KLA-Tencor Agrees to Buy Orbotech, Fidelity National to Buy Stewart Info

Mukesh Buch
19 Mar, 2018
New York City

Canadian Solar net swung to profit after revenues soared 66%. Fidelity National Financial agreed to buy Stewart Information Services for $1.2 billion. KLA-Tencor agreed to buy Israel-based Orbotech for $3.4 billion. MoneyGram net swung to a loss.

[R]12:45 PM New York City, New York – Canadian Solar net swung to profit after revenues soared 66%. Fidelity National Financial agreed to buy Stewart Information Services for $1.2 billion. KLA-Tencor agreed to buy Israel-based Orbotech for $3.4 billion. MoneyGram net swung to a loss.[/R]

Tollbooth Index declined 192.63 or 1.3% to 14,530.44.

Earnings Review

Canadian Solar Inc ((CSIQ)) jumped 3.8% or 59 cents to $16.08 after Canada-based solar energy solutions provider said revenues in the fourth-quarter ending in December soared 66.1% from a year ago to $1.1 billion.

Net in the quarter swung to profit $61.4 million or $1.01 per diluted share from a loss of $13.3 million or 23 cents in the same quarter last year.

The solar energy solutions provider forecasted fiscal 2018 total revenue growth in the range of $4.4 billion to $4.6 billion and total module shipments in the range of 6.6 giga-watts to 7.1 giga-watts.

Denali Therapeutics Inc ((DNLI)) slid 6 cents to $21.48 after the therapeutic drugs-maker reported net loss in the fourth-quarter ending in December widened to $22.9 million or 74 cents per diluted share from $19.4 million or $2.41 in the same quarter last year.

Fidelity National Financial Inc ((FNF)) soared 6.8% or $2.66 to $41.88 after the commercial and residential mortgage services provider today agreed to acquire Stewart Information Services Corporation for $50 per share or $1.2 billion in cash and stock.

The transaction is expected to close in the first or second quarter of 2019.

KLA-Tencor Corporation ((KLAC)) plummeted 7.5% or $9.02 to $111.60 after the agreed to acquire Israel-based automated optical inspection equipment maker Orbotech Ltd for $38.86 in cash and 0.25 per share or about $3.4 billion.

The transaction is expected to close before the end of 2018.

Orbotech forecasted revenues in the fiscal 2018 of about $1 billion and revenue in 2020 of about $1.25 billion and net profit of $275 million.

MoneyGram International Inc ((MGI)) declined 3.3% or 31 cents to $9.21 after the money transfer services provider reported total revenue in the fourth-quarter ending in December fell 2% from a year ago to $408.2 million.

Net in the quarter swung to a loss of $52.5 million or 83 cents per diluted share from profit of $7.1 million or 11 cents in the same quarter last year.

Reading International, Inc ((RDI)) dropped 2% or 35 cents to $17.05 after the multiplex cinemas operator said revenue in the fourth-quarter ending in December jumped 6% from a year ago to $71.7 million.

Net income in the quarter surged to $7.5 million or 32 cents per diluted share from $0.3 million or 1 cent in the same quarter last year.