Boeing to Sell Jets to Tehran, Lennar Profit Surges 19%

Mukesh Buch
21 Jun, 2016
New York City

Boeing signed an agreement with Iran Air to sell its jetliner aircrafts. GE plans to sell its remaining stake of 20% in Hyundai Capital. CarMax net declined 4%. Impax Labs intends to acquire generic drugs business from Teva Pharma and Allergan. Lennar profit surged 19%.

[R]3:00 PM New York – Boeing signed an agreement with Iran Air to sell its jetliner aircrafts. GE plans to sell its remaining stake of 20% in Hyundai Capital. CarMax net declined 4%. Impax Labs intends to acquire generic drugs business from Teva Pharma and Allergan. Lennar profit surged 19%.[/R]

Tollbooth Index rose 11.31 to 10,518.68.

Earnings Review

Boeing Co ((BA)) slipped $1.20 to $131.61 after the commercial aircraft maker confirmed that it sign an agreement with Iran Air to sell its jetliners aircraft, the biggest move since trade sanctions on Tehran were eased.

General Electric Company ((GE)) rose 15 cents to $30.98 after the Reuters said diversified industrial conglomerate is looking to sell its remaining stake of 20% in Hyundai Capital a subsidiary of South Korea-based passenger car maker Hyundai Motor.

CarMax, Inc ((KMX)) dropped 3.7% or $1.87 to $48.76 after the used vehicles retailer said revenues in the first-quarter ending in May grew 2.2% from a year ago to $4.1 billion.

Comparable store used unit sales in the quarter increased 0.2%.

Net income in the quarter declined 3.6% to $175.4 million or 90 cents per diluted share compared to $182 million or 86 cents per share from the same quarter last year.

Impax Laboratories Inc ((IPXL)) tumbled 11.7% or $3.74 to $28.23 after the specialty pharmaceutical company intends to acquire generic drugs business from Israel-focused Teva Pharmaceutical Industries Ltd. and Allergan Plc for $586 million.

Lennar Corporation ((LEN)) gained 1.2% or 55 cents to $47.21 after the homebuilder reported revenues in the second-quarter ending in May soared 15% from a year ago to $2.7 billion.

Net income in the quarter surged 19.4% to $218.5 million or 95 cents per diluted share compared to $183 million or 79 cents per share from the same quarter last year.

OSI Systems, Inc ((OSIS)) jumped 5.3% or $2.82 to $55.50 after the electronic systems and components maker agreed to acquire American Science and Engineering, Inc for $37 per share in cash or $187 million.

The transaction is expected to close in the second-quarter of December 2016.