JPMorgan Net Declines, Mohawk to Acquire IVC Group for $1.2 B

Mukesh Buch
14 Jan, 2015
New York City

CSX net soared 15%. JPMorgan net declined 12%. Mohawk Ind agreed to acquire Belgium-based IVC Group for about $1.2 billion. Progress Software net dropped 4%. Wells Fargo net edged up 2%. Worthington agreed to acquire the business of Rome Strip Steel.

[R]11:35 AM New York – CSX net soared 15%. JPMorgan net declined 12%. Mohawk Ind agreed to acquire Belgium-based IVC Group for about $1.2 billion. Progress Software net dropped 4%. Wells Fargo net edged up 2%.Worthington agreed to acquire the business of Rome Strip Steel.[/R]

Tollbooth Index slipped 0.9% or 95.85 to 9,767.84.

Earnings Review

CSX Corporation ((CSX)) gained 1.1% or 38 cents to $33.93 after the rail transportation service provider said revenues in the fourth-quarter ending in December jumped 5% to $3.19 billion from a year ago period.

Net earnings in the quarter soared 15% to $491 million or 49 cents a diluted share compared to $426 million or 42 cents from the same quarter last year.

JPMorgan Chase & Co ((JPM)) declined 4% or $2.36 to $56.48 after the financial service provider reported total net revenues in the fourth-quarter ending in December dropped 2% to $23.55 billion from a year ago period.

Net income in the quarter declined 12% to $4.93 billion or $1.19 a diluted share compared to $5.28 billion or $1.30 from the same quarter last year.

Mohawk Industries, Inc ((MHK)) rose 1.8% or $3 to $163.11 after the carpet and flooring materials maker agreed to acquire Belgium-based IVC Group with operations in Europe and the United States for about $1.2 billion in cash and stock.

The transaction is expected to close by the end of the first-quarter of this year.

Progress Software Corporation ((PRGS)) declined 9.3% or $2.45 to $23.95 after the cloud-based software developer stated total revenues in the fourth-quarter ending in December climbed 8% to $97.89 million from a year ago period.

Net income in the quarter fell 4% to $14.5 million or 28 cents a diluted share compared to $15 million or 29 cents from the same quarter last year.

Quantum Corp ((QTM)) tumbled 10.9% or 19 cents to $1.56 after the online physical and virtual storage solution provider said total revenues in the third-quarter ending in December dropped 2.1% to $142 million from a year ago period.

Net in the quarter swung to profit $6.9 million or 3 cents a diluted share compared to a net loss of $2 million or 1 cent from the same quarter last year.

Wells Fargo & Co ((WFC)) fell 29 cents to $51.57 after the bank reported revenues in the fourth-quarter ending in December jumped 4% to $21.4 billion from a year ago period.

Net income in the quarter edged up 2% to $5.7 billion or $1.02 a diluted share compared to $5.61 billion or $1 from the same quarter last year.

Worthington Industries, Inc ((WOR)), the diversified metals processing company agreed to acquire the business of Rome Strip Steel Company, Inc, the manufacture of cold rolled strip steel for automobile industry.

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