Macy

Mukesh Buch
15 Aug, 2018
New York City

Agilent Technologies slumped on weak forecast. Constellation Brands plans to invest $4 billion in Canada-based marijuana grower. Diamondback agreed to buy Energen. Macy''s plunged 13% on flat comparable sales. MSG Networks net soared.

[R]12:55 PM New York City, New York – Agilent Technologies slumped on weak forecast. Constellation Brands plans to invest $4 billion in Canada-based marijuana grower. Diamondback agreed to buy Energen. Macy''s plunged 13% on flat comparable sales. MSG Networks net soared.[/R]

Tollbooth Index plummeted 153.88 or 1% to 15,851.63 but for the year-to-date soared 15.2%.

Earnings Review

Agilent Technologies Inc ((A)) slumped 2.9% or $1.94 to $64.81 after the health-care services provider reported revenues in the third-quarter ending in June soared 8% from a year ago to $1.2 billion.

Net income in the quarter jumped 34.9% to $236 million or 73 cents per diluted share from $175 million or 55 cents in the same quarter last year.

Agilent Technologies forecasted fiscal 2018 revenue in the range of $1.24 billion to $1.26 billion and diluted earnings per share in the range of 72 cents to 74 cents.

Constellation Brands, Inc ((STZ)) plunged 8.7% or $19.39 to $202.39 after the beer, wine and spirits producer said it intends to invest C$5 billion or $4 billion in the Canada-based marijuana grower Canopy Growth Corp.

The wine and spirits producer said it will increase its ownership stake in Canopy and plans to buy 104.6 million shares at a price of C$48.60 per share.

Diamondback Energy, Inc ((FANG)) plunged 10.9% or $14.52 to $119.24 after the oil and gas producer agreed to acquire smaller rival Energen Corporation in an all-stock transaction deal valued at about $9.2 billion, including net debt of $830 million.

The transaction is expected to close by the end of the fourth-quarter of this year.

Macy''s Inc ((M)) tumbled 13.4% or $5.62 to $36.20 after the department stores operator reported net sales in the second-quarter ending on August 4 fell 1.1% from a year ago to $5.6 billion.

Comparable store sales in the quarter were flat.

Net income in the quarter surged 49.5% to $166 million or 53 cents per diluted share from $111 million or 36 cents in the same quarter last year.

Macy''s forecasted fiscal 2018 diluted earnings per share in the range of $3.95 to $4.15 and sales may flat to increase 0.7% and comparable sales to increase between 2% and 2.5%.

MSG Networks Inc ((MSGN)) fell 0.7 cents to $22.98 after the sports and entertainment networks operator said revenues in the fourth-quarter ending in June advanced 5% from a year ago to $171.4 million.

Net income in the quarter soared 13.9% to $45.2 million or 60 cents per diluted share from $39.7 million or 52 cents in the same quarter last year.