Renesas to Buy IDT, Casey

Mukesh Buch
11 Sep, 2018
New York City

Casey`s General net and revenues soared. Integrated Device Technology agreed to be acquired by Japan-based rival Renesas Electronics.Limoneira tumbled on weak revenues. Sonic jumped on earnings forecast. Sonos net loss widened after revenues declined.

[R]12:35 PM New York City, New York – Casey`s General net and revenues soared. Integrated Device Technology agreed to be acquired by Japan-based rival Renesas Electronics.Limoneira tumbled on weak revenues. Sonic jumped on earnings forecast. Sonos net loss widened after revenues declined.[/R]

Tollbooth Index increased 53.99 or 0.3% to 16,343.58 but for the year-to-date soared 18.8%.

Earnings Review

Avid Bioservices Inc ((CDMO)) slipped 1.5% or 10 cents to $7.07 after the clinical-stage biopharmaceutical products maker said revenues in the first-quarter ending in July plunged 53.5% from a year ago to $12.6 million.

Net loss in the quarter widened to $3.4 million from $2.6 million and diluted earnings per share was flat at 6 cents in the same quarter last year.

Casey`s General Stores Inc ((CASY)) soared 8.4% or $9.79 to $126.58 after the convenience stores operator reported total revenues in the first-quarter ending in July soared 23.9% from a year ago to $2.6 billion.

Same store sales in fuel segment rose 0.5%, in grocery segment jumped 3.2% and in prepared food business increased 1.7%.

Net income in the quarter soared 23.6% to $70.2 million or $1.90 per diluted share from $56.8 million or $1.46 in the same quarter last year.

Integrated Device Technology, Inc ((IDTI)) surged 11.6% or $4.89 to $46.97 after the mixed-signal chip maker agreed to be acquired by Japan-based rival Renesas Electronics Corp for $49 per share $6.7 billion in cash.

Transaction is expects to close in the first-half of 2019.

In Tokyo, Renesas Electronics Corporation jumped 4.4% to 754 yen.

Limoneira Co ((LMNR)) tumbled 17.7% or $5.90 to $27.37 after the farm products producer said revenues in the third-quarter ending in July fell 1.1% from a year ago to $39.9 million.

Net income in the quarter jumped 5.2% to $8.2 million or 50 cents per diluted share from $7.8 million or 52 cents in the same quarter last year.

Sonic Corporation ((SONC)) surged 8.1% or $2.8 to $38.50 after the restaurants operator said preliminary restaurants in the fourth-quarter ending in August increased 2.6% and diluted earnings per share in the range of 50 cents to 51 cents.

The fast food chain is scheduled to release its fourth-quarter results on October 16, 2018.

Sonos Inc ((SONO)) declined 18.1% or $3.84 to $17.40 after the consumer electronics products maker said revenues in the third-quarter ending in June plummeted 6.6% from a year ago to $208.4 million.

Net loss in the quarter widened to $27 million or 45 cents per diluted share from $14.5 million or 26 cents in the same quarter last year.

The high-end speaker maker sold 886,514 units, representing growth of 11.4% and gross margin of 45.8%, 2.3 percentage points lower from a year ago period.

Sonos forecasted fiscal 2018 revenues nearly flat at $1.11 billion and operating profit between $59 million and $62 million.