U.S. Movers: eBay, Ultrapetrol, Chesapeake

Mukesh Buch
20 Dec, 2010
New York City

Chesapeake Energy surged after activist investor Carl Ichan lifted his stake in the company. Ultrapetrol Bahamas declined after the company plans to sell convertible notes of $60 million. Sunstone Hotel Investors dropped as much as 6% ater chief executive resigned.

[R]10:30 AM New York – Coca-Cola Enterprises expects pro forma revenue to be around $7.4 billion. Jefferies fourth quarter revenues surged to $695 million. Penn Virginia announced capital expenditures budget of $290 million in 2011.[/R]

Of the stocks in the Dow, 21 increased, 7 decreased and 2 were unchanged.

Of the 30 stocks in the Dow Jones Industrial Average, Caterpillar Inc. led the gainers with a rise of 0.74% followed by increase in United Technologies Corporation of 0.69%, in Bank of America Corporation of 0.64%, in 3M Company of 0.56%, in Chevron Corporation of 0.54%.

American Express Company led the decliners with a fall of 1.66%, followed by decline in The Boeing Company of 0.94%, in Wal-Mart Stores, Inc. of 0.68%, in Intel Corporation of 0.33%, in The Coca-Cola Company of 0.17%.

Other Movers

Alberto Culver Company, ((ACV)) declined 28 cents to $36.91 after the beauty care company announced that its stockholders voted to approve the acquisition by Unilever NV, the Anglo-Dutch consumer goods company for $3.7 billion of all outstanding shares of Alberto Culver for $37.50 per share in cash.

Coca-Cola Enterprises Inc. ((CCE)) fell 0.2% or 7 cents to $25.18 after the soft drink bottler affirmed for full-year 2010 pro forma earnings per share in a range of $1.74 to $1.78 and pro forma revenue is anticipated to be around $7.4 billion.

eBay Inc., ((EBAY)) declined 16 cents to $29.66 and the online auctioneer reached an agreement to acquire all of the shares of brands4friends, Germany’s largest online shopping club for fashion and lifestyle, for cash at a transaction value of approximately $200 million or €150 million.

Ecommerce China Dangdang Inc ((DANG)) declined 5.5% to $23.48 after indexes in China decline more than 1% on the worries of the rising tensions in the Korean peninsula.

Natus Medical, Inc. ((BABY)) rose 0.8% or 12 cents to $14.30 after the provider of healthcare products estimated fiscal 2011 first quarter adjusted earnings per share in the range of $0.10 to $0.12 on revenue of $56.5 million to $58.5 million and for full-year 2011 adjusted earnings per share are projected in the $0.77 to $0.80 range on revenues of $247 million to $250 million.

Pentair, Inc. ((PNR)) rose 0.05% or 2 cents to $36.41 after the diversified industrial manufacturing company said it still estimates 2010 earnings per share in the range of $1.93 to $1.98 and sales of around $3.0 billion.

Penn Virginia Corporation ((PVA)) gained 1.6% or 27 cents to $17.01 after the independent oil and gas explorer announced a 2011 capital expenditures budget of $290 million and also provided initial full-year 2011 outlook.

The 2011 capital budget is about 40% lower than expected 2010 capital expenditures of $475 million due primarily to a weak natural gas price environment and outlook.

Sara Lee Corp., ((SLE)) increased 1.6% to $17.54 after the packaged food company is considering selling itself to the world''s largest beef producer JBS SA for more than $10 billion, according to reports. JBS is said to have approached the company about a potential deal a few months ago.