2:10 PM New York – AES said net swung to a loss. Coach plans to acquire rival Kate Spade for $2.4 billion. Comcast and Charter plan to market wireless communication services. First Data net swung to profit. ITT reports solid earnings and offers positive guidance. Petmed reported better than expected sales and operating margins.
Tollbooth Index rose 4.85 to 12,199.80.
) slipped 1% or 11 cents to $11.20 after the electricity producer reported revenues in the first-quarter ending in March declined 6.1% from a year ago to $3.5 billion.
Net in the quarter swung to a loss of $24 million or 4 cents per diluted share from profit of $126 million or 19 cents in the same quarter last year.
“We reaffirmed forecast in fiscal 2017 for 8% to 10% average annual growth through 2020,"" and ""Our strong cash flow and continued parent debt pay down keep us on track to achieve investment grade credit statistics,"" said executive vice president and chief financial officer Tom O''Flynn.
) jumped 5% or $2.15 to $44.81 luxury accessories and lifestyle collections designer said today that it plans to acquire rival Kate Spade for $18.50 per share or $2.4 billion, representing 9% premium to the closing price of Friday.
) slid 6 cents to $38.96 after the media and cable services provider and Charter Communications, Inc said they will work together and prepare to offer cell-phone plans to customers.
The wireless operators agreed to not to make a material merger or acquisition in the area without consulting each other for one year and offer wireless services separately to customers.
Comcast is expected to launch its own wireless plan this month while Charter may introduce its service in the next year but both will lease Verizon''s network to offer cell-phone service to their cable customers.
First Data Corp
) jumped 3.5% or 57 cents to $16.57 after the payment solutions provider reported revenues in the first-quarter ending in March rose 1% from a year ago to $2.8 billion.
Net in the quarter swung to profit $36 million or 4 cents per diluted share from a loss of $56 million or 6 cents in the same quarter last year.
) decreased 1.2% or 51 cents to $41.60 after the engineered critical equipment maker said revenues in the first-quarter ending in March jumped 3% from a year ago to $626 million.
Net income in the quarter surged 23% to $46 million or 52 cents per diluted share from $37.4 million or 41 cents in the same quarter last year.
Petmed Express Inc
) surged 22.5% or $5.46 to $29.68 after the pet pharmacy services provider stated revenues in the fourth-quarter ending in March soared 14% from a year ago to $63 million.
Net income in the quarter jumped 38.9% to $7.5 million or 37 cents per diluted share from $5.4 million or 27 cents in the same quarter last year.
) fell 12 cents to $55.19 after the foodservice provider reported sales in the third-quarter ending in March soared 12.7% from a year ago to $13.5 billion.
Net income in the quarter rose 9.7% to $238.3 million or 44 cents per diluted share from $217.1 million or 38 cents in the same quarter last year.
Sinclair Broadcast Group Inc
) dropped 2.4% or 90 cents to $36.05 after the broadcasting services provider said it intends to acquire Tribune Media Co. including 42 TV stations in 33 markets across the U.S. for $3.9 billion plus the assumption of $2.7 billion in debt in cash-and-stock agreement.
Tyson Foods, Inc
) plunged 5.9% or $3.78 to $59.56 after the food processing services provider reported revenues in the second-quarter ending in March fell 1.1% from a year ago to $9.1 billion.
Net income in the quarter plummeted 21.4% to $341 million or 92 cents per diluted share from $434 million or $1.10 in the same quarter last year.