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Market Update

Wausau Agreed to be Acquire by Sweden-based SCA, JNJ Profit Declines


Author: Mukesh Buch
ticker.com
Last Update: 1:13 PM ET October 13 2015

1:05 PM New York Wausau Paper agreed to be acquired by Sweden-based SCA. Dollar Tree plans to re-brand its Deals stores. Fastenal net increased. Johnson & Johnson profit tumbled 20% on 7% decline in revenues. PrivateBancorp net jumped 12%.

Tollbooth Index gained 17.95 or 0.2% to 10,604.14.

Earnings Review

Cepheid (CPHD) slipped 1.5% or 65 cents to $42.69 after the molecular diagnostics company forecasted total revenue in the third-quarter between $125 million and $128 million and diluted loss per share in the range of 28 cents to 30 cents.

For the fourth-quarter, the company estimated total revenues in the range of $154 million to $160 million and for the year revenues to jump between 16% and 18% or between $544 million and $553 million.

Dollar Tree, Inc (DLTR) gained 1.5% or 96 cents to $64.01 after the discount stores operator plans to re-brand its Deals store network with 222 locations.

217 stores will be converted to Dollar Tree and the remaining five will be converted to Family Dollar stores.

The Deals store conversions are estimated to be completed by July 2016 and at least 150 Family Dollar stores to Dollar Tree brand stores by the end of this month.

Fastenal Company (FAST) decreased 1.4% or 55 cents to $38.26 after the industrial and construction equipment supplier said revenues in the third-quarter ending in September rose 1.5% from a year ago to $995.3 million.

Net income in the quarter increased 2.4% to $136.5 million or 47 cents per diluted share compared to $133.3 million or 45 cents from the same quarter last year.

Johnson & Johnson (JNJ) slid 3 cents to $95.98 after the health care products maker reported revenues in the third-quarter ending in September plunged 7.4% from a year ago to $17.1 billion.

Net income in the quarter tumbled 19.6% to $3.36 billion or $1.20 per diluted share compared to $4.75 billion or $1.66 from the same quarter last year.

Earlier today, the company also announced stock repurchase plan of up to $10 billion.

The health care company lifted earnings per share forecast for the year between $6.15 and $6.20 from the earlier guidance in July between $6.10 and $6.20.

PrivateBancorp Inc (PVTB) increased 1.1% or 44 cents to $40.37 after the financial services provider said revenues in the third-quarter ending in September soared 10% from a year ago to $163.1 million.

Net income in the quarter jumped 11.7% to $45.3 million or 57 cents per diluted share compared to $40.5 million or 51 cents from the same quarter last year.

Wausau Paper Corp (WPP) surged 38.8% or $2.82 to $10.11 after the towel and tissue products maker agreed to be acquired by Sweden-based privately held SCA GmbH for about $513 million in cash.

The transaction is expected to complete in the first-quarter of 2016.

Xerox Corp (XRX) fell 1 cent to $10.45 after the outsourcing services provider estimated net loss per share for the third-quarter between 3 cents and 5 cents on after-tax charges of about $240 million related to implementation cost in Health Enterprise Medicaid platform.

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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