Verizon Casts Doubt on Yahoo Acquisition, Ruby Tuesday Tumbles

Mukesh Buch
06 Jan, 2017
New York City

AZZ net tumbled 23% on 6% decline in revenues. AngioDynamics net swung to profit. Greenbrier jumped despite net and revenues plunged. PriceSmart net jumped 5%. Ruby Tuesday net loss widened after revenues slumped 18%. Verizon is unsure about Yahoo purchase.

[R]12:10 PM New York – AZZ net tumbled 23% on 6% decline in revenues. AngioDynamics net swung to profit. Greenbrier jumped despite net and revenues plunged. PriceSmart net jumped 5%. Ruby Tuesday net loss widened after revenues slumped 18%. Verizon is unsure about Yahoo purchase.[/R]

Tollbooth Index advanced 52.57 or 0.5% to 11,299.40.

Earnings Review

AZZ Inc ((AZZ)) declined 4.7% or $3.05 to $61.50 after the welding and galvanizing services provider said revenues in the third-quarter ending in November slumped 6.2% from a year ago to $227.5 million.

Net income in the quarter tumbled 22.5% to $18.3 million or 70 cents per diluted share compared to the $23.5 million or 91 cents per share in the same quarter last year.

AngioDynamics, Inc ((ANGO)) fell 16 cents to $16.55 after the medical, surgical and diagnostic devices maker stated sales in the second-quarter ending in November slid 0.3% from a year ago to $89 million.

Net in the quarter swung to profit $13.7 million or 37 cents per diluted share compared to the loss of $0.33 million or 1 cent per share in the same quarter last year.

Greenbrier Companies Inc ((GBX)) jumped 4.6% or $1.85 to $42.10 after the railroad freight car equipment designer reported revenues in the first-quarter ending in November plummeted 31.2% from a year ago to $552.3 million.

Net income in the quarter plunged 64% to $24.9 million or 79 cents per diluted share compared to the $69.4 million or $2.15 per share in the same quarter last year.

Greenbrier forecasted revenues in the fiscal 2017 between $2 billion and $2.4 billion and diluted earnings per share in the range of $3.25 to $3.75.

PriceSmart, Inc ((PSMT)) soared 6.2% or $5.10 to $88 after the discount stores operator said revenues in the first-quarter ending in November rose 3.9% from a year ago to $739.6 million.

Net income in the quarter jumped 5.1% to $24.9 million or 82 cents per diluted share compared to the $23.7 million or 78 cents per share in the same quarter last year.

Ruby Tuesday, Inc ((RT)) tumbled 22.1% or 76 cents to $2.75 after the dining and casual restaurants operator stated in the second-quarter ending in November dropped 17.7% from a year ago to $214.7 million.

Same-restaurant sales in the quarter declined 4.1%.

Net loss in the quarter widened to $38 million or 63 cents per diluted share compared to the $15.8 million or 26 cents per share in the same quarter last year.

Verizon Communications Inc ((VZ)) slipped 1.3% or 68 cents to $53.37 after the senior executive of wireless services provider said they are unsure whether it will proceed with its planned $4.83 billion acquisition of Yahoo''s core business.

""I can''t sit here today and say with confidence one way or another because we still don''t know,"" president product innovation and new businesses of Verizon Marni Walden said.

""We think it will take weeks at least” and Verizon would be “very responsible about what we do to make sure that we are getting the value out of the asset, and doing the right thing for our shareholders,” she added.