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STOCK MOVERS

U.S. Movers: Emerson Electric, Lamb Weston, PepsiCo, Paychex


Author: Mukesh Buch
ticker.com
Last Update: 11:49 AM EDT October 02 2018

11:45 PM New York City, New York Emerson Electric agreed to acquire a unit of General Electric. Lamb Weston net surged 29% on 12% jump in revenues. PepsiCo net jumped 16%. Paychex forecasted rising revenues in key segments.

Tollbooth Index slipped 80.97 or 0.5% to 16,556.17 but for the year-to-date soared 20.3%.

Earnings Review

The Emerson Electric Company (EMR) rose 20 cents to $77.88 after the engineering services products maker agreed to acquire Intelligent Platforms, a division of General Electric for undisclosed financial terms.

The transaction is expected to close in the first-half of fiscal 2019.

Lamb Weston Holdings Inc (LW) soared 5.3% or $3.52 to $69.46 after the frozen potato products maker reported net sales in the first-quarter ending on August 26 soared 12% from a year ago to $914.9 million.

Net income in the quarter surged 29% to $107.8 million or 73 cents per diluted share from $83.4 million or 56 cents in the same quarter last year.

Lamb Weston forecasted fiscal 2019 net sales growth in mid-single digits and operating profit in the range of $860 million to $870 million.

PepsiCo Inc (PEP) slipped 1.8% or $1.94 to $108.77 after the non-alcoholic beverages, foods and snacks maker reported net revenues in the third-quarter ending in net revenues in the third-quarter ending on September 9 rose 1.5% from a year ago to $16.5 billion.

Net income in the quarter jumped 16% to $2.5 billion or $1.75 per diluted share from $2.1 billion or $1.49 in the same quarter last year.

Paychex Inc (PAYX) gained 60 cents to $74.32 after the payroll outsourcing services provider said total revenues in the first-quarter ending in August jumped 9% from a year ago to $862.8 million.

Net income in the quarter soared 16% to $243.6 million or 67 cents per diluted share from $210.4 million or 58 cents in the same quarter last year.

Paychex forecasted fiscal 2019 revenue growth in the professional employer organization in double-digit and in the insurance services to increase in the range of 18% to 20%.
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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