Sep 24, 2013

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Morning Movers Alert: Applied Materials Inc. (NASDAQ:AMAT) and Lennar Corp. (NYSE:LEN)

Morning Movers Alert: Applied Materials Inc. (NASDAQ:AMAT) and Lennar Corp. (NYSE:LEN)

Applied Materials Inc. (NASDAQ:AMAT) and Tokyo Electron Ltd. reported on Tuesday they would merge in an all-stock agreement, making a new firm with a united market capitalization of almost $29 billion.

The new firm would be a global innovator in semiconductors and display-manufacturing technology, the two firms reported in the launch.

The merger has been generally accepted by boards at both Applied Materials (AMAT) and Tokyo Electron and the transaction is predicted to end in mid to second half of 2014.

The united firm would keep a dual listing on NASDAQ and the Tokyo Stock Exchange. A live conference call will be held at 8 a.m. Eastern Time on Tuesday.

 

Home builder Lennar Corp. (NYSE:LEN) on Tuesday declared third-quarter net profit of $120.7 million, or 54 cents per share, 30% higher, as compared to the $87.1 million, or 40 cents a share, declared in the similar quarter a year earlier.

Revenue climbed up 46% to $1.6 billion, as compared to $1.1 billion, while new orders jumped up 14%. Analysts polled by FactSet predicted earnings of 45 cents per share on revenue of $1.55 billion.

We persist to observe long-term fundamental demand in the market caused by the critical decline of new single-family and multi-family homes constructed over the past five years.

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