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U.S. Movers: Schulman, Exxon, Greenbrier, Monsanto, Panera Bread, Walgreens

Author: Mukesh Buch
Last Update: 3:29 AM ET April 05 2017

2:10 PM New York – Schulman net swung to profit. Greenbrier revenues plunged 15%. Monsanto profit and revenues surged. Panera Bread agreed to be acquired by JAB Holding for $7.5 billion. Staples is looking for a buyer. Walgreens net jumped 14%.

Tollbooth Index increased 52.20 or 0.5% to 11,635.32.

Earnings Review

A Schulman Inc (SHLM) jumped 3.3% or $1 to $31 after the plastic formulated products supplier said net sales in the second-quarter ending in February fell 3.9% from a year ago to $568.7 million.

Net in the quarter swung to profit $3.2 million or 11 cents per diluted share from a loss of $0.3 million or 1 cent in the same quarter last year.

In the fiscal full-year, Schulman estimated diluted earnings per share remains in the range of $2.08 to $2.18.

Exxon Mobil Corporation (XOM) rose 54 cents to $82.91 after the oil and gas explorer said it is in talks to buy a refining-petrochemical complex in Singapore-based Jurong Aromatics Corporation Pte Ltd to increase its fuel and chemical production in the Asia region.

Separately, the oil and gas explorer and Qatar Petroleum today signed a license agreement to explore oil and gas off the coast of Cyprus and expect to start drilling in the next year.

“Cyprus will receive €103.5 million or $110.5 million from the contracts,” the Cyprus energy minister George Lakkotrypis said.

Greenbrier Companies Inc (GBX) surged 11.8% or $5.05 to $48 after the railroad freight car equipment maker said in the second-quarter ending in February plunged 15.4% from a year ago to $566.3 million.

Net income in the quarter declined 23.2% to $34.5 million or $1.09 per diluted share from $44.9 million or $1.41 in the same quarter last year.

In fiscal 2017, Greenbrier forecasted revenues between $2 billion and $2.4 billion and diluted earnings per share in the range of $3.25 to $3.75 and deliveries in the range of 14,000 units to 16,000 units.

Separately, The Greenbrier Companies, Inc and Japan-based Mitsubishi UFJ Lease & Finance sign agreement for more than $1 billion for railcar business in the North America.

MUL intends to grow its business from 5,000 railcars to 25,000 railcars in the next four years, including multi-year purchase commitment for 6,000 new railcars through 2020 and also agreed to obtain all new railcars exclusively from Greenbrier through 2023.

Monsanto Company (MON) gained 1.1% or $1.21 to $115.93 after the agricultural products maker reported total net sales in the second-quarter ending in February soared 13.3% from a year ago to $5.1 billion.

Net income in the quarter surged 27.3% to $1.4 billion or $3.09 per diluted share from $1.1 billion or $2.41 in the same quarter last year.

The agricultural products maker said higher sales in the quarter mainly on the corn seeds and traits sales increase of 8% and soybean seeds and traits sales advanced 10.2%.

Monsanto said it remains confident the deal with Germany-based Bayer AG will clear all regulatory approvals and it’s also on track to close by the end of this year.

Panera Bread Co (PNRA) soared 13.8% or $37.80 to $311.80 after the bakery chain agreed to be acquired by Krispy Kreme Doughnuts owner JAB Holding Co for about $7.5 billion.

JAB offered $315 in cash per share, representing a 20.3% premium to the closing price of March 31.

“We are pleased to join with JAB, a private investor with an equally long-term perspective, as well as a deep commitment to our strategic plan,” Panera founder Ron Shaich said.

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

Staples, Inc (SPLS) jumped 3.6% or 34 cents to $9.85 after the office-supply retailer is reportedly in talks with private equity firms after it failed to merge with the rival Office Depot Inc on antitrust grounds.
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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