12:15 PM New York City, New York – Bristol-Myers jumps on earnings and also said its key trial for immunotherapy or lung cancer drug show strong promise. Broadcom lifted its bid to $120 billion for Qualcomm. Booz Allen won cyber-security contract worth $621 million. Hess net loss narrowed. Sysco beats revenue expectations.
Tollbooth Index fell 7.55 to 14,218.50.
Bristol-Myers Squibb Co
) decreased 1% or 64 cents to $62.77 after the biopharmaceutical products maker reported revenues in the fourth-quarter ending in December rose 4% from a year ago to $5.4 billion.
Net in the quarter swung to a loss of $2.3 billion or $1.42 per diluted share from profit of $894 million or 53 cents in the same quarter last year.
Bristol-Myers forecasted worldwide revenues in the fiscal 2018 to increase in the low- to mid-single digits and diluted earnings per share in the range of $3 to $3.15.
The pharmaceutical products maker said strong sales in Opdivo and Eliquis products but loss in profit was driven by new tax reform related charges.
), the semiconductor solutions provider plans to increase its offer for Qualcomm Inc. to about $120 billion, representing 50% premium of closing price of Qualcomm on November 2, 2017.
Under the terms, stockholders of Qualcomm will receive $82 per share, consisting $60 in cash and the remainder in shares of Broadcom.
Broadcom remains confident that proposed may completed within the 12 months.
Booz Allen Hamilton Holding Corp
) slipped 1.9% or 74 cents to $37.89 after the consulting and engineering services provider said revenues in the third-quarter ending in December jumped 6.8% from a year ago to $1.5 billion.
Net income in the quarter soared 25.5% to $69.8 million or 47 cents per diluted share from $55.6 million or 37 cents in the same quarter last year.
Booz Allen forecasted revenues growth in fiscal 2018 in the range of 5.5% to 7.5% and diluted earnings per share between $1.86 and $1.94.
Separately, today Booz Allen said it was awarded cyber-security contract for about $621 million.
) dropped 2.2% or $1.24 to $55.98 after the oil and gas explorer said total revenues in the third-quarter ending in December declined 6.5% from a year ago to $1.3 billion.
Net loss in the quarter narrowed to $2.7 billion or $8.57 per diluted share from $4.9 billion or $15.65 in the same quarter last year.
Mercury General Corp
) plunged 6.5% or $3.21 to $45.87 after the automobile insurance provider stated net premium in the fourth-quarter ending in December increased 1.5% from a year ago to $806.8 million.
Net the quarter swung to profit $19.8 million or 36 cents per diluted share from a loss of $26.1 million or 47 cents in the same quarter last year.
The insurer reported two catastrophe losses in the quarter before reinsurance benefits of about $109 million and $168 million in the full-year.
) plummeted 3.5% or $2.12 to $59.06 after the food products distributor reported sales in the second-quarter ending in December soared 7.1% from a year ago to $14.4 billion.
Net income in the quarter jumped 3.3% to $284.1 million or 54 cents per diluted share from $275.2 million or 50 cents in the same quarter last year.