ARC Sells Cole Capital for $700 M, Bassett Furniture Soars

Mukesh Buch
02 Oct, 2014
New York City

American Realty agreed to sell Cole Capital to RCS Capital for $700 million. Actuant net plunged 39% but revenue climbed 8%. Constellation Brands profit tumbled 87%. Global Payments net jumped 17% on 12% increase of revenue. McCormick profit surged 18%.

[R]12:30 PM New York – American Realty agreed to sell Cole Capital to RCS Capital for $700 million. Actuant net plunged 39% but revenue climbed 8%. Constellation Brands profit tumbled 87%. Global Payments net jumped 17% on 12% increase of revenue. McCormick profit surged 18%.[/R]

Tollbooth Index dropped 0.6% or 56.09 to 9,114.

Earnings Review

American Realty Capital Properties Inc ((ARCP)) slid 3 cents to $12.03 after the real estate investment trust agreed to sell its Cole Capital private capital management business to RCS Capital for $700 million.

The transaction is expected to complete in the fourth-quarter of 2014.

Actuant Corporation ((ATU)) jumped 2.7% or 81 cents to $30.79 after the hydraulic and mechanical tools maker reported sales in the fourth-quarter ending in August climbed 8% to $354.3 million from a year ago period.

Net income in the quarter plunged 38.9% to $35.6 million or 51 cents a diluted share compared to $58.3 million or 78 cents from a same quarter last year.

Bassett Furniture Industries Inc ((BSET)) surged 14.3% or $1.89 to $15.10 after the home furnishings maker said revenue in the third-quarter ending in August soared 10.4% to $85.2 million from a year ago period.

Net income in the quarter surged 283.3% to $2.3 million or 21 cents a diluted share compared to $0.6 million or 5 cents from a same quarter last year.

Constellation Brands, Inc ((STZ)) dropped 2.2% or $2.30 to $83.03 after the wine, beer and spirits producer reported net sales in the second-quarter ending in August jumped 10% to $1.60 billion from a year ago period.

Net income in the quarter tumbled 87.1% to $195.8 million or 90 cents a diluted share compared to $1.52 billion or $7.11 from a same quarter last year.

Global Payments Inc ((GPN)) climbed 4% or $2.76 to $71.55 after the electronic payments service provider stated revenue in the first-quarter ending in August soared 12% to $704.9 million from a year ago period.

Net income in the quarter jumped 16.6% to $75.4 million or $1.10 a diluted share compared to $64.6 million or 87 cents from a same quarter last year.

McCormick & Company, Inc ((MKC)) gained 1.4% or 93 cents to $66.54 after the food processing company reported said revenue in the third-quarter ending in August rose 3% to $1.07 billion from a year ago period.

Net income in the quarter surged 17.7% to $122.9 million or 94 cents a diluted share compared to $ 104.4 million or 78 cents from a same quarter last year.

Park Electrochemical Corp ((PKE)) declined 5.5% or $1.24 to $22 after the integrated circuit maker reported net sales in the second-quarter ending in August jumped 10% to $42.3 million from a year ago period.

Net income in the quarter dropped 4.9% to 4.95 million or 24 cents a diluted share compared to $8.04 billion or 39 cents from a same quarter last year.