GoPro to Exit Drone Business, Kohl's Holiday Sales Jump 6.9%

Mukesh Buch
08 Jan, 2018
New York City

Celgene agreed to acquire privately-held Impact Biomedicines for $1.1 billion. GoPro said it will exit from drone business after weak sales and demand. Helen of Troy net swung to a loss. Haverty Furniture sales declined. Kohl''s said holiday sales jumped 6.9%.

[R]1:45 PM New York City, New York – Celgene agreed to acquire privately-held Impact Biomedicines for $1.1 billion. GoPro said it will exit from drone business after weak sales and demand. Helen of Troy net swung to a loss. Haverty Furniture sales declined. Kohl''s said holiday sales jumped 6.9%.[/R]

Tollbooth Index edged down 1.85 to 14,305.37.

Earnings Review

A Schulman Inc ((SHLM)) slipped 1.4% or 55 cents to $38.55 ahead of first-quarter earnings result after market close.

Celgene Corporation ((CELG)) slumped 1.3% or $1.42 to $103.57 after the biopharmaceutical products maker agreed to acquire privately-held Impact Biomedicines for about $1.1 billion.

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

GoPro Inc ((GPRO)) plunged 21.9% or $1.63 to $5.89 after the photographic equipment maker reported preliminary revenues in the fourth-quarter ending in December of about $340 million and gross margin in the range of 24% to 26%.

GoPro said operating expenses in the fourth-quarter were between $136 million and $140 million and cash and cash equivalents were $247 million, up $50 million from the third-quarter of 2017.

The camera maker said its plans to reduce its headcount in 2018 from 1,254 employees to less than 1,000 and also plans to exit the Karma drone market.

Helen of Troy Limited ((HELE)) jumped 3.8% or $3.67 to $99.52 after Bermuda-based consumer products maker said revenue in the third-quarter ending in November increased 1.9% from a year ago to $453 million.

Net in the quarter swung to a loss of $30.4 million or $1.12 per diluted share from profit of $57.6 million or $2.07 in the same quarter last year.

In fiscal 2018, the consumer products maker forecasted revenue growth between 2.3% to 4% or in the range of $1.44 billion to $1.46 billion and diluted earnings per share in the range of $5.42 to $5.63.

Haverty Furniture Companies Inc ((HVT)) declined 3.9% or 90 cents to $22.25 after the residential furniture and accessories retailer reported sales in the fourth- quarter slumped 2.6% to $215 million.

Comparable store sales in the quarter dropped 3.5%.

Henry Schein, Inc ((HSIC)) rose 8 cents to $73.41 after the health care products and services provider today announced it had acquired 60% stake in Brazil-based ABASE, a family-owned distributor of veterinary health care products maker without disclosing financial terms.

Kohl''s Corporation ((KSS)) advanced 3.8% or $2.04 to $56.39 after the department stores operator reported total and comparable sales for November and December 2017 combined soared 6.9% from the same period a year ago.

Kohl''s lifted diluted earnings per share in fiscal year 2018 to between $4.10 and $4.20 from the earlier estimate of $3.72 to $3.92.

The department store chain is scheduled to release its fiscal 2017 results on March 1.