11:00 AM New York City, New York – Olympic Steel net swung to profit and revenues soared. Pure Storage net loss narrowed and revenues surged 48%. Reata Pharmaceuticals missed revenues. XL Group agreed to be acquired by France-based insurer AXA for $15.3 billion.
Tollbooth Index slumped 66.79 or 0.5% to 14,309.52.
Olympic Steel, Inc
) dropped 2.9% or 59 cents to $20.25 after the specialty metal service provider said net sales in the fourth-quarter ending in December soared 21% from a year ago to $308 million.
Net in the quarter swung to profit $4.2 million or 37 cent per diluted share from a loss of $2.1 million or 19 cents in the same quarter last year.
Pure Storage Inc
) declined 5.9% or $1.27 to $20.11 after the storage systems provider reported revenues in the fourth-quarter ending in January surged 48% from a year ago to $338.3 million.
Net loss in the quarter narrowed to $11.9 million or 5 cent per diluted share from $42.9 million or 21 cents in the same quarter last year.
Pure Storage forecasted fiscal 2019 total revenues in the range of $1.31 billion to $1.36 billion and gross margin in the range of 63.5% to 66.5%.
Reata Pharmaceuticals Inc
) slipped 1.1% or 24 cents to $21.67 after the clinical-stage biopharmaceutical products maker reported total revenues in the fourth-quarter ending in December plunged 11.2% from a year ago to $39 million.
Net loss in the quarter narrowed to $1.7 million or 10 cent per diluted share from $6.8 million or 43 cents in the same quarter last year.
XL Group Ltd
) surged 29.8% or $12.90 to $56.20 after the Bermuda-based global property and casualty insurer agreed to be acquired by France-based property and casualty insurer AXA SA for about $57.60 per share or total consideration of $15.3 billion or €12.4 billion in cash.
The transaction is expected to close in the second-half of 2018.