Occidental to Sell North Dakota Assets for $3 B, AGCO Drops

Mukesh Buch
07 Oct, 2014
New York City

AGCO plunged after weak earnings outlook. HP divested 40% stake in UAE-based Injazat Data Systems to its financial partner Mubadala. International Speedway net swung to profit on 11% increase in revenue. Occidental Petroleum plans to sell its oil assets for $3 billion.

[R]12:25 PM New York – AGCO plunged after weak earnings outlook. HP divested 40% stake in UAE-based Injazat Data Systems to its financial partner Mubadala. International Speedway net swung to profit on 11% increase in revenue. Occidental Petroleum plans to sell its oil assets for $3 billion.[/R]

Tollbooth Index slipped 0.7% or 61.18 to 9,199.58.

Earnings Review

AGCO Corporation ((AGCO)) plunged 8.7% or $4.09 to $43.01 after the agricultural equipment maker forecasted third-quarter earnings per share in the range of 60 cents to 65 cents and for the year earnings per share between $4.10 and $4.30.

Hewlett-Packard Company ((HPQ)) dropped 2.3% or 84 cents to $36.03 after the computer maker divested its 40% stake in UAE-based Injazat Data Systems to its financial partner Mubadala.

International Speedway Corporation ((ISCA)) declined 5.6% or $1.78 to $30.15 after the motorsports entertainment service provider reported total revenue in the third-quarter ending in August climbed 11.2% to $130.1 million from a year ago period.

Net in the quarter swung to profit $0.2 million or break even a diluted share compared to a net loss of $7.9 million or 17 cents from a same quarter last year.

IDT Corporation ((IDT)) plunged 7.6% or $1.21 to $14.69 after the communication service provider said revenue in the fourth-quarter ending in July rose 2% to $420.7 million from a year ago period.

Net in the quarter swung to profit $7.7 million or 33 cents a diluted share compared to a net loss of $3.7 million or 17 cents from a same quarter last year.

Occidental Petroleum Corporation ((OXY)) slipped 82 cents to $96.26 after the oil and gas explorer plans to sell its North Dakota oil assets for as much as $3 billion.

Team, Inc ((TISI)) rose 14 cents to $37.85 after the maintenance service provider reported revenue in the first-quarter ending in August climbed 8% to $188.1 million from a year ago period.

Net income in the quarter surged 55.4% to $7 million or 33 cents a diluted share compared to $4.5 million or 21 cents from a same quarter last year.

Village Super Market, Inc ((VLGEA)) gained 1.9% or 45 cents to $23.62 after the convenience stores operator said revenue in the fourth-quarter ending on July 26 jumped 5.5% to $396.8 million from a year ago period.

Net income in the quarter declined 5.3% to $5.87 million or 42 cents a diluted share compared to $6.20 million or 44 cents from a same quarter last year.