Loews to Buy Consolidated Container, United Traffic in March Rises 3%

Mukesh Buch
11 Apr, 2017
New York City

Argan revenues surged and ended the year with strong balance sheet. Bank of the Ozarks net soared 73% on 70% increase in revenues. Loews plans to acquire Consolidated Container for $1.2 billion. United Continental said traffic in March rose 3%.

[R]2:20 PM New York – Argan revenues surged and ended the year with strong balance sheet. Bank of the Ozarks net soared 73% on 70% increase in revenues. Loews plans to acquire Consolidated Container for $1.2 billion. United Continental said traffic in March rose 3%.[/R]

Tollbooth Index slumped 85.62 or 0.7% to 11,515.82.

Earnings Review

Argan, Inc ((AGX)) soared 8.5% or $5.50 to $69.85 after the engineering construction services provider reported revenues in the fourth-quarter ending in January surged 78% from a year ago to $206.8 million.

Net income in the quarter jumped 202% to $20.4 million or $1.29 per diluted share from $6.7 million or 45 cents in the same quarter last year.

Bank of The Ozarks Inc ((OZRK)) declined 3.3% or $1.65 to $48.04 after the banking and financial services provider said net interest income in the first-quarter ending in March jumped 69.5% from a year ago to $190.8 million.

Net income in the quarter soared 72.6% to $89.2 million or 73 cents per diluted share from $51.7 million or 57 cents in the same quarter last year.

As of March 31, the bank said deposits jumped 63.2% to $15.7 billion and total loans and leases surged 59.6% to $14.8 billion and total assets soared 67.7% to $19.2 billion from a year ago period.

Loews Corporation ((L)) fell 42 cents to $47.04 after the property and casualty insurance services provider said its plans to acquire plastic packaging manufacturer Consolidated Container Co for about $1.2 billion from Bain Capital Private Equity.

The transaction is expected to close in the second quarter of this year.

United Continental Holdings Inc ((UAL)) slumped 3.8% or $2.73 to $68.78 after the airline said traffic in March increased 3% to 17.6 billion revenue passenger miles and the load factor of available seats filled with passengers slid 0.3% to 81.3% from a year ago.

However, the airliner said total capacity in the month advanced 3.4% to 21.7 billion available seat miles from a year earlier.

Vizio, Inc, China-based conglomerate LeEco cancelled $2 billion planned merger agreement with the U.S.-based privately held consumer electronics maker on Chinese regulatory issues.

In a joint statement, the companies said ""the merger agreement to acquire VIZIO will not proceed due to regulatory headwinds.""