Halliburton Terminates Baker Merger Plan, Loews Net Falls

Mukesh Buch
02 May, 2016
New York City

Halliburton terminated $28 billion merger agreement with Baker Hughes. Alexander''s net soared 24%. Enbridge Energy and Helmerich & Payne revenues and profit tumbled. Loews net fell 6%. Mercury General net declined 11%. SYSCO net surged 23%. White Mountains net plummeted.

[R]12:40 PM New York – Halliburton terminated $28 billion merger agreement with Baker Hughes. Alexander''s net soared 24%. Enbridge Energy and Helmerich & Payne revenues and profit tumbled. Loews net fell 6%. Mercury General net declined 11%. SYSCO net surged 23%. White Mountains net plummeted.[/R]

Tollbooth Index increased 33.98 or 0.3% to 10,536.02.

Earnings Review

Alexander''s, Inc ((ALX)), the real estate developer said revenues in the first-quarter ending in March jumped 6.9% from a year ago to $55.6 million.

Net income in the quarter soared 23.6% to $22 million or $4.31 per diluted share compared to $17.8 million or $3.49 per share from the same quarter last year.

Enbridge Energy Partners, L.P ((EEP)) slid 1 cent to $21.63 after the oil and liquid petroleum transportation and storage services provider reported total revenues in the first-quarter ending in March plunged 25.9% from a year ago to $1.06 billion.

Net income in the quarter tumbled 71.9% to $24.1 million or 7 cents per diluted share compared to $85.9 million or 26 cents per share from the same quarter last year.

Halliburton Company ((HAL)) jumped 2.1% or 91 cents to $42.31 after the oil and gas services provider terminated $28 billion merger agreement with Baker Hughes Inc entered in November 2014 and effective April 30.

Halliburton and Baker Hughes previously agreed to extend the time period to obtain regulatory approvals to no later than April 30, 2016. If the judicial review extends beyond April 30, the parties may continue for regulatory approvals or either of the parties may terminate the merger agreement.

Halliburton had agreed to pay $3.5 billion to Baker Hughes for terminating the merger.

Helmerich & Payne, Inc ((HP)) slumped 5.7% or $3.76 to $62.36 after the oil and gas drilling services provider stated total revenues in the second-quarter ending in March plummeted 50.5% from a year ago to $438.2 million.

Net income in the quarter plunged 86.2% to $21.2 million or 19 cents per diluted share compared to $153.5 million or $1.41 per share from the same quarter last year.

Loews Corporation ((L)) increased 1.3% or 52 cents to $40.20 after the property and casualty insurance provider reported total revenues in the first-quarter ending in March dropped 8.9% from a year ago to $3.17 billion.

Net income in the quarter slumped 6.4% to $102 million or 30 cents per diluted share compared to $109 million or 29 cents per share from the same quarter last year.

Mercury General Corporation ((MCY)) slipped 1.9% or $1.05 to $51.87 after the automobile insurer stated net premiums written in the first-quarter ending in March advanced 7.7% from a year ago to $797.7 million.

Net income in the quarter declined 10.9% to $23.3 million or 42 cents per diluted share compared to $26.2 million or 47 cents per share from the same quarter last year.

SYSCO Corporation ((SYY)) jumped 3.2% or $1.48 to $47.55 after the food products distributor reported total revenues in the third-quarter ending on March 26 increased 2.2% from a year ago to $12 billion.

Net income in the quarter surged 22.7% to $217 million or 38 cents per diluted share compared to $177 million or 30 cents per share from the same quarter last year.

White Mountains Insurance Group Ltd ((WTM)) rose $2.96 to $830.51 after the property and casualty insurance provider said total revenues in the first-quarter ending in March soared 9% from a year ago to $427.1 million.

Net income in the quarter plummeted 84.6% to $13 million or $2.34 per diluted share compared to $84.3 million or $14.09 per share from the same quarter last year.