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Market Update

U.S. Movers: Cellcom, McGraw Hill, Raven, Saks, Zillow

Author: Mukesh Buch
Last Update: 11:34 AM ET August 19 2013

11:30 AM New York – McGraw Hill increased its stake India’s credit rating Crisil for $214 million. Raven net declined 28%. Saks said net loss in the quarter widened. Zillow agreed to acquire StreetEasy.

Cellcom Israel Ltd. (CEL) jumped 3.6% or 40 cents to $11.53 after the Israel based cellular and landline service provider reported total revenues in the second quarter ending in June dropped 17.5% to $341.6 million. Net Income in the quarter plunged 44.6% to $18.5 million or 18 cents a diluted share compared to $33.4 million or 34 cents.

Gross profit for the quarter declined 26.2% to $135 million gross profit margin plummeted to 39.4% from 44.1% a year ago.

McGraw Hill Financial, Inc. (MHFI) slid 6 cents to $60.60 and the company increased its stake in India’s credit ratings company Crisil Limited to 67.8% from 52.8% for $214 million, a premium of 29% to the closing share price on May 31.

MannKind Corporation (MNKD) surged 11.1% or 64 cents to $6.41 and the company placed convertible notes to Deerfield Private Design Fund II, L.P. and Deerfield Private Design International II, L.P. worth $40 million tranche at 9.75%.

Raven Industries, Inc. (RAVN) rose 15 cents to $30.15 after the agriculture products maker said net sales in the second quarter ending in July dropped 8% to $93.4 million. Net income in the quarter declined 28% to $8.3 million or 23 cents a diluted share compared to $11.5 million or 32 cents.

Saks Inc (SKS) fell 2 cents to $16 after the fashion and luxury retailer reported total sales in the second quarter ending on August 3 rose 0.5% to $707.8 million. Comparable store sales in the quarter increased 1.5%.

Net loss in the quarter widened to $19.6 million or 13 cents a diluted share compared to $12.3 million or 8 cents.

Gross margin for the quarter rate declined 36.6% from 37.2% a year earlier.

Zillow, Inc. (Z) declined 4.6% or $4.18 to $87.04 after the online real estate platform agreed to acquire StreetEasy, the New York based real estate website for $50 million in cash. The transaction is expected to close in the next few weeks.

Separately, Zillow today commence underwritten public offering of 2.5 million shares of Class A common stock and the company intends to use the net proceeds for general corporate purposes.

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