10:10 AM New York – Schulman offered to buy Ferro valued $855 million. Arena fourth quarter net loss narrowed and Boyd Gaming net loss widened. Hess plans to sell its retail and refining and processing businesses. Tech Data fourth quarter net climbed 52%.
A. Schulman, Inc.
) gained 1.3% or 43 cents to $31.55 after the plastic compound supplier agreed to acquire Ferro Corporation for $6.50 a share represents total enterprise value approx of $855 million in cash. This represents 25% premium, the closing price of Ferro common stock on March 1.
Arena Pharmaceuticals, Inc.
) dropped 3.8% or 31 cents to $8.03 after the biopharmaceutical said total revenue in the fourth quarter ending in December slid 27% to $1.94 million from $2.08 million in the same period of last year. Net loss in the quarter narrowed to $21.3 million or 10 cents a diluted share compared to $23.7 million or 16 cents a share a year ago earlier.
Boyd Gaming Corporation
) jumped 7.1% or 49 cents to $6.94 after the gambing company net revenue in the fourth quarter ending in December grew 3% to $625.8 million from $606.7 million in the same period of last year. Net loss in the quarter widened to $899.9 million or $10.24 a diluted share compared to $0.5 million or 1 cent a share a year ago period.
) climbed 4.4% or $2.96 to $69.50 after the oil and gas explorer planned to sell its retail, refining and processing businesses and increased annual dividend to $1 from 40 cents and buy back up to $4 billion of its share.
Tech Data Corporation
) declined 3.5% or $1.83 to $50.40 after the computer hardware distributor stated total revenue in the fourth quarter ending in January advanced 5% to $7.46 billion from $7.11 billion in the same period of last year. Net income in the quarter climbed 52% to $82.5 million or $2.17 a diluted share compared to$54.1 million or $1.29 a share a year ago period.
For the first quarter, the company expects high single-digit sales growth from a year ago period.
The Howard Hughes Corporation
) gained 25 cents to $77.40 after the property dealer reported total revenue in the fourth quarter ending in December surged 27% to $108.4 million from $85.1 million in the same period of last year. Net loss in the quarter swung to $0.93 million or 1 cent a diluted share compared to net income of $31.4 million or 80 cents a share a year ago.