Valeant Lift Allergan Offer and Sell its Skin Care Rights to Nestle

Mukesh Buch
28 May, 2014
New York City

DSW plunged on weak quarterly results. Toll Brothers quarterly net surged nearly three-fold. Valeant lifted takeover offer for Allergan and sold its skin care products right to Nestle for $1.4 billion in cash. Workday net loss widened.

[R]12:05 PM New York – DSW plunged on weak quarterly results. Toll Brothers quarterly net surged nearly three-fold. Valeant lifted takeover offer for Allergan and sold its skin care products right to Nestle for $1.4 billion in cash. Workday net loss widened.[/R]

Bank of Montreal ((BMO)) gained 39 cents to $70.84 after the financial services provider reported said revenue in the second-quarter ending in April increased 2.6% to $4 billion.

Net income in the quarter climbed 14.3% to $1.1 billion or $1.60 a diluted share compared to $962 million or $1.40.

Cracker Barrel Old Country Store, Inc. ((CBRL)) rose 35 cents to $100.87 after the restaurants operator reported total revenue in the second-quarter ending on May 2 rose 0.5% to $643.3 million. Comparable restaurant sales in the quarter fell 0.6%.

Net income in the quarter climbed 16.7% to $28.7 million or $1.20 a diluted share compared to $24.6 million or $1.02.

DSW Inc ((DSW)) tumbled 26.1% or $8.48 to $24.05 after the footwear and accessory retailer said sales in the first-quarter ending on May 4 slid 0.4% to $599 million. Comparable sales in the quarter dropped 3.7%

Net income in the quarter jumped 11.9% to $38.6 million or 42 cents a diluted share compared to $34.5 million or 38 cents.

RBC Bearings Incorporated ((ROLL)) slipped 1.5% or 94 cents to $59.56 after the ball bearing maker stated net sales in the fourth-quarter ending on March 29 jumped 10.5% to $113.8 million.

Net income in the quarter climbed 71.7% $18.2 million or 78 cents a diluted share compared to $10.6 million or 46 cents.

Toll Brothers Inc ((TOL)) gained 1.3% or 47 cents to $36.11 after the home builder stated total revenue in the second-quarter ending in April climbed 59.9% to $1.50 billion.

Net income in the quarter surged 280.7% to $110.8 million or 60 cents a diluted share compared to $29.1 million or 17 cents.

Valeant Pharmaceuticals Intl Inc ((VRX)) dropped 3.8% or $4.94 to $125.01 after the Canada-based pharmaceutical company sold its rights of certain skin care products to Switzerland-based food and beverage maker Nestle SA for $1.4 billion in cash.

In addition, the company revised its cash consideration of $10 per share to $58.30 approximately increase of 21% to its April 22 proposal to merge with Allergan, Inc.

Workday Inc ((WDAY)) rose 13 cents to $82.26 after the cloud-based applications developer reported total revenue in the first-quarter ending in April surged 74% to $159.7 million.

Net loss in the quarter widened to $59.4 million or 32 cents a diluted share compared to $33 million or 20 cents.

The Wet Seal, Inc ((WTSL)) plunged 14.8% or 1.5 cents to 85.5 cents after the specialty retailer said net sales in the first-quarter ending on May 3 declined 16.9% to $116.7 million. Comparable sales in the quarter plummeted 16.9%.

Net in the quarter swung to a loss $21.8 million or 26 cents a diluted share compared to profit of $3.1 million or 3 cents.