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Market Update

Wal-Mart to Buy Jet.com for $3 B, Mattress Firm Agrees to $3.8 B Deal


Author: Mukesh Buch
ticker.com
Last Update: 2:45 AM ET August 08 2016

2:00 PM New York – Dean Foods revenues fell 8%. Ebix net and revenues soared. Howard Hughes profit tumbled 86% while revenues surged 30%. Johnson Outdoors net plunged 32%. Mattress Firm agreed to be acquire by Steinhoff Intl for $3.8 billion. Tyson Foods net jumped 41%.

Tollbooth Index fell 21.76 or 0.2% to 11,156.32.

Earnings Review

Dean Foods Co (DF) plunged 6.1% or $1.14 to $17.68 after the food and beverage maker reported net sales in the second-quarter ending in June declined 7.9% from a year ago to $1.85 billion.

Net income in the quarter surged 26% to $33.4 million or 36 cents per diluted share compared to the $26.5 million or 28 cents per share from the same quarter last year.

Dean Food estimated diluted earnings per share in the third-quarter between 28 cents and 36 cents.

Ebix Inc (EBIX) slipped 2.1% or $1.14 to $53.64 after the enterprise software developer said revenues in the second-quarter ending in June jumped 12% from a year ago to $72.6 million.

Net income in the quarter soared 21% to $23 million or 70 cents per diluted share compared to the $19 million or 54 cents per share from the same quarter last year.

Howard Hughes Corp (HHC) gained 1.7% or $2 to $122.48 after the real estate developer reported revenues in the second-quarter ending in June surged 30.1% from a year ago to $272.2 million.

Net income in the quarter tumbled 86.2% to $7 million or 16 cents per diluted share compared to the $50.6 million or 18 cents per share from the same quarter last year.

Johnson Outdoors Inc (JOUT) declined 5.8% or $1.80 to $29.39 after the outdoor recreation products maker stated total sales in the third-quarter ending on July 1 fell 1.1% from a year ago to $139.3 million.

Net income in the quarter plunged 32% to $6.8 million or 68 cents per diluted share compared to the $10 million or $1 per share from the same quarter last year.

Mattress Firm Holding Corp (MFRM) surged 114.2% or $33.96 to $63.70 after the mattress retailer agreed to be acquired by Netherlands-based household goods and apparel retailer Steinhoff International Holdings NV for $64 per share in cash or about $3.8 billion, including net debt.

The transaction is expected to close in the third-quarter of this year.

Sotheby’s (BID) surged 16.4% or $5.30 to $37.55 after the auction services provider said total revenues in the second-quarter ending in June slumped 10% from a year ago to $298.7 million.

Net income in the quarter soared 31.7% to $89 million or $1.52 per diluted share compared to the $67.6 million or 96 cents per share from the same quarter last year.

Tyson Foods, Inc (TSN) fell 9 cents to $73.55 after the food processer said net sales in the third-quarter ending on July 2 dropped 2.7% from a year ago to $9.40 billion.

Net income in the quarter advanced 41.1% to $484 million or $1.25 per diluted share compared to the $343 million or 83 cents per share from the same quarter last year.

Wal-Mart Store (WMT) decreased 42 cents to $73.74 after the largest retailer agreed to pay $3 billion in cash to acquire Jet.com, an online retailer of household goods.

Wal-Mart has been looking for ways to power up its online sales as Amazon has increased its total sales over $100 billion and continues to ramp up sales at fast pace and expand its marketplace with thousands of suppliers.

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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