Cisco to Acquires BroadSoft; Halliburton Profit Rebounds, Hasbro Net Jumps

Mukesh Buch
23 Oct, 2017
New York City

Cisco agreed to buy BroadSoft for $1.9 billion. Hartford Financial net plunged 47%. Halliburton profit rebounded on higher oil prices. Hasbro net soared 15%. Illinois Tool net surged 20%. Kimberly Clark reaffirmed fiscal 2017 outlook. VFC Corp net tumbled 23%.

[R]12:35 PM New York – Cisco agreed to buy BroadSoft for $1.9 billion. Hartford Financial net plunged 47%. Halliburton profit rebounded on higher oil prices. Hasbro net soared 15%. Illinois Tool net surged 20%. Kimberly Clark reaffirmed fiscal 2017 outlook. VFC Corp net tumbled 23%.[/R]

Tollbooth Index fell 16.04 to 12,860.04.

Earnings Review

Cisco Systems, Inc ((CSCO)) rose 17 cents to $34.42 after the networks products maker agreed to acquire telecom software provider BroadSoft Inc for $55 per share in cash or about $1.9 billion.

The transaction is expected to close in the first-quarter of 2018.

Exactech, Inc ((EXAC)) surged 30.7% or $9.83 to $41.83 after the orthopedic implant devices maker agreed to be acquired by the privately held TPG Capital for $42 or $625 million in cash.

The transaction is expected to close in the first quarter of 2018.

Hartford Financial Services Group Inc ((HIG)) declined 5.1% or $2.86 to $53.63 after the insurance and financial services provider said total revenues in the third-quarter ending in September fell 1% from a year ago to $4.7 billion.

Net income in the quarter plunged 46.6% to $234 million or 64 cents per diluted share from $438 million or $1.12 in the same quarter last year.

Separately, Hartford today agreed to acquire life and disability business of health insurer Aetna Inc for about $1.45 billion in cash.

The acquisition is expected to close in early November 2017.

Halliburton Company ((HAL)) slipped 1.5% or 66 cents to $42.68 after the oil and gas reported revenues in the third-quarter ending in September soared 42.1% from a year ago to $5.4 billion.

Net income in the quarter surged to $365 million or 42 cents per diluted share from $6 billion or 1 cent in the same quarter last year.

The oil and gas explorer said higher prices for fracking in North America lifted revenues by almost 60%.

Hasbro, Inc ((HAS)) plunged 9.4% or $9.19 to $89 after the toys maker said revenues in the third-quarter ending on October 1 jumped 7% from a year ago to $1.8 billion.

Net income in the quarter soared 14.8% to $265.6 million or $2.09 per diluted share from $257.8 million or $2.03 in the same quarter last year.

Illinois Tool Works Inc ((ITW)) increased $1.46 to $156.49 after the industrial products and equipment maker stated revenues in the third-quarter ending in September advanced 4% from a year ago to $3.6 billion.

Net income in the quarter jumped 19.6% to $640 million or $1.85 per diluted share from $535 million or $1.50 in the same quarter last year.

Kimberly Clark Corp ((KMB)) fell 27 cents to $113.16 after the personal care products maker reported net sales in the third-quarter ending in September grew 1% from a year ago to $4.6 billion.

Net income in the quarter rose 3% to $567 million or $1.60 per diluted share from $550 million or $1.52 in the same quarter last year.

The personal care products maker reaffirmed fiscal 2017 net sales estimate in the similar or slightly higher and earnings per share at the low end of its forecasted range of $6.20 to $6.35.

VFC Corporation ((VFC)) jumped 5.6% or $3.71 to $70.09 after the lifestyle apparel and footwear designer said revenues in the third-quarter ending in September soared 5% from a year ago to $3.5 billion.

Net income in the quarter tumbled 23% to $386.1 million or 97 cents per diluted share from $498.5 million or $1.16 in the same quarter last year.

The lifestyle products maker said outdoor and action sports revenue in the quarter increased 8%, international revenue jumped 13%, direct-to-consumer revenue soared 18% and online revenue surged 38%.

In fiscal 2017, the apparel maker lifted revenues forecast to increase about 6% to $12.1 billion from the earlier estimate of $11.85 million and earnings per share of about $2.73.