Synnex Profit Tumbles, Worthington Net Jumps

Mukesh Buch
30 Mar, 2018
New York City

Mustang Bionet and Ovid Therapeutics loss widened. Synnex profit tumbled but revenues soared 29%. Worthington Industries surged after profit more than doubled on strong demand.

[R]10:45 AM New York City, New York – Mustang Bionet and Ovid Therapeutics loss widened. Synnex profit tumbled but revenues soared 29%. Worthington Industries surged after profit more than doubled on strong demand.[/R]

Tollbooth Index soared 273.26 or 1.9% to 14,044.06.

Earnings Review

Mustang Bio Inc ((MBIO)) advanced 2.9% or 31 cents to $10.94 after the novel cancer immunotherapy products maker said net loss in the fourth-quarter ending in December widened to $31.3 million or $1.24 per diluted share from $12.7 million or $1.15 per share in the same period a year ago.

Ovid Therapeutics Inc ((OVID)) slid 2 cents to $7.07 after the biopharmaceutical products maker said net loss in the fourth-quarter ending in December widened to $11 million or 11 cents per diluted share from $7.6 million or 77 cents per share in the same period a year ago.

Synnex Corp ((SNX)) jumped 3.5% or $3.96 to $118.40 after the outsourcing services provider reported revenues in the first-quarter ending in February soared 29.3% from a year ago to $4.6 billion.

Net income in the quarter tumbled 60.5% to $24.4 million or 61 cents per diluted share from $61.8 million or $1.54 in the same quarter last year.

Synnex forecasted fiscal second-quarter revenues in the range of $4.58 billion to $4.78 billion, net income between $71.9 million and $75.7 million and diluted earnings per share in the range of $1.77 to $1.87.

Worthington Industries Inc ((WOR)) soared 5.3% or $2.15 to $42.92 after the diversified metals manufacturer said revenues in the third-quarter ending in February surged 19.7% from a year ago to $841.7 million.

Net income in the quarter more than doubled to $79.1 million or $1.27 per diluted share from $35.9 million or 55 cents in the same quarter last year.

Walmart Inc ((WMT)) increased 1.5% or $1.30 to $88.97 on a report published by Wall Street Journal that the retailer is in preliminary talk to acquire health care insurer Humana Inc for undisclosed financial terms.