Alcoa Net Swings to Profit; AeroVironment Jumps, MSC Drops

Mukesh Buch
09 Jul, 2014
New York City

Alcoa net swung to profit on flat revenues. AeroVironment net swung to profit. Capstone Turbine won first order from Oman. MSC Industrial jumped 4% on 13% increase in revenue. ServiceNow agreed to acquire Neebula Systems for $100 million.

[R]1:05 PM New York – Alcoa net swung to profit on flat revenues. AeroVironment net swung to profit. Capstone Turbine won first order from Oman. MSC Industrial jumped 4% on 13% increase in revenue. ServiceNow agreed to acquire Neebula Systems for $100 million.[/R]

Tollbooth Index rose 0.3% or 29.37 to 9,464.62 and broader indexes S&P 500 index and tech heavy Nasdaq Composite traded sideways with a downward bias.

Earnings Review

Alcoa Inc ((AA)) jumped 3.8% or 57 cents to $15.42 after the aluminum producer reported revenue in the second-quarter ending in June nearly flat at $5.84 billon.

Net in the quarter swung to profit $138 million or 12 cents a diluted share compared to a net loss of $119 million or 11 cents from a year ago.

AeroVironment, Inc ((AVAV)) surged 16.1% or $4.99 to $35.95 after the aerospace and defense products maker said revenue in the fourth-quarter ending in April soared 36% to $73.5 million from a year ago period.

Net in the quarter swung to profit $8.1 million or 35 cents a diluted share compared to a net loss of $0.8 million or 4 cents from a year earlier.

Capstone Turbine Corporation ((CPST)) rose 1 cent to $1.50 after the micro-turbine maker won first order to supply two Capstone C65 high pressure natural gas micro-turbines to Oman.

MSC Industrial Direct Co., Inc ((MSM)) declined 4.3% or $4.03 to $89.35 after the industrial machinery distributor reported net sales in the third-quarter ending in May soared 13% to $720.5 million from a year ago.

Net income in the quarter jumped 4% to $64.7 million or $1.03 a diluted share compared to $62.4 million or 98 cents from a same quarter last year.

ServiceNow, Inc. ((NOW)) slid 21 cents to $55.67 after the cloud-based services provider agreed to acquire Neebula Systems for about $100 million in cash.

The transaction is expected to close before end of this month.

Seadrill Ltd, the jumped 2.5% or 93 cents to $38.46 after the Bermuda-based offshore drilling contractor decided to cancel a planned $1 billion 2019 maturity convertible bond offering.

Salix Pharmaceuticals, Ltd ((SLXP)) declined 3.8% or $5.25 to $132.02 after the pharmaceutical company agreed to merge its Ireland-based unit Cosmo Pharmaceuticals SpA in an inversion deal.