Regal and Cineworld Talk Merger, Tiffany Beats Estimates

Mukesh Buch
29 Nov, 2017
New York City

Atkore International fourth-quarter results beats estimate. Marvell Technology forecast strong revenues in quarter ahead. Nuance Communications surged on new booking forecast. Photronics net jumped 35%. Tiffany & Co revenues jumped.

[R]11:45 AM New York – Atkore International fourth-quarter results beats estimate. Marvell Technology forecast strong revenues in quarter ahead. Nuance Communications surged on new booking forecast. Photronics net jumped 35%. Tiffany & Co revenues jumped.[/R]

Tollbooth Index slumped 89.92 or 0.7% to 13,500.91.

Earnings Review

Atkore International Group Inc ((ATKR)) jumped 3.4% or 68 cents to $20.69 after the electrical raceway products maker said revenues in the fourth-quarter ending in September slumped 4.9% from a year ago to $395.8 million.

Net income in the quarter soared 34% to $20.9 million or 31 cents per diluted share from $15.6 million or 24 cents in the same quarter last year.

In fiscal 2018, the electrical raceway products maker forecasted operating profit growth in the range of $245 million to $260 million and diluted earnings per share between $1.45 and $1.60.

Marvell Technology Group Ltd ((MRVL)) slid 4 cents to $23.24 after the integrated circuits maker reported revenues in the third-quarter ending on October 29 fell 1.2% from a year ago to $616.3 million.

Net income in the quarter surged 176% to $200.2 million or 40 cents per diluted share from $72.6 million or 14 cents in the same quarter last year.

The chip maker estimated fiscal fourth-quarter revenues growth in the range of $595 million to $625 million and diluted earnings per share between 23 cents and 29 cents.

Nuance Communications Inc ((NUAN)) surged 11.5% or $1.82 to $17.68 after the language and voice recognition software provider said revenues in the fourth-quarter ending in September dropped 7.9% from a year ago to $465.9 million.

Net in the quarter swung to a loss of $65.4 million or 23 cents per diluted share from profit of $18.5 million or 6 cents in the same quarter last year.

Nuance said net new bookings in the quarter declined 18% to $424.4 million from $516.9 million a year ago period.

However, Nuance forecasted full-year new bookings number to jump 10% from fiscal 2016.

Photronics, Inc ((PLAB)) soared 11.5% or $1.07 to $10.43 after the photo-masks manufacturer stated said revenues in the fourth-quarter ending on October 29 jumped 12.6% from a year ago to $120.9 million.

Net income in the quarter jumped 35% to $5.4 million from $5.3 million and diluted earnings per share were flat at 8 cents in the same quarter last year.

Photronics forecasted fiscal first-quarter revenues growth between $110 million and $118 million and diluted earnings per share in the range of 2 cents to 9 cents.

Regal Entertainment Group ((RGC)) jumped 5% or $1 to $20.63 after the cinema owner and picture exhibitor confirmed that it is talk with London, U.K.-based rival Cineworld Group Plc on possible acquisition at a price of $23 per share or about $3.6 billion in cash.

Cineworld Group Plc stock on London Stock Exchange tumbled 17.2% to 575 pence.

Tiffany & Co ((TIF)) slipped 1.5% or $1.37 to $92.64 after the jeweler and specialty retailer reported revenues in the third-quarter ending in October rose 3% from a year ago to $976 million.

Comparable store sales in the quarter decreased 1%.

Net income in the quarter jumped 5% to $100 million or 80 cents per diluted share from $95 million or 76 cents in the same quarter last year.