General Dynamics in $6.8 B Deal with CSRA, Loews Net Jumps

Mukesh Buch
12 Feb, 2018
New York City

CNA Financial beats earnings estimates. Dycom declined after weak fiscal outlook. Diamond Offshore Drilling net swung to a loss and revenues declined 12%. First Data upbeat fourth-quarter earnings result. General Dynamics to buy CSRA for $6.8 billion. Loews net jumped.

[R]12:05 PM New York City, New York – CNA Financial beats earnings estimates. Dycom declined after weak fiscal outlook. Diamond Offshore Drilling net swung to a loss and revenues declined 12%. First Data upbeat fourth-quarter earnings result. General Dynamics to buy CSRA for $6.8 billion. Loews net jumped.[/R]

Tollbooth Index soared 182.62 or 1.3% to 13,856.82.

Earnings Review

CNA Financial Corp ((CNA)) jumped 3.2% or $1.58 to $50.78 after the insurance services provider said net written premiums in the fourth-quarter ending in December rose 2% from a year ago to $2.4 billion.

Net income in the quarter declined 7.5% to $223 million or 82 cents per diluted share from $241 million or 89 cents in the same quarter last year.

Dycom Industries, Inc ((DY)) dropped 2.5% or $2.81 to $108.55 after the construction services provider forecasted fiscal 2019 revenues in the range of $3.30 billion to $3.50 billion and diluted earnings per share between 4.78 and $5.70.

Diamond Offshore Drilling Inc ((DO)) slumped 2.8% or 40 cents to $14.49 after the oil and gas drilling services provider stated revenues in the fourth-quarter ending in December declined 12% from a year ago to $346.2 million.

Net in the quarter swung to a loss of $31.9 million or 23 cents per diluted share from profit of $116.1 million or 85 cents in the same quarter last year.

First Data Corp ((FDC)) advanced 3.2% or 51 cents to $16.34 after the payment technology and solutions provider said revenues in the fourth-quarter ending in December soared 7% from a year ago to $3.2 billion.

Net income in the quarter surged to $948 million or $1 per diluted share from $192 million or 21 cents in the same quarter last year.

General Dynamics Corporation ((GD)) slipped 1.1% or $2.29 to $209.60 after the defense contractor plans to acquire smaller rival and information technology provider to the U.S. Department of Defense, CSRA Inc for $40.75 per share in cash or about $6.8 billion.

CSRA Inc stock surged 31.3% to $40.47.

Heartland Express, Inc ((HTLD)) plunged 4.1% or 85 cents to $19.77 after the truckload services provider said revenues in the fourth-quarter ending in December jumped 18.3% from a year ago to $165.7 million.

Net income in the quarter soared to $38.6 million or 46 cents per diluted share from profit of $13.1 million or 16 cents in the same quarter last year.

Loews Corporation ((L)) increased 1.1% or 56 cents to $47.26 after the property and casualty insurance provider reported revenues in the fourth-quarter ending in December increased 6.6% from a year ago to $3.6 billion.

Net income in the quarter jumped 65.9% to $481 million or $1.43 per diluted share from $290 million or 86 cents in the same quarter last year.