Market Overview

Thursday Market Movers

Walgreens (NYSE: WAG): Walgreens and Express Scripts (NASDAQ: ESRX) announced on Thursday that the company has reached a multi-year pharmacy network agreement. There was a series of disputes between the two companies after Walgreens stopped filling prescriptions for Express Script because the company was not paying enough in drug dispensing fees. The companies are not disclosing the details of the contract.

Greg Wasson, President and CEO of Walgreens, said, "We are in the business of providing a broad range of pharmacy, health and wellness services to help meet the needs of all of our customers. I am pleased that Walgreens and Express Scripts have been able to reach an agreement that works for both parties and is consistent with our company's principles.”

Walgreens traded up about 11 percent on Thursday.

Textron (NYSE: TXT): Textron reported second quarter earnings that surpassed analyst estimates. The company had earnings of $0.58 per share, compared to average analyst estimates of $0.44 per share. The second quarter profit was $172 million, compared to $90 million in the same period last year. The company also reiterated its full year forecast.

Textron Chairman and CEO, Scott C. Donnelly, noted, β€œThe payoff from investing in new products and services is reflected in our double digit revenue growth during the quarter and our focus on operational execution is driving solid results.”

Textron traded up more than 10 percent on Thursday.

Mellanox Technologies (NASDAQ: MLNX): Mellanox shares surged on Thursday after the company reported record earnings on Wednesday after the market close. It had revenues of $133.5 million, up 110.7 percent from the same period last year, which produced revenues of $63.3 million. The company reported earnings of $0.99 per share, compared to the average analyst estimates of $0.72 per share.

Eyal Waldman, Chairman, President and CEO of Mellanox Technologies, commented, "Mellanox surpassed the $100 million quarterly revenue milestone, generating over $133 million of revenue. We benefited from growth in the HPC, Web 2.0, storage, database, cloud, Big Data and financial services markets.”

Mellanox traded up about 40 percent on Thursday.

Posted-In: Eyal Waldman Greg Wasson Scott C. DonnellyEarnings Long Ideas News Guidance Movers & Shakers Intraday Update Movers Trading Ideas General Best of Benzinga

 

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