Energy stocks had a good day, rising 1.3% while oil prices lost 0.6% and the dollar remained largely unchanged. The S&P 500 Index grew 0.7%, the Dow Jones Industrial Average surged 0.6% and the Nasdaq Composite enjoyed a 1% increase.
Here’s what they did:
Heico Corp (HEI)
Heico Corp reported record profit on Tuesday.
The company released data that included a net income surge of 17% year-over-year as it earned $2.29 per diluted share in the fiscal year. Meanwhile, quarterly earnings came in at 65 cents per diluted share, marking a nine-cent increase year-over-year.
Revenue was 16% better as it came in at $1.38 billion in the fiscal year 2016, better than the $1.19 billion it raked in a year prior. Net sales were 11% better, coming in at a record $363.3 million in its fourth quarter.
Heico Chairman and CEO Laurans A. Mendelsohn noted that the company had a strong year thanks to its 2015 acquisitions, its profitable 2016 and a higher demand for the company’s core products.
The company’s net debt to shareholders’ equity ratio was 39.6% as of October 31, 2016. HEI stock fell 0.2% Tuesday.
Hertz Global Holdings, Inc. (HTZ)
Hertz announced a major management change following the company’s earnings report.
It was an underwhelming quarter for the car-rental company, leading to the departure of CEO John Tague. Kathryn Marinello will replace Tague, who spent two years as the company’s boss.
The CEO change will be in effect as of Jan. 2, 2017 and it is part of a broader restructuring plan that will see three of the company’s directors take Hertz’s reins the next day, along with Marinello.
Carl Icahn is reportedly in talks to acquire the company, which has been struggling as of late. The billionaire investor bought 15 million shares of the company last month.
HRI shares were falling 1.6% after hours Tuesday.
Valeant Pharmaceuticals Intl Inc (VRX)
Valeant Pharmaceuticals is reeling.
The company has been sliding down a slope all year, with VRX declining more than 94% since the stock hit a record high in the summer of 2015. Now, the company’s poor results are causing inner turmoil within its doors.
Debt levels are through the roof — $30.4 billion in debt as of its third quarter — and its flagship dermatology products are not performing well, leading to a poor run of form for Valeant Pharmaceuticals. Plenty of workers are leaving the company now.
Three high-level executives are leaving the pharmaceutical giant’s doors, including Chief Financial Officer Rob Rosiello. It is unclear who will take over in this position.
The company’s future hangs on the balance but these internal changes could be a step in the right direction if the company manages to restructure its business plan and develop more effective drugs.
VRX stock is unchanged after the bell. VRX shares have fallen more than 80% year-to-date.