U.S. Movers: Ashland, FuelCell, Nokia, Bank of Nova Scotia, Wal-Mart

Mukesh Buch
31 May, 2011
New York City

Ashland agreed to acquire privately owned International Specialty Products for $3.2 billion in cash. Nokia lowered its second quarter and full year 2011 outlook. Bank of Nova Scotia second quarter net income surged to $1.46 billion. Wal-Mart win merger proposal of Massmart.

[R]11:25 AM New York – Ashland agreed to acquire privately owned International Specialty Products for $3.2 billion in cash. Nokia lowered its second quarter and full year 2011 outlook. Bank of Nova Scotia second quarter net income surged to $1.46 billion. Wal-Mart win merger proposal of Massmart.[/R]

Of 30 the stocks in the Dow, and all 30 increased.

Of the stocks in the Dow Jones Industrial Average, Intel Corporation led the gainers with a rise of 1.35% followed by increase in Chevron Corporation of 1.09%, in General Electric Company of 1.07%, in Cisco Systems, Inc. of 1.05%, in International Business Machines Corporation of 1.00%.

Other Movers

Ashland Inc. ((ASH)) surged 10.3% $6.43 to $67.40 after the fabricated plastic and rubber maker today agreed to acquire privately owned International Specialty Products Inc, a specialty chemical manufacturer of ingredients and technologies for pharmaceuticals and consumer products. Under the terms Ashland will pay $3.2 billion in cash.

Central Vermont Public Service Corporation ((CV)) soared 40.4% or $9.83 to $34.15 after the electricity supplier agreed to be acquired by Fortis Inc for aggregate purchase price of $700 million

FuelCell Energy, Inc. ((FCEL)) gained 22.6% or 34 cents to $1.80 after the fuel cell maker won two-year order for 70 megawatts of fuel cell kits from POSCO Power. The total value of the order for services estimated to be $129 million with delivery of fuel cell kits beginning in October 2011 through October 2013.

Nokia Corporation ((NOK)) tumbled 16.9% o $1.39 to $6.81 after the mobile products maker updated its second quarter and full year 2011 outlook. Net sales for the second quarter to be below previously expected range of 6.1 billion euros to 6.6 billion euros.

The Bank of Nova Scotia ((BNS)) increased 1.5% or 96 cents to $61.46 after the Canada based bank reported second quarter total revenue rose to $4.52 billion compared to $4.12 billion in the same period last year. Net income in the quarter surged to $1.46 billion or $1.36 per diluted share compared to $1.12 billion or $1.07 per share a year ago.

Wal-Mart Stores, Inc. ((WMT)) rose 0.5% or 28 cents to $54.98 after the retail store operator reported that The South African Competition Tribunal approved the merger and accepted conditions proposed by Walmart and Massmart which include set-up of R100 million supplier development funds.