Greystar in $4.6 B Deal; Atlas Air Lifts Outlook, Lennar Rides Housing Boom

Mukesh Buch
26 Jun, 2018
New York City

Akamai Technologies lowered revenues forecast. Atlas Air lifted earnings estimate. Carnival reported strong second-quarter results. FactSet Research net soared on 9% jump in revenues. Greystar agreed to acquire EdR for $4.6 billion. Lennar net and revenues surged.

[R]1:25 PM New York City, New York – Akamai Technologies lowered revenues forecast. Atlas Air lifted earnings estimate. Carnival reported strong second-quarter results. FactSet Research net soared on 9% jump in revenues. Greystar agreed to acquire EdR for $4.6 billion. Lennar net and revenues surged.[/R]

Tollbooth Index jumped 68.85 or 0.5% to 15,112.72 but for the year-to-date soared 9.8%.

Earnings Review

Akamai Technologies, Inc ((AKAM)) declined 4.1% or $3.21 to $74.44 after the cloud and business applications provider lowered second-quarter revenues growth forecast between $6Buy 58 million and $670 million from the earlier estimate of $658 million and $663 million.

Akamai lowered second-quarter earnings per share forecast to between 79 cents and 81 cents from the earlier estimate of 79 cents to 83 cents.

The business applications provider also lowered its fiscal 2018 revenues forecast in the range of $2.69 billion and $2.72 billion from the earlier estimate of $2.67 billion and $2.70 billion.

Atlas Air Worldwide Holdings, Inc ((AAWW)) dropped 2.3% or $1.65 to $69.30 after the outsourced aircraft and aviation services provider lifted earnings per share of $23.8 million or between 40% and 45% from the earlier estimate of 30% to 35%.

In fiscal 2018, the aircraft services provider lifted net income estimate to $133.7 million or in the range of 35% to 40% from the earlier estimate of """"low- to mid-30%"""" growth.

Carnival Corporation ((CCL)) slid 5 cents to $58.49 after the ships and cruise operator reported revenues in the second-quarter ending in May jumped 10.4% from a year ago to $4.4 billion.

Net income in the quarter surged 48% to $561 million or 78 cents per diluted share from $379 million or 52 cents in the same quarter last year.

The cruise operator forecasted net revenues growth in the third-quarter to between 1.5% and 2.5% from a year ago period and earnings per share in the range of $2.25 to $2.29 from the earnings per share of $2.29 in 2017.

FactSet Research Systems Inc ((FDS)) slumped 3.6% or $7.48 to $200.39 after the financial analytical data provider said revenues in the third-quarter ending in May advanced 8.9% from a year ago to $339.9 million.

Net income in the quarter soared 14.3% to $74.7 million or $1.91 per diluted share from $65.4 million or $1.66 in the same quarter last year.

FactSet Research forecasted fiscal 2018 revenues growth in the range of $1.34 billion and $1.36 billion and operating margin is expected to be in the range of 27.5% and 29% and annual subscription value to increase between 4.9% and 6.5% and diluted earnings per share $6.92 and $7.17.

Greystar Student Housing Growth and Income Fund, LP, the perpetual-life fund agreed to acquire collegiate housing communities developers, owners and manager EdR for about $4.6 billion in cash.

Under the terms, stockholders of EdR will receive $41.50 per share in cash.

The transaction is expected to close in the second-half of this year.

Lennar Corp ((LEN)) soared 5.9% or $2.88 to $52.10 after the homebuilder said revenues in the second-quarter ending in May surged 67% from a year ago to $5.5 billion.

Net income in the quarter jumped 45.3% to $310.3 million or 94 cents per diluted share from $213.6 million or 89 cents in the same quarter last year.