Toshiba Sells Memory Unit for $18 B, Alphabet to Buy Pixle

Mukesh Buch
21 Sep, 2017
New York City

Calgon Carbon agreed to be acquired for $1.1 billion. Alphabet plans to buy Pixel smartphone business for $1.1 billion from HTC. Herman Miller net plunged 9%. Scholastic net loss widened but reaffirmed fiscal outlook. Toshiba agreed to sell memory business for $18 billion.

[R]12:25 PM New York – Calgon Carbon agreed to be acquired for $1.1 billion. Alphabet plans to buy Pixel smartphone business for $1.1 billion from HTC. Herman Miller net plunged 9%. Scholastic net loss widened but reaffirmed fiscal outlook. Toshiba agreed to sell memory business for $18 billion.[/R]

Tollbooth Index slipped 34.01 or 0.3% to 12,488.77.

Earnings Review

Calgon Carbon Corporation ((CCC)) surged 61.7% or $8.15 to $21.35 after the carbon materials producer agreed to be acquired by Japan-based chemicals maker Kuraray Co Ltd for about $21.50 per share or about $1.11 billion.

Alphabet Inc ((GOOG)) slipped $7.22 to $924.36 after the search engines services provider intends to acquire hardware division of Taiwan-based HTC Corp’s Pixel smartphones, the U.S.-based subsidiary for about $1.1 billion.

Herman Miller, Inc ((MLHR)) declined 4.3% or $1.50 to $33.45 after the office furniture manufacturer said revenues in the first-quarter ending on September 2 fell 3.1% from a year ago to $580.3 million.

Net income in the quarter plunged 8.8% to $33.1 million or 55 cents per diluted share from $36.3 million or 60 cents in the same quarter last year.

Herman Miller forecasted second-quarter net sales in the range of $590 million to $620 million and diluted earnings per share between 55 cents and 61 cents.

Scholastic Corp ((SCHL)) tumbled 9.8% or $3.76 to $34.75 after the book’s publisher and distributor said revenues in the first-quarter ending in August declined 33% from a year ago to $189.2 million.

Net loss in the quarter widened to $63.7 million or $1.81 per diluted share from $39.6 million or $1.15 in the same quarter last year.

The book publisher said operating loss in the quarter increased to $101.8 million from a loss of $62.5 million in the same period a year ago.

Scholastic reaffirmed fiscal 2018 total revenue forecast between $1.65 billion and $1.70 billion and diluted earnings per share in the range of $1.20 to $1.30.

Student Transportation Inc ((STB)) jumped 2.7% or 16 cents to $6.07 after the Canada-based school bus transportation services provider said revenues in the fourth-quarter ending in June jumped 4% from a year ago to $172.8 million.

Net income in the quarter declined 31.7% to $4.3 million or 5 cents per diluted share from $6.3 million or 7 cents in the same quarter last year.

The Japan-based industrial conglomerate Toshiba Corporation said that it had agreed to sell its memory chip business to a group led by the U.S.-based privately held alternative investment services provider Bain Capital for about $18 billion or 2 trillion yen.