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Market Update

Verizon Makes Overtures to AOL, Coach to Acquire Stuart Weitzman

Author: Mukesh Buch
Last Update: 11:59 AM ET January 06 2015

11:50 AM New York Verizon Communications approached AOL for takeover or a partnership deal. Coach agreed to acquire Stuart Weitzman for $574 million. Hhgregg plunged after weak forecast. Lindsay net tumbled 26% on 8% decrease in revenues.

Tollbooth Index dropped 0.8% or 78.10 to 9,778.20.

Earnings Review

AOL Inc (AOL) climbed 4.5% or $2.03 to $46.77 on media reports suggesting that the wireless communications service provider Verizon Communications Inc. approached the online content provider for a takeover or a partnership to expand its mobile-video offerings.

Coach Inc (COH) gained 12 cents to $36.85 after the accessory and gift retailer agreed to acquire women''s luxury footwear designer Stuart Weitzman Holdings LLC for about $574 million from private equity firm Sycamore Partners.

Flotek Industries Inc (FTK) fell 10 cents to $17.73 after the oilfield product and service provider forecasted revenue in the fourth-quarter will exceed $122 million, a record for the company.

Flotek expects revenues from the energy chemical technologies segment to exceed $74 million and drilling technologies revenues to jump more than $31 million.

Hhgregg, Inc (HGG) plunged 8% or 58 cents to $6.67 after the consumer and home appliances retailer forecasted net sales for the third-quarter ending in December to decline 6% to $666 million and comparable store sales to decrease 6%.

Kratos Defense & Security Solutions, Inc (KTOS) edged up 3 cents to $5.05 after the war fighter and security service provider received new contracts from the U.S. Air Force of about $41.5 million.

Lindsay Corporation (LNN) dropped 1.8% or $1.54 to $81.54 after the water and infrastructure service provider reported revenues in the first-quarter ending in November declined 8.7% to $134.8 million from a year ago period.

Net income in the quarter tumbled 25.5% to $7.6 million or 62 cents a diluted share compared to $10.2 million or 79 cents from a same quarter last year.

Sonic Corporation rose 4 cents to $27.08 after the drive-in restaurant operator forecasted revenue for the first-quarter of about $133.5 million and earnings per share of about 16 cents.

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