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Market Update : 
Abercrombie & Fitch Faces Grim Future, Philip Morris Loses Australian Case
Author: Mukesh Buch
Last Update: 2:07 AM ET July 10 2017

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1:10 PM New York Abercrombie & Fitch tumbled after specialty retailer terminated discussions about a potential deal. Helen of Troy net plunged 69%. Philip Morris lost a legal challenge in Australia.

Tollbooth Index increased 38.09 or 0.3% to 12,080.80.

Earnings Review

Abercrombie & Fitch Co (ANF) tumbled 20.6% or $2.50 to $9.66 after the specialty retailer said that it terminated discussions about a potential merger deal.

Helen of Troy Limited (HELE) gained 1.9% or $1.80 to $96.05 after the Bermuda-based consumer products maker said net revenues in the first-quarter ending in May jumped 3.4% from a year ago to $359.6 million.

Net income in the quarter tumbled 68.9% to $5.9 million or 22 cents per diluted share from $19 million or 68 cents in the same quarter last year.

The consumer products maker forecasted fiscal 2018 net sales to increase between 1.5% and 4.1% or in the range of $1.56 billion to $1.60 billion and diluted earnings per share between $4.54 and $4.87.

The company estimated home goods net sales to surge 11% to 13%, health & home net sales to grow in the mid-single digits, net sales in beauty products segment to decline in the mid-single digit and net sales growth in nutritional supplements business may in line with fiscal 2017.

Philip Morris International Inc (PM) fell 45 cents to $117.90 after the tobacco products maker lost a legal challenge in Australia the company is expected to pay around $50 million in fines.

TPG RE, the real estate developer plans to price between $20 and $21 per share to sell up to 11 million shares and raise up to $231 million in an initial public offering.

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Market data: BATS Exchange. Inc.

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