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Market Update

Xerox Terminates Fujifilm Merger and Strikes Deal with Activists Investors


Author: Mukesh Buch
ticker.com
Last Update: 2:40 AM EDT May 14 2018

12:15 PM New York City, New York Cambium Learning fell on weak results. Nine Energy said net swung to profit after revenues surged 13%. OptiNose net loss widened. Xerox said it terminated planned $6.1 billion merger deal with Japan-based Fujifilm Holdings.

Tollbooth Index edged up 1.44 to 15,353.94 but for the year-to-date jumped 11.5%.

Earnings Review

Cambium Learning Group Inc (ABCD) slumped 2.8% or 28 cents to $9.92 after the educational solution provider said revenues in the first-quarter ending in March rose 0.6% from a year ago to $36.6 million.

Net loss in the quarter edged up 0.1% to $2.6 million from $2.5 million and diluted earnings per share were flat at 5 cents in the same quarter last year.

Nine Energy Service Inc (NINE) increased 1.9% or 58 cents to $31.56 after the oil and gas services provider reported revenues in the first-quarter ending in March soared 12.6% from a year ago to $173.8 million.

Net in the quarter swung to profit $1.7 million or 8 cents per diluted share from a loss of $29.8 million or $1.89 in the same quarter last year.

OptiNose Inc (OPTN) jumped 6.2% or $1.41 to $24.10 after the specialty drug maker said revenues in the first-quarter ending in March were $0.9 million.

Net loss in the quarter widened to $30.6 million or 81 cents per diluted share from $11.7 million or $2.87 in the same quarter last year.

Xerox Corporation tumbled 8.2% or $2.47 to $27.70 after the printer and copier maker terminated its planned $6.1 billion merger deal with Japan-based Fujifilm Holdings Corporation and in a second settlement with activist investors Carl Icahn and Darwin Deason and will replace current chief executive and overhaul board.

Earlier this year, Fujifilm said it plans to acquire Xerox in a $6.1 billion deal to combine with Fuji Xerox.

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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