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Market Update

Tesla Offered $2.8 B to SolarCity; Adobe Net Surges, FedEx Loss Narrows


Author: Mukesh Buch
ticker.com
Last Update: 12:43 PM ET June 22 2016

12:20 PM New York Actuant net plunged 44%. Adobe Systems net surged 66% on 20% jump in revenues. FedEx net loss narrowed and revenues soared 7%. KB Home net and revenues surged. SiteOne Landscape net loss narrowed. Tesla offered to buy SolarCity for $2.8 billion.

Tollbooth Index gained 44.14 or 0.4% to 10,579.50.

Earnings Review

Actuant Corporation (ATU) declined 4.9% or $1.32 to $25.73 after the industrial products maker reported sales in the third-quarter ending in May slumped 5% from a year ago to $305.3 million.

Net income in the quarter plunged 44.2% to $21.2 million or 36 cents per diluted share compared to $37.9 million or 63 cents per share from the same quarter last year.

Actuant forecasted net sales in the fourth-quarter in the range of $270 million to $280 million and earnings per share between 28 cents and 33 cents.

In the year, the company estimated sales of about $1.15 billion and earnings per share in the range of $1.20 to $1.25.

Adobe Systems Inc (ADBE) plunged 4.9% or $4.87 to $94.85 after the application software company stated revenues in the second-quarter ending on June 3 soared 20% from a year ago to $1.40 billion.

Net income in the quarter surged 65.5% to $244.1 million or 48 cents per diluted share compared to $147.5 million or 29 cents per share from the same quarter last year.

FedEx Corporation (FDX) dropped 4% or $6.52 to $157.43 after the air freight and logistics company reported revenues in the fourth-quarter ending in May jumped 7.4% from a year ago to $13 billion.

Net loss in the quarter narrowed to $70 million or 26 cents per diluted share compared to $895 million or $3.16 per share from the same quarter last year.

KB Home (KBH) jumped 3.4% or 49 cents to $15.03 after the home-builder stated revenues in the second-quarter ending in May surged 30% from a year ago to $811.1 million.

Net income in the quarter soared 63% to $15.6 million or 17 cents per diluted share compared to $9.6 million or 10 cents per share from the same quarter last year.

SiteOne Landscape Supply Inc (SITE) rose 21 cents to $31.05 after the wholesale distributor said net sales in the first-quarter ending onApril 3 surged 43% from a year ago to $328.5 million.

Net loss in the quarter narrowed to $5.6 million or 85 cents per diluted share compared to $9.8 million or $1.23 per share from the same quarter last year.

The company forecasted operating profit in the year in the range of $132 million to $140 million.

Tesla Motors Inc (TSLA) tumbled 8.3% or $18.03 to $201.57 after the electric vehicles and energy storage products maker made an offer to buy SolarCity Corp for as much as $2.8 billion.

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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