Three Bids for McDonald's Asian Outlets, Apogee Drops 6%

Mukesh Buch
15 Sep, 2016
New York City

Apogee net soared 52% on 16% increase in revenues and the building fixtures designer lifted earnings outlook. Clarcor lowered sales and earnings forecast. Star Bulk Carriers net loss narrowed. McDonald''s received final three bids for its China and Hong Kong outlets.

[R]3:00 PM New York – Apogee net soared 52% on 16% increase in revenues and the building fixtures designer lifted earnings outlook. Clarcor lowered sales and earnings forecast. Star Bulk Carriers net loss narrowed. McDonald''s received final three bids for its China and Hong Kong outlets.[/R]

Tollbooth Index jumped 84.29 or 0.8% to 10,945.56.

Earnings Review

Apogee Enterprises Inc ((APOG)) plunged 6.2% or $2.87 to $43.24 after the commercial buildings fixtures designer said net sales in the second-quarter ending on August 27 surged 16% from a year ago to $278.5 million.

Net income in the quarter soared 52% to $22.4 million or 77 cents per diluted share compared to the $14.8 million or 50 cents per share from the same quarter last year.

The glass fixtures designer lifted diluted earnings per share forecast for fiscal 2017 in the range of $2.80 to $2.90 from the earlier estimated range between $2.70 and $2.85.

Clarcor Inc ((CLC)) slipped 57 cents to $61.31 after the filtration products provider reported net sales in the third-quarter ending on August 27 declined 7% from a year ago to $331.4 million.

Net income in the quarter slipped 2% to $35.7 million or 73 cents per diluted share compared to the $36.4 million or 72 cents per share from the same quarter last year.

Clarcor lowered fiscal 2016 sales outlook to between $1.38 billion and $1.39 billion compared to the earlier estimated range of $1.38 billion to $1.42 billion and diluted earnings per share in the range of $2.57 to $2.63 from the previously announced range between $2.60 and $2.80.

Star Bulk Carriers Corp ((SBLK)) slumped 5.1% or 24 cents to $4.43 after the dry bulk carrier vessels operator stated revenues in the second-quarter ending in June dropped 5.7% from a year ago to $52.6 million.

Net loss in the quarter narrowed to $32.9 million or 75 cents per diluted share compared to the $65 million or $1.72 per share from the same quarter last year.

McDonald''s Corporation ((MCD)) gained 60 cents to $115.78 after Reuters reported the fast-food chain operator received final bids from three groups for its China and Hong Kong outlets from private equity firms Carlyle Group and TPG Capital with Chinese partners for the business worth up to $3 billion.