Broadcom, Conn

Mukesh Buch
02 Jun, 2014
New York City

Conn

[R]11:45 AM New York – Conn’s net surged eight-fold. Calavo Growers profit soared on 17% increase in sales. Marathon Oil to sell its Norwegian operations for $2.7 billion. Nordion net surged eight-fold. Ventas agreed to acquire ARC Healthcare for $2.6 billion in cash.[/R]

Broadcom Corporation ((BRCM)) surged 8.1% or $2.58 to $34.46 after the wireless communication chip maker plans to explore strategic alternatives for its cellular baseband business including potential sale or wind-down.

The company forecasted revenue for the June quarter between $2 billion and $2.1 billion.

Conn’s, Inc. ((CONN)) soared 6.4% or $3.03 to $49.67 after the specialty retailer said revenues in the first-quarter ending in April surged 33% to $335.4 million. Same store sales in the quarter climbed to 15.6%.

Net income in the quarter surged eight-fold to $28.5 million or 77 cents a diluted share compared to $22.7 million or 61 cents.

Calavo Growers, Inc ((CVGW)) climbed 6.6% or $2.05 to $33.32 after the avocados and fresh food wholesaler reported revenue in the second-quarter ending in April surged 17.2% to $194.9 million.

Net income in the quarter soared 205% to $6.7 million or 43 cents a diluted share compared to $2.2 million or 15 cents.

Marathon Oil Corporation ((MRO)) rose 18 cents to $36.84 after the international energy company agreed to sell its Norwegian operations for $2.7 billion to Norway-based oil and gas explorer Det norske oljeselskap controlled by billionaire Kjell Inge Roekke.

The acquisition will increase company’s output by about 80,000 barrels a day a 20-times above the current production.

Nordion Inc. ((NDZ)) jumped 7.7% or 92 cents to $12.87 after the Canada-based health science company reported revenues in the second-quarter ending in April soared 33% to $74.7 million.

Net income in the quarter surged eight-fold to $6.7 million or 11 cents a diluted share compared to $0.7 million or 1 cent.

Ventas, Inc ((VTR)) dropped 3.2% or $2.11 to $64.69 after the real estate developer agreed to acquire ARC Healthcare from American Realty Capital Healthcare Trust, Inc in cash-and-stock transaction valued $2.6 billion in cash or $11.33 per ARC Healthcare share.