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STOCK MOVERS

Menís Wearhouse Rejects $2.3 billion Takeover Offer


Author: Mukesh Buch
ticker.com
Last Update: 1:41 PM ET October 09 2013

1:25 PM New York Ė Alcoa net swung to profit and forecasted global aluminum demand to increase 7%. Costco profit soared and Family Dollar net climbed 26%. Menís Wearhouse rejected $2.3 billion cash takeover offer from Jos. A. Bank Clothiers. Progressive net declined. RPM Intl net surged.

Alcoa Inc. (AA) climbed 3.4% or 27 cents to $8.21 after the aluminum producer reported revenue in the third-quarter ending in the September slid 1% to $5.77 billion. Net in the quarter swung to profit $24 million or 2 cents a diluted share compared to a loss of $143 million or 13 cents.

Alcoa reaffirmed global aluminum demand in 2013 to increase 7%.

Costco Wholesale Corporation (COST) gained 1.7% or $1.89 to $114.08 after the membership warehouse operator reported total revenue in the fourth-quarter ending on September 1 rose 1% to $32.49 billion. Comparable sales for the month of September jumped 5% and in the quarter climbed 5%.

Net earnings in the quarter soared 66.4% to $617 million or $1.40 a diluted share compared to $609 million or $1.39.

Net sales for the year jumped 6% to $102.87 billion from $97.06 billion in the prior year. Comparable sales for the year increased 6%.

Family Dollar Stores, Inc. (FDO) slipped 2.8% or $1.98 to $67.47 after the discount stores chain said total net sales in the fourth-quarter ending in August increased 5.8% to $2.5 billion. Comparable store sales in the quarter were flat.

Net income in the quarter climbed 26.3% to $102.2 million or 88 cents a diluted share compared to $80.9 million or 69 cents.

The retailer added gross profit in the fourth quarter surged 8.6% to $868.4 million or 34.7% of net sales and operating profit soared 23.9% to $155.6 million.

For the first quarter, the company expects comparable store sales to decline in the low-single-digit range and diluted earnings per share to fall between 65 cents and 75 cents per share from 69 cents in the first quarter of fiscal 2013.

The Menís Wearhouse, Inc (MW) surged 28.3% or $9.96 to $45.20 after the manís specialty retailer rejected cash takeover offer from Jos. A. Bank Clothiers Inc that valued the retailer at a premium of 36% to $48 a share or total enterprise value of $2.3 billion.

Shares of Jos. A. Bank Clothiers Inc soared 7.8% to $44.89.

The Progressive Corporation (PGR) fell 18 cents to $26.42 after the insurance company reported net premiums written in the third-quarter ending in September jumped 5% to $4.45 billion. Net income in the quarter declined 16% to $232.4 million or 39 cents a diluted share compared to $277 million or 46 cents.

RPM International Inc. (RPM) rose 33 cents to $36.05 after the specialty chemicals maker stated net sales in the first-quarter climbed 11.3% to $1.17 billion. Net income in the quarter surged two-fold to $103.1 million or 77 cents a diluted share compared to $33.9 million or 26 cents.
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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc