Teva Races to Sell More After $1 B Deal, Limoneira Falls on Weak Outlook

Mukesh Buch
12 Sep, 2017
New York City

Advaxis said net loss in the quarter widened. Investors Real Estate Trust net loss narrowed. Layne Christensen reported stronger-than-expected results. Limoneira declined on weak outlook. Teva Pharmaceuticals agreed to sell its women

[R]1:45 PM New York – Advaxis said net loss in the quarter widened. Investors Real Estate Trust net loss narrowed. Layne Christensen reported stronger-than-expected results. Limoneira declined on weak outlook. Teva Pharmaceuticals agreed to sell its women’s health unit to Cooper for $1.1 billion.[/R]

Tollbooth Index advanced 37.97 or 0.3% to 12,563.74.

Earnings Review

Advaxis, Inc ((ADXS)) tumbled 15.9% or $1.09 to $5.75 after the clinical-stage biotechnology services provider said net loss in the third-quarter ending in July widened to $32.6 million or 80 cents per diluted share from $16.5 million or 48 cents in the same quarter last year.

Investors Real Estate Trust ((IRET)) plunged 7% or 44 cents to $5.82 after the diversified real estate developer said revenues in the first-quarter ending in July rose 6.3% from a year ago to $52.7 million.

Net loss in the quarter narrowed to $13.6 million or 11 cents per diluted share from $24.5 million or 20 cents in the same quarter last year.

Layne Christensen Company ((LAYN)) jumped 6.3% or 70 cents to $11.86 after the water drilling services provider stated revenues in the second-quarter ending in July increased 2.1% from a year ago to $126.2 million.

Net loss in the quarter narrowed to $4.9 million or 25 cents per diluted share from $5.3 million or 26 cents in the same quarter last year.

Limoneira Company ((LMNR)) declined 8.7% or $2.12 to $22.35 after the lemon producer and real estate developer said revenues in the third-quarter ending in July rose 1.3% from a year ago to $40.4 million.

Net income in the quarter tumbled 27.4% to $7.7 million or 52 cents per diluted share from $10.6 million or 71 cents in the same quarter last year.

The lemon producer forecasted fiscal 2017 diluted earnings per share in the range of 51 cents to 55 cents and operating income between $14.7 million and $15.2 million.

Limoneira lowered fiscal 2017 sales of fresh lemons cartons to between 3.1 million and 3.3 million from the earlier estimated range of 3.1 million to 3.5 million.

Teva Pharmaceuticals Industries Ltd advanced 4.1% or 76 cents to $19.26 after the Israel-based pharma products maker said it agreed to sell its Paragard IUD product, including its Buffalo, N.Y. unit to Cooper Companies for $1.1 billion in cash.

The company has been cutting costs, laying off staff and looking to sell several of its unit after debt ballooned in recent years to $30 billion, ahead of its market cap.

Just four weeks ago, the generic drug maker lowered its earnings outlook and said it may be forced to breach its debt covenants if it fails to sell at least $2 billion of debt.

Teva said it will divest the remaining assets in its women''s health business and in its oncology and pain relief businesses in Europe.

The deal is expected to close by the end of the year.