Exelon in Talks to Acquire Nuclear Plant, Teva Lifts Second Quarter Outlook

Mukesh Buch
13 Jul, 2016
New York City

AngioDynamics net loss widened. ADTRAN net soared more than four-fold. AAR profit plunged 21% but revenues surged 10%. Commerce Bancshares net jumped 7%. Exelon is in preliminary talks with Entergy to acquire the nuclear plant that is scheduled to be shut down. Teva Pharma lifted sales forecast.

[R]2:00 PM New York – AngioDynamics net loss widened. ADTRAN net soared more than four-fold. AAR profit plunged 21% but revenues surged 10%. Commerce Bancshares net jumped 7%. Exelon is in preliminary talks with Entergy to acquire the nuclear plant that is scheduled to be shut down. Teva Pharma lifted sales forecast.[/R]

Tollbooth Index slid 11.52 to 10,795.55.

Earnings Review

AngioDynamics, Inc ((ANGO)) soared 8.7% or $1.26 to $15.76 after the medical and surgical devices maker stated net sales in the fourth-quarter ending in May rose 3% from a year ago at $93.4 million.

Net loss in the quarter widened to $43.9 million or $1.21 per diluted share compared to $0.8 million or 2 cents per share from the same quarter last year.

AngioDynamics estimated net sales in the first-quarter in the range of $84 million to $87 million and earnings per share between 11 cents and 14 cents.

The medical devices maker forecasted revenues in the fiscal 2017 in the range of $355 million to $360 million and earnings per share between 62 cents and 65 cents.

ADTRAN, Inc ((ADTN)) slipped 1.7% or 3 cents to $19.68 after the network equipment provider reported sales in the second-quarter ending in June rose 1.6% from a year ago to $162.7 million.

Net income in the quarter soared more than four-fold to $10.2 million or 21 cents per diluted share compared to $2.5 million or 5 cents per share from the same quarter last year.

AAR Corp ((AIR)) plunged 8.2% or $2.04 to $23 after the commercial aviation products provider stated sales in the fourth-quarter ending in May soared 10.2% from a year ago at $458.2 million.

Net income in the quarter plunged 20.5% to $12 million or 34 cents per diluted share compared to $15.1 million or 36 cents per share from the same quarter last year.

The company forecasted sales in the fiscal 2017 in the range of $1.7 billion to $1.8 billion and diluted earnings per share between $1.30 and $1.40.

Commerce Bancshares, Inc ((CBSH)) rose 7 cents to $48.58 after the financial services provider said total revenues in the second-quarter ending in June increased 1.9% from a year ago to $288.4 million.

Net income in the quarter jumped 7.1% to $67.6 million or 70 cents per diluted share compared to $63.1 million or 65 cents per share from the same quarter last year.

Exelon Corporation slid 2 cents to $36.39 after the utility services provider said the company is in preliminary talks with Entergy Corp to acquire James A. FitzPatrick - 838 megawatt Nuclear Power Plant in Scriba, New York.

In November 2015, Entergy planned to shut down and decommission the power plant but later it said that it will stop operations by the end of January 2017.

LATAM Airlines Group SA ((LFL)) soared 8.9% or 68 cents to $8.31 after the Chile-based passenger and air cargo operator said Qatar Airways intends to acquire 10% stake and will raise approx $613 million through issuance of new shares at a price of $10 per share.

The transaction is expected to close during the fourth-quarter of this year.

LATAM said passenger traffic in June increased by 2.2% while capacity increased 0.1% and load factor for the month increased 1.7 percentage points to 83.3% and International passenger traffic accounted for approx 57% of total passenger traffic.

Teva Pharmaceutical Industries Ltd ((TEVA)) advanced 3.1% or $1.60 to $54.06 after the pharmaceutical company lifted revenue forecast in the second-quarter between $4.9 billion and $5 billion from the earlier estimated range of $4.8 billion to $4.9 billion.

The company also lifted diluted earnings per share forecast in the range of $1.19 to $1.22 compared to the previous guidance between $1.16 and $1.20.

However, the company lowered cash flow estimate from operating activities between $1 billion and $1.1 billion from the previous estimate between $1.2 billion to $1.3 billion.