WebMD Accepts $2.8 B Deal, Halliburton Swings to Profit

Mukesh Buch
24 Jul, 2017
New York City

Cal-Maine Foods net loss widened on 9% decline in revenues. Halliburton net swung to profit after 31% increase in revenues. Hasbro revenues surged. Illinois Tool lifted fiscal outlook. ManpowerGroup net rose. VF Corp net more than doubled.

[R]12:10 PM New York – Cal-Maine Foods net loss widened on 9% decline in revenues. Halliburton net swung to profit after 31% increase in revenues. Hasbro revenues surged. Illinois Tool lifted fiscal outlook. ManpowerGroup net rose. VF Corp net more than doubled.[/R]

Tollbooth Index edged up 4.82 to 12,437.58.

Earnings Review

Cal-Maine Foods Inc ((CALM)) declined 5.7% or $2.10 to $35 after the shell eggs producer said net sales in the fourth-quarter ending on June 3 dropped 9.4% from a year ago to $274.6 million.

Net loss in the quarter widened to $24.5 million or 51 cents per diluted share from $0.4 million or 1 cent in the same quarter last year.

Halliburton Company ((HAL)) jumped 2.5% or $1.13 to $45.51 after the upstream oil and gas services provider reported total revenues in the second-quarter ending in June soared 30.5% from a year ago to $5 billion.

Net in the quarter swung to profit $28 million or 3 cents per diluted share from a loss of $3.2 billion or $3.73 in the same quarter last year.

Halliburton said revenues in completion and production segment in the quarter surged 20% and operating margins improved 700 basis points to approximately 13%

Hasbro, Inc ((HAS)) plunged 5.1% or $5.95 to $110 after the toys and games maker said net revenues in the second-quarter ending on July 2 jumped 11% from a year ago to $972.5 billion.

Net income in the quarter soared 30% to $67.7 million or 53 cents per diluted share from $52.1 million or 51 cents in the same quarter last year.

Illinois Tool Works Inc ((ITW)) fell 1.1% or $1.54 to $145.75 after the industrial products and equipment maker reported total revenues in the second-quarter ending in June jumped 4.9% from a year ago to $3.6 billion.

Net income in the quarter jumped 11.8% to $587 million or $1.69 per diluted share from $525 million or $1.46 in the same quarter last year.

The industrial equipment maker lifted fiscal 2017 earnings per share forecast in the range of $6.32 to $6.52 from the earlier estimate of $6.20 to $6.40 and revenue growth of 2% to 4%.

Internet Brands, Inc the privately held 200-plus websites operator owned by private equity firm KKR & Co, agreed to acquire online health publisher WebMD Health Corp for about $66.50 per share or $2.8 billion in cash.

WebMD Health Corp stock in the pre-market surged 19.6% to $66 and the transaction is expected to close in the fourth-quarter of 2017.

ManpowerGroup Inc ((MAN)) plunged 6.2% or $7.40 to $111.43 after the workforce solutions provider said revenues in the second-quarter ending in June grew 3% from a year ago to $5.2 billion.

Net income in the quarter rose 1.4% to $117 million or $1.72 per diluted share from $115.4 million or $1.60 in the same quarter last year.

ManpowerGroup reaffirmed third-quarter diluted earnings per share in the range of $1.90 to $1.98.

RPM International Inc ((RPM)) plummeted 6.9% or $3.81 to $50.86 after the paints and coatings maker stated sales in the fourth-quarter ending in May advanced 4.6% from a year ago to $1.5 billion.

Net income in the quarter tumbled 16.2% to $128.1 million or 94 cents per diluted share from $152.9 million or $1.13 in the same quarter last year.

After completion of nine acquisitions in fiscal 2017, the paints and coatings maker now estimates fiscal 2018 sales to grow in the low-to-mid-single-digit and earnings per share in the range of $2.85 to $2.95.

VF Corporation ((VFC)) fell 40 cents to $58.27 after the branded lifestyle apparel, footwear and accessories maker reported revenues in the second-quarter ending on July 1 increased 2% from a year ago to $2.4 billion.

Net income in the quarter more than doubled to $109.9 million or 27 cents per diluted share from $51 million or 12 cents in the same quarter last year.

The branded apparel designer forecasted fiscal 2017 revenues to increase 2% to $11.65 billion and direct-to-consumer revenue to soar between 10% and 11%.

The apparel group lifted earnings per share to about $2.94 from the earlier estimate of $2.89 to $2.94.