Opko to Buy Bio-Reference for $1.5 B; Diamond Foods Soars

Mukesh Buch
05 Jun, 2015
New York City

Cooper Companies net plunged 23%. Esterline net plummeted 46%. Diamond Foods net swung to profit. Gap May same-store sales slid. Opko Health agreed to acquire Bio-Reference Lab for $1.5 billion. Thor net soared 14%. UTi Worldwide net loss narrowed. VeriFone net swung to profit.

[R]2:00 PM New York – Cooper Companies net plunged 23%. Esterline net plummeted 46%. Diamond Foods net swung to profit. Gap May same-store sales slid. Opko Health agreed to acquire Bio-Reference Lab for $1.5 billion. Thor net soared 14%. UTi Worldwide net loss narrowed. VeriFone net swung to profit.[/R]

Tollbooth Index edged down 1.16 to 10,748.60.

Earnings Review

Cooper Companies Inc ((COO)) dropped 2.8% or $5.01 to $175.13 after the medical devices maker reported revenues in the second-quarter ending in April jumped 5% to $434.7 million from a year ago period.

Net income in the quarter plunged 23.3% to $60.7 million or $1.23 per diluted share compared to $79.2 million or $1.62 from the same quarter last year.

Esterline Technologies Corporation ((ESL)) tumbled 13% or $13.94 to $93.07 after the aerospace and defense products maker said revenues in the second-quarter ending in April slipped 2.1% to $500.1 million from a year ago period.

Net income in the quarter plummeted 46.3% to $19.8 million or 63 cents per diluted share compared to $36.9 million or $1.14 from the same quarter last year.

Diamond Foods, Inc ((DMND)) soared 8.2% or $2.39 to $31.36 after the packaged food maker stated revenues in the third-quarter ending in March slumped 2.5% to $186.1 million from a year ago period.

Net in the quarter swung to profit $6.3 million or 20 cents per diluted share compared to a loss of $105.6 million or $3.63 from the same quarter last year.

The company lifted adjusted earnings per share forecast between $1 and $1.10 from earlier estimated range of 95 cents to $1.10.

Gap Inc ((GAP)) fell 30 cents to $38.29 after the apparel retail reported four-week period ending in May slipped 1.6% to $1.25 billion from $1.27 billion and same-store sales in May decreased 1%.

Opko Health Inc ((OPK)) decreased 1.5% or 25 cents to $16 after the biopharmaceutical and diagnostics company agreed to acquire clinical laboratory operator Bio-Reference Laboratories Inc for about $1.47 billion to increased its diagnostics business.

Rite Aid Corporation ((RAD)) rose 2 cents to $8.36 after the retail drugstore chain reported total drugstore sales for the five-week period ending in May jumped 2% to $2.56 billion and same store sales increased 2.1%.

Prescription count at comparable stores increased 0.7% and front-end same store sales rose 0.1% and pharmacy same store sales which included an approximate 179 basis points negative impact from new generic introductions climbed 3%

Thor Industries, Inc ((THO)) declined 5.2% or $3.22 to $58.23 after the recreational vehicles maker said sales in the third-quarter ending in April surged 12% to $1.17 billion from a year ago period.

Net income in the quarter soared 14% to $62.8 million or $1.17 per diluted share compared to $55.1 million or $1.03 from the same quarter last year.

UTi Worldwide Inc ((UTIW)) climbed 7.3% or 73 cents to $10.71 after the air and ocean freight services provider stated revenues in the first-quarter ending in March dropped 6.4% to $973.3 million from a year ago period.

Net loss in the quarter narrowed to $36.6 million or 35 cents per diluted share compared to $45.7 million or 44 cents from the same quarter last year.

VeriFone Systems Inc ((PAY)) slipped 1.4% or 55 cents to $37.80 after the electronic payment solutions provider reported net revenues in the second-quarter ending in April climbed 5.1% to $490.1 million from a year ago period.

Net in the quarter swung to profit $17.6 million or 15 cents per diluted share compared to a loss of $23.9 million or 22 cents from the same quarter last year.

Zumiez Inc ((ZUMZ)) tumbled 19.8% or $5.89 to $23.85 after the specialty retailer said net sales in the first-quarter ending on May 2 soared 9% to $177.6 million from a year ago period.

Same-store sales for the first quarter jumped 3%.

Net income in the quarter climbed 12% to $2.8 million compared to $2.5 million and diluted earnings per share were flat at or 9 cents from the same quarter last year.