T-Mobile US and Sprint in $27 B Merger Deal, McDonald's Net Surges

Mukesh Buch
30 Apr, 2018
New York City

Allergan lifted fiscal outlook after net loss narrowed. CNA had strong start in 2018. Mercury General net swung to a loss on weak revenues. Loews profit fell but revenues soared. McDonald''''s net surged. T-Mobile US and Sprint are in $27 B merger agreement.

[R]12:35 PM New York City, New York – Allergan lifted fiscal outlook after net loss narrowed. CNA had strong start in 2018. Mercury General net swung to a loss on weak revenues. Loews profit fell but revenues soared. McDonald''s net surged. T-Mobile US and Sprint are in $27 B merger agreement.[/R]

Tollbooth Index increased 79.35 or 0.5% to 14,745.90 but for the year-to-date jumped 7.1%.

Earnings Review

Allergan Plc ((AGN)) dropped 2.4% or $3.91 to $158.12 after Ireland-based specialty pharmaceutical products maker reported total net revenue in the first-quarter ending in March advanced 2.8% from a year ago to $3.7 billion.

Net loss in the quarter narrowed to $286.1 million or 99 cents per diluted share from $2.6 billion or $7.86 in the same quarter last year.

Allergan lifted fiscal 2018 revenues forecast in the range of $15.15 billion to $15.35 billion from the earlier estimate of 15 billion to 15.3 billion.

Broadcom Inc ((AVGO)) fell 28 cents to $232.50 after the analog and digital semiconductor maker today narrowed the range for its revenue outlook for the second quarter in the range of $5 billion plus or minus $25 million.

In the fiscal third-quarter, Broadcom forecasted non-GAAP net revenue in the range of $5.05 billion plus or minus $75 million.

CNA Financial Corporation ((CNA)) advanced 2.5% or $1.22 to $50.48 after the property and casualty insurance services provider said net written premiums in the first-quarter ending in March soared 11% from a year ago to $1.8 billion.

Net income in the quarter soared 11.9% to $291 million or $1.07 per diluted share from $260 million or 96 cents in the same quarter last year.

Mercury General Corporation ((MCY)) declined 9.4% or $4.62 to $44.57 after the insurance services provider said total revenues in the first-quarter ending in March declined 7.6% from a year ago to $783.2 million.

Net in the quarter swung to a loss of $42.6 million or 77 cents per diluted share from profit of $27 million or 49 cents in the same quarter last year.

Loews Corporation ((L)) increased 2% or $1.05 to $52.80 after the conglomerate reported total revenue in the first-quarter ending in March soared 8.5% from a year ago to $3.6 billion.

Net income in the quarter fell 0.7% to $293 million or 89 cents per diluted share from $295 million or 87 cents in the same quarter last year.

Loews said weak profit was driven by lower earnings in Diamond Offshore Drilling, Inc. and Boardwalk Pipeline Partners, LP but most of the decline was offset by higher earnings in CNA Financial Corporation and Loews Hotels & Co.

McDonald''s Corporation ((MCD)) soared 5.1% or $8.05 to $166.35 after the fast food restaurant operator reported revenues in the first-quarter ending in March plunged 9% from a year ago to $5.1 billion.

Net income in the quarter surged 13% to $1.4 billion or $1.72 per diluted share from $1.2 billion or $1.47 in the same quarter last year.

McDonald''s said global comparable sales in the quarter jumped 5.5% and system-wide sales soared 7% and comparable sales in the U.S. increased 2.9% driven by growth in menu price increases.

Marathon Petroleum Corporation ((MPC)) plummeted 5.6% or $4.59 to $76.84 after the petroleum refiner and marketer said revenue in the first-quarter ending in March surged 58% from a year ago to $1.4 billion.

Net income in the quarter jumped to $421 million or 61 cents per diluted share from $150 million or 19 cents in the same quarter last year.

T-Mobile US Inc ((TMUS)) plunged 6.6% or $4.28 to $60.24 after the wireless network operator and rival Sprint Corporation a subsidiary of Japan-based SoftBank today confirmed that they agreed to a $26.8 billion merger agreement.