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Market Update

Valeant Surges; 3M, FactSet, Landauer, VeriFone Decline


Author: Mukesh Buch
ticker.com
Last Update: 11:24 AM ET December 15 2015

11:15 AM New York 3M lowered annual earnings forecast. GE agreed to sell its Japan-based commercial lending business to Sumitomo Mitsui Finance for $5 billion. FactSet net rose 7%. VeriFone net soared. Valeant signed 20-year agreement with Walgreens.

Tollbooth Index increased 51.12 or 0.5% to 10,863.92.

Earnings Review

3M Co (MMM) slumped 4.4% or $6.93 to $150.77 after the diversified technology company lowered earnings per share forecast for the year of about $7.55 from earlier estimated range of $7.60 to $7.65.

In August, the company forecasted earnings per share for the year between $7.73 and $7.93.

General Electric Company (GE) rose 18 cents to $30.45 after the industrial conglomerate agreed to sell its Japan-based commercial lending business to Sumitomo Mitsui Finance and Leasing, Co, for about $4.8 billion or 575 billion yen.

The transaction is expected to close in April 2016.

FactSet Research Systems Inc (FDS) dropped 3.8% or $6.41 to $162.75 after the analytical financial information provider said revenues in the first-quarter ending in November soared 11.5% from a year ago to $270.5 million.

Net income in the quarter jumped 7.3% to $60 million or $1.43 per diluted share compared to $55.9 million or $1.32 per share from the same quarter last year.

FactSet forecasted revenues for the second-quarter between $280 million and $286 million and operating margin in the range of 31% and 32% while diluted earnings per share in the range of $1.49 to $1.53.

Inland Real Estate Corporation (IRC) soared 6.1% or 61 cents to $10.55 after the real estate developer agreed to be acquired to be taken private by real estate funds managed by DRA Advisors LLC for $10.60 per share in cash or about $2.3 billion including debt.

The transaction is expected to close in the first-half of 2016.

Landauer Inc (LDR) tumbled 12.6% or $4.65 to $32.32 after the technical and analytical services provider stated revenues in the year ending in September increased 2.4% from a year ago to $151.3 million.

Net in the quarter swung to profit $14.5 million or $1.52 per diluted share compared to a loss of $25.2 million or $2.65 per share from the same quarter last year.

VeriFone Systems Inc (PAY) plunged 4.3% or $1.13 to $25.30 after the payment solution provider reported revenues in the fourth-quarter ending in October jumped 4.8% from a year ago to $514.1 million.

Net income in the quarter soared 22.8% to $38.2 million or 33 cents per diluted share compared to $31.1 million or 27 cents per share from the same quarter last year.

The company estimated non-GAAP net revenues for the fiscal 2016 between $2.09 billion and $2.11 billion and diluted earnings per share in the range of $2.15 to $2.17.

Valeant Pharmaceuticals Intl Inc (VRX) surged 13.7% or $12.85 to $106.79 after the Canada-based pharmaceutical and medical devices maker signed 20-year agreement with Walgreens Boots Alliance Inc to offer discounts on its branded drugs.

SiriusXM Holdings Inc, the privately held broadcasting company signed a 12-year agreement to keep on broadcaster Howard Stern Show for the next 5 years.

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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