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1:05 PM New York City, New York – Chubb said net loss in the third-quarter attributable to natural catastrophes was $450 million. Fastenal Co reported better-than-expected results after strong demand. IDT Corp swung to profit on improved revenues. TransDigm agreed to acquire Esterline Technologies.
Tollbooth Index declined 333.45 or 2.1% to 15,897.15 but for the year-to-date soared 15.5%.
Chubb Limited (CB) fell 96 cents to $135.63 after the property and casualty insurance provider said preliminary pre-tax net loss in the third-quarter attributable to global natural catastrophes was $450 million and after-tax loss was about $372 million.
Fastenal Company (FAST) declined 6.1% or $3.40 to $52.25 after the fastener distributor reported net sales in the third-quarter ending in September surged 13.1% from a year ago to $3.7 billion.
Net income in the quarter surged to $583.1 million or $2.03 per diluted share from $197.6 million or 69 cents in the same quarter last year.
Fastenal said strong result was driven by higher unit sales related to market demand strength notably industrial vending.
IDT Corporation (IDT) surged 30.4% or $1.61 to $6.90 after the telecom and payment services provider stated revenues in the second-quarter ending in July fell 0.6% from a year ago to $392.6 million.
Net in the quarter swung to profit $8.2 million or 33 cents per diluted share from a loss of $9.8 million or 41 cents in the same quarter last year.
Kulicke & Soffa Industries Inc (KLIC) declined 3.8% or 84 cents to $21.08 after the semiconductor manufacturing equipment maker revised fourth-quarter revenue forecast to about $185 million from the earlier estimate of $180 million to $190 million.
Kulicke said increase in revenues was 15% above the three-year fourth fiscal quarter average.
TransDigm Group Inc (TDG) slumped 2.9% or $10.36 to $340.95 after the military aerospace components maker agreed to acquire aerospace and defense products supplier Esterline Technologies Corp for $122.50 per share in cash or about $4 billion, including debt.
The transaction is expected to close in the second-half of 2019.
Esterline Technologies Corporation stock surged 29.4% to $114.90.