U.S. Movers: Apollo Global, Cephalon, Family Dollar, Qihoo, Visa

Mukesh Buch
30 Mar, 2011
New York City

Cephalon received proposal from Valeant Pharmaceuticals valued approximately $5.7 billion. Family Dollar second quarter net income grew 9.8% to $123.18 million. Apollo Global Management declined on the first day of trading. Qihoo 360 Technology more than doubled on its debut.

[R]2:30 PM New York – Cephalon received proposal from Valeant Pharmaceuticals valued approximately $5.7 billion. Family Dollar second quarter net income grew 9.8% to $123.18 million. Apollo Global Management declined on the first day of trading. Qihoo 360 Technology more than doubled on its debut.[/R]

Of 30 the stocks in the Dow, 24 increased and 6 decreased.

Of the stocks in the Dow Jones Industrial Average, AT&T Inc. led the gainers with a rise of 1.96% followed by increase in Exxon Mobil Corporation of 1.63%, in Verizon Communications Inc. of 1.51%, in Merck & Co., Inc. of 1.43%, in E. I. du Pont de Nemours and Company of 0.97%.

The Home Depot, Inc. led the decliners with a fall of 1.25%, followed by decline in 3M Company of 0.41%, in The Boeing Company of 0.34%, in Bank of America Corporation of 0.30%, in Wal-Mart Stores, Inc. of 0.13%.

Other Movers

Align Technology, Inc. ((ALGN)) plunged 5.9% or $1.26 to $19.92 after the teeth related system maker agreed to acquire Cadent Holdings Inc. for $190 million in cash.

Ameron International Corporation ((AMN)) slumped 3.4% or $2.61 to $72.14 after the engineering products maker reported first quarter sales edged up to $109.8 million from $109.0 million a year ago. Net loss in the quarter was to $4.3 million or 47 cents per diluted share compared to net income of $1.1 million or 12 cents per share in the previous year.

Apollo Global Management LLC ((APO)) declined 3.5% to $18.35 on the first day of its trading after the private equity group prices its shares at $19 each.

Cephalon, Inc. ((CEPH)) surged 28.1% or $16.55 to $75.30 after the biopharmaceutical company confirmed the receipt of the proposal from Valeant Pharmaceuticals International, Inc., ((VRX)) on March 18 to acquire the company for $73 per share and second unsolicited proposal on March 25 to either acquire the company for $73 per share or to purchase Cephalon's non-oncology related assets for $2.8 billion.

Family Dollar Stores, Inc. ((FDO)) rose 0.5% or 28 cents to $52.66 after the retail discount stores operator reported second quarter sales increased 8.3% to $2.26 billion from $2.09 billion in the previous year on comparable-store sales rise of 5.1%. Net income in the quarter grew 9.8% to $123.18 million or 98 cents per diluted share compared to net income of $112.2 million or 81 cents per share last year.

Lindsay Corporation ((LNN)) soared 5.3% or $4.06 to $80.19 after the irrigation related products maker reported second quarter revenue increased 41% to $120.2 million from $85.2 million a year ago. Net earnings in the quarter grew $11.3 million or 89 cents per diluted share compared to $6.0 million or 48 cents per share in the previous year.

Lakes Entertainment, Inc. ((LACO)) tumbled 10.4% or 33 cents to $2.81 after the casino manager said fourth quarter revenue fell to $4.7 million from $5.3 million a prior year. Net loss in the quarter widened to $28.1 million or $1.07 per diluted share compared to $2.4 million or $0.09 per share a year ago.

Oxford Industries, Inc. ((OXM)) soared 21.1% or $5.29 to $30.30 after the apparel retailer said fourth quarter revenue increased to $157.7 million from $143.4 million a prior year. Net earnings in the quarter surged to $53.4 million or $3.22 cents per diluted share compared to $3.89 million or $0.24 cents per share a year ago.

Signet Jewelers Limited ((SIG)) rose 0.2% or 10 cents to $44.90 after the Bermuda based specialty jeweler retailer reported fourth quarter sales soared to $1,270.5 million from $1,196.8 million a prior year. Net income in the quarter declined to $105.4 million or $1.21 per diluted share compared to $115.5 million or $1.34 per share a year ago.

TIBCO Software Inc. ((TIBX)) fell 0.6% or 16 cents to $26.11 after the infrastructure software company reported first quarter revenue increased 20% to $185.3 million from $155.0 million a year ago. Net income in the quarter increased 54% to $16.0 million or 9 cents per diluted share compared to $10.4 million or 6 cents per share in the previous year.

Qihoo 360 Technology ((QIHU)) soared on the first day of its trading in New York after it prices 12.1 million shares at $14.50 each.

The stock soared as high as $31.36 or 116% from its offer price. The second largest Internet browser company in China has 300 million users and reported revenues of $57.7 million and earnings of $5.5 million in 2010.

UniFirst Corporation ((UNF)) rose 0.6% or 35 cents to $55.25 after the uniforms maker reported second quarter revenue increased 9.9% to $278.6 million from $253.6 million a year ago. Net income in the quarter edged up to $16.3 million or 82 cents per diluted share compared to $16.2 million or 83 cents per share in the previous year.

VimpelCom Ltd. ((VIP)) rose 0.07% or 1 cent to $14.14 after the Netherlands based telecommunications company reported fourth quarter net operating revenues increased 22% to $2.82 billion from $2.31 billion a year ago. Net income in the quarter surged 62.7% to $461.2 million or $0.34 per basic ADS from $283.4 million or $0.27 per basic ADS last year.

Visa Inc ((V)) rose 4.1% to $75.14 and MasterCard Inc ((MA)) added 1.9% to $256.57 after Federal Reserve said in a letter to the U.S. Congress that it is not ready to implement the proposed to rule by April 21 that will cut the debit card network fees charged by the operator of the networks.