to $82.4 million or $1.17 from the same quarter last year.

For the first quarter, the company forecasted in the range of $870 million to $885 million and diluted earnings per share between $1.30 and $1.35.

Zebra Technologies Corp (ZBRA) tumbled 17.4% or $19.28 to $90.82 after the office equipment provider said sales in the second-quarter ending on July 4 soared 208.5% to $889.8 million form a year ago period.

Net in the quarter swung to a loss of $76.3 million or $1.50 per diluted share compared to profit of $27.6 million or 54 cents from the same quarter last year.

The company forecasted net sales for the third-quarter will be within range of $900 million to $930 million, a growth of 4% to 7% from a year ago.

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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