Coca-Cola Acquires Monster Beverage Stake; Dillard's, Nordstrom Decline

Mukesh Buch
15 Aug, 2014
New York City

Applied Materials net soared 79%. Agilent Technologies net declined 13% but revenue climbed 7%. Dillard''s net dropped 6%. Estee Lauder profit surged 174%. J C Penney net loss narrowed. Coca-Cola acquired 17% stake in Monster Beverage. Nordstrom net slid.

[R]1:05 PM New York – Applied Materials net soared 79%. Agilent Technologies net declined 13% but revenue climbed 7%. Dillard''s net dropped 6%. Estee Lauder profit surged 174%. J C Penney net loss narrowed. Coca-Cola acquired 17% stake in Monster Beverage. Nordstrom net slid.[/R]

Tollbooth Index slipped 0.5% or 47.22 to 9,300.63.

Earnings Review

Applied Materials, Inc ((AMAT)) climbed 4.5% or 94 cents to $22.10 after the manufacturing equipment provider said net sales in the fourth-quarter ending in June jumped 15% to $2.27 billion from a year ago period.

Net income in the quarter soared 79.2% to $301 million or 24 cents a diluted share compared to $168 million or 14 cents from a same quarter last year.

Agilent Technologies Inc ((A)) jumped 3.4% or $1.91 to $57.53 after the electronic measurement maker revenues in the third-quarter ending in July climbed 7% to $1.77 billion from a year ago period.

Net income in the quarter declined 12.5% to $147 million or 43 cents a diluted share compared to $168 million or 49 cents from a same quarter last year.

Agilent expected revenues for the fourth-quarter in the range of $1.81 billion to $1.85 billion and for the year between $6.99 billion and $7.03 billion.

Dillard''s, Inc ((DDS)) plunged 6.8% or $7.83 to $107.77 after the apparel, cosmetics and home furnishing retailer stated net sales in the second-quarter ending in June edged up 0.7% to $1.47 billion from a year ago period. Comparable stores sales in the quarter increased 1%.

Net income in the quarter dropped 5.5% to $34.5 million or 80 cents a diluted share compared to $36.5 million or 79 cents from a same quarter last year.

Estee Lauder Companies Inc ((EL)) slipped 34 cents to $75.56 after the personal products maker reported net sales in the fourth-quarter ending in June soared 13% to $2.73 billion from a year ago period.

Net income in the quarter surged 174% to $257.7 million or 66 cents a diluted share compared to $94 million or 24 cents from a same quarter last year.

The company forecasted net sales for the first-quarter to decrease between 1% and 2% and diluted earnings per share may in the range of 72 cents and 76 cents.

J C Penney Company Inc ((JCP)) dropped 4.7% or 44 cents to $9.30 after the department store operator net sales in the second-quarter ending on August 2 jumped 5.3% to $2.80 billion from a year ago period. Comparable stores sales in the quarter climbed 6%.

Net loss in the quarter narrowed to $172 million or 56 cents a diluted share compared to $586 million or $2.66 from a same quarter last year.

Monster Beverage Corp ((MNST)) surged 29.9% or $21.37 to $93.07 after the Coca-Cola Company agreed to acquire a 16.7% stake in non-carbonated beverage and energy drinks maker valued at $2.15 billion.

Under the agreement, Coke will have two directors on Monster''s board. The transaction is expected to close by the end of this year or early in 2015.

Nordstrom, Inc ((JWN)) declined 4.1% or $2.79 to $65.90 after the specialty retailer reported net sales in the second-quarter ending on August 2 climbed 6.2% to $3.3 billion from a year ago period. Comparable stores sales in the quarter jumped 3.3%.

Net income in the quarter slid 0.5% to $183 million or 95 cents a diluted share compared to $184 million or 93 cents from a same quarter last year.