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Market Update

Verizon Merges Yahoo and AOL, Gymboree Filed for Chapter 11


Author: Mukesh Buch
ticker.com
Last Update: 12:17 PM ET June 13 2017

12:10 PM New York – Axovant Sciences jumped after net surged 56%. Gymboree filed for Chapter 11 and seek to close s many as 450 stores. John Wiley & Sons profit soared. Tidewater net loss widened. Verizon today completed the acquisition of Yahoo.

Tollbooth Index gained 63.48 or 0.5% to 12,158.87.

Earnings Review

Axovant Sciences Ltd (AXON) jumped 3.9% or 84 cents to $22.51 after the U.K.-focused biopharmaceutical drugs maker said net loss in the fourth-quarter ending in March widened to $52.8 million from $29.7 million and diluted loss per share increased to 53 cents from 30 cents in the same period a year ago.

Cavco Industries, Inc (CVCO) surged 11.5% or $13.65 to $131.70 after the prefabricated homes maker reported revenues in the fourth-quarter ending on April 1 soared 11.7% from a year ago to $198 million.

Net income in the quarter surged 55.7% to $10.9 million or $1.19 per diluted share from $7 million or 77 cents in the same quarter last year.

Dominion Diamond Corp (DDC) rose 10 cents to $13.13 after the Canada-based diamond miner stated revenues in the first-quarter ending in April advanced 18.3% from a year ago to $211 million.

Net loss in the quarter widened to $7.8 million or 9 cents per diluted share from $5.3 million or 1 cent in the same quarter last year.

The miner forecasted fiscal 2018 revenues between $875 million and $975 million and operating profit in the range of $475 million to $560 million.

The Gymboree Corporation, the privately held children’s apparel specialty retailer said in a Chapter 11 filing for bankruptcy protection that the company intends to slash the debts and seek to close 375 to 450 stores from 1,281 bankruptcy reorganization.

The retailer said it had secured a deal with certain secured lenders to restructure and to recapitalize and reduce debt by more than $900 million and reemerge from the bankruptcy.

John Wiley & Sons, Inc ((JW.A)) advanced 3.2% or $1.65 to $53.65 after the professional information services provider reported revenues in the fourth-quarter ending in April jumped 6% from a year ago to $452.2 million.

Net income in the quarter soared 18% to $46.7 million or 81 cents per diluted share from $34.2 million or 59 cents in the same quarter last year.

Tidewater Inc (TDW) jumped 13.7% or 0.11 cents to 91 cents after the vessels and marine support services provider said total revenues in the fourth-quarter ending in March declined 12.7% from a year ago to $160.7 million.

Net loss in the quarter widened to $94.9 million or $2.01 per diluted share from $81.8 million or $1.74 in the same quarter last year.

On May 17, Tidewater and its certain subsidiaries filed voluntary petitions for relief under chapter 11 in the United States Bankruptcy Court for the District of Delaware.

Verizon Communications Inc (VZ) slipped 1.1% or 52 cents to $46.67 after the communications and entertainment services provider today said that it has closed its acquisition of Yahoo after chief executive officer Marissa Mayer had resigned and received approval from Yahoo stockholders.

Today, Verizon said that it completed its acquisition of the operating business of Yahoo! Inc. and merged the assets with AOL business and create a new subsidiary, called Oath, a diverse unit of more than 50 media and technology brands.

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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