Nexstar to Buy Tribune Media for $4 billion, Workday Net Loss Widens

Mukesh Buch
03 Dec, 2018
New York City

Finisar net swung to a loss on weak revenues. LabCorp lowered fiscal outlook. Nexstar Media agreed to acquire Tribune Media for $4.1 billion. The RMR Group net soared on strong revenues. Workday beats earnings on higher enterprise software demand.

[R]10:55 AM New York City, New York – Finisar net swung to a loss on weak revenues. LabCorp lowered fiscal outlook. Nexstar Media agreed to acquire Tribune Media for $4.1 billion. The RMR Group net soared on strong revenues. Workday beats earnings on higher enterprise software demand.[/R]

Tollbooth Index soared 299.22 or 1.9% to 15,542.03 but and the year-to-date advanced 12.9%.

Earnings Review

Finisar Corporation ((FNSR)) edged up 3 cents to $23.38 after the networking equipment maker said revenues in the third-quarter ending on October 28 fell 2% from a year ago to $325.4 million.

Net in the quarter swung to a loss of $5.3 million or 4 cents per diluted share from profit of $5.9 million or 5 cents in the same quarter last year.

Laboratory Corporation of America Holdings ((LH)) fell 47 cents to $145.17 after the clinical laboratory operator lowered fiscal 2018 total revenues growth forecast to between 9.9% and 10.3% from the earlier estimate of 10.5% to 11.0% and diluted earnings per share in the range of $10.95 to $11.05 from the earlier estimate of $11.25 to $11.45.

The clinical testing services provider lowered fiscal 2018 total revenues growth forecast in the diagnostic’s business to between 2.1% to 2.5% from the earlier estimate of 3% to 3.5% and revenues growth in the Covance Drug Development segment to remain between 24% and 26%.

Nexstar Media Group Inc ((NXST)) advanced 2.9% or $2.36 to $85 after the diversified media and regional TV station operator today agreed to acquire rival Tribune Media Company for $46.50 per share or $4.1 billion in cash.

The transaction is expected to close by the end of the third-quarter of 2019.

Tribune Media Company share surged 10% to $44.27.

The RMR Group Inc ((RMR)) jumped 3.3% or $2.11 to $66.75 after the real estate developer said total revenues in the third-quarter ending in September surged 15% from a year ago to $65.1 million.

Net income in the quarter soared 64% to $8.2 mbillion or 50 cents per diluted share from $5 million or 31 cents in the same quarter last year.

Workday, Inc ((WDAY)) rose 19 cents to $164.19 after the software vendor reported total revenues in the third-quarter ending on October 28 soared 33.8% from a year ago to $743.2 million.

Net loss in the quarter widened to $153.3 million or 70 cents per diluted share from $85.5 million or 41 cents in the same quarter last year.

""""""""The strength in our business is allowing us to raise our fiscal 2019 outlook and we now expect subscription revenue of $2.375 billion to $2.377 billion, or growth of 33%,"""""""" said co-president and chief financial officer Robynne Sisco.