Category: Stock Market News

Synchronoss Technologies Inc. said Tuesday it has agreed to acquire cloud company Intralinks Holdings Inc. in a deal with an equity value of about $821 million. Synchronoss will pay $13 per Intralinks share in a deal expected to close late in the first quarter of 2017. Ron Hovsepian, chief executive of Intralinks, will become CEO of the combined company, with Synchronoss founder and current CEO Stephen Waldis taking the role of executive chairman of the board. “Together with Synchronoss, we believe we can deploy enhanced enterprise and mobile solutions to our customers while opening up new enterprise distribution channels across the world,” Hovsepian said in a statement. Synchronoss is expecting the deal to have no impact on its fourth-quarter financials. It offered initial 2017 guidance of revenue of between $810 million and $820 million and pro forma EPS of $2.45 to $2.60. The company is targeting $40 million of combined synergies within the first year of closing. Intralinks shares were indicating higher premarket, while Synchronoss shares were halted. S&P 500 futures were up 0.3%.

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Shares of AutoZone Inc. rose 0.8% in premarket trade Tuesday, after the auto parts retailer reported fiscal first-quarter earnings that beat expectations, but sales that came up a bit short. Earnings for the quarter to Nov. 19, rose to $278.1 million, or $9.36 a share, from $258.1 million, or $8.29 a share, in the same period a year ago. The FactSet consensus for earnings per share was $9.31. Revenue increased 3.4% to $2.47 billion from $2.39 billion, below the FactSet consensus of $2.49 billion. Domestic same-store sales grew 1.6%, missing the FactSet consensus of 2.1%. Total auto parts sales, excluding domestic commercial, rose to $1.93 billion from $1.87 billion, matching the FactSet consensus of $1.93 billion. The stock gained 4.7% year to date through Monday, while the S&P 500 has climbed 7.9%.

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Roper Technologies Inc. said Tuesday it has entered an agreement to buy Deltek in an all-cash deal valued at $2.8 billion. Roper said it expects the deal too boost 2017 cash flow by $80 million, to deliver $535 million of revenue and $200 million of EBITDA, excluding the impact of fair value accounting of Deltek’s deferred revenue. Roper makes software for the health care, transportation, food, energy, water, education and other markets. Deltek makes software for project-based businesses serving niche markets, including government contractors. The deal is expected to close before year-end. Roper will host a conference call on the transaction at 9.00 a.m. Eastern. Shares were not yet active in premarket trade, but are down 4.3% in the year so far, while the S&P 500 has gained 7.9%.

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House builder Toll Brothers Inc. on Tuesday said fiscal fourth-quarter profit slid 16%, with profit hit by inventory- and warranty charges. Net income fell to $114.4 million, or 67 cents a share, from $147.2 million, or 80 cents a share, in the year-ago period. Revenue rose to $1.86 billion from $1.44 billion last year. Toll Brothers said the drop in earnings was due to $2.5 million of inventory impairments and a $121.2 million warranty charge primarily related to older stucco homes. Adjusting for those charges, profit came in at $291.8 million, compared to $236.7 million in the fourth quarter last year. Shares of the house builder were unchanged in premarket trade.

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Netherlands-based JBS Foods International is seeking to raise around $500 million in an initial public offering, according a Securities and Exchange Commission filing submitted on Monday. JBS, one of the world’s largest food companies, reported net revenue of $33.71 billion and adjusted earnings before interest, taxes, depreciation, and amortization of $2.06 billion in the first nine months of the year.

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TherapeuticsMD Inc. shares jumped in the extended session Monday after the women’s drug developer said a late-stage clinical trial showed its drug candidate reduced vasomotor symptoms in women going through menopause. TherapeuticsMD shares surged 22% to $7.52 after hours on heavy volume. Vasomotor symptoms include such occurrences as night sweats, hot flashes, and flushes. The company said its drug candidate TX-001HR significantly reduced the number and severity of these symptoms in menopausal and post-menopausal women compared to those treated with a placebo.

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In the first earnings report after its initial public offering, Coupa Software Inc. handily beat expectations, sending the company’s stock up more than 5%. The cloud-software company, which helps companies manage their spending, reported a net loss of $6.7 million, or 36 cents a share, on revenue of $35.4 million. After adjustments for stock-based compensation and other factors, Coupa claimed a loss of 22 cents a share. Analysts on average expected an adjusted loss of 47 cents a share on sales of $31 million, according to FactSet. Coupa sold IPO shares for $18 apiece in October, and saw those shares more than double in its first day of trading, though those prices have deflated in the intervening months. The stock fell 1% to $26.02 in Monday’s regular trading session, then popped to more than $27 in after-hours action.

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The Commodity Futures Trading Commission on Monday voted unanimously to repropose rules that would put limits on speculative positions in twenty-five physical commodity futures contracts and their “economically equivalent” options and swaps positions. This is the third time the agency has proposed such limits. One previous iteration was overturned by a federal count. The new rules were mandated by the 2010 Dodd-Frank regulatory law. The agency also reproposed a definition of bona fide hedging positions, as well as exemptions to this definition in physical commodities. The proposal will be open for public comment for 60 days.

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U.S. stocks closed higher Monday after strong economic data overshadowed concerns about Italy’s rejection of constitutional reforms. The Dow Jones Industrial Average closed up 45.82 points, or 0.2%, at 19,216.24, a fresh record close, led by more than 2% gains in shares of Nike Inc. and Goldman Sachs Group Inc. , after reaching an intraday record of 19,274.85 earlier in the session. The S&P 500 index advanced 12.76 points, or 0.6%, to finish up at 2,204.71, with the financials and tech sectors the strongest performers. The Nasdaq Composite index rose 53.24 points, or 1%, to close at 5,308.89.

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Oil futures settled in the green Monday, but pared a firmer rise, as the industry continues to enjoy a bounce inspired by OPEC’s historic agreement to cut production. Crude-oil futures traded in positive territory throughout much of the session after shaking off concerns about Italy’s rejection of a vote on existing rules to its constitution that resulted in the resignation of Italian Prime Minister Matteo Renzi. Some energy strategists, however, expressed doubts over the ability of the Organization of the Petroleum Exporting Countries and other major oil producers to follow through on plans on complying with and enforcing limits on oil output. West Texas Intermediate crude oil ended up 11 cents, or 0.2%, higher at $51.79 a barrel, but the contract had traded as high as $52.42 a barrel early in New York.

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