U.S. Movers: Alliance One, Gerber Scientific, Transatlantic, VF Corp

Mukesh Buch
13 Jun, 2011
New York City

Alliance One swung to a quarterly net loss. Transatlantic signed merger agreement with Switzerland based Allied World Assurance Co. Holdings. V.F. Corp. signed merger agreement with Timberland Company for $2 billion. Wendy

[R]11:10 AM New York – Alliance One swung to a quarterly net loss. Transatlantic signed merger agreement with Switzerland based Allied World Assurance Co. Holdings. V.F. Corporation signed merger agreement with Timberland Company for $2 billion. Wendy’s/Arby’s Group sells a majority stake in Arby''s Restaurant Group, to Roark Capital Group.[/R]

Of 30 the stocks in the Dow, 22 increased and 8 decreased.

Of the stocks in the Dow Jones Industrial Average, The Home Depot, Inc. led the gainers with a rise of 1.1% followed by increase in Pfizer Inc. of 0.99%, in McDonald’s Corporation of 0.97%, in Exxon Mobil Corporation of 0.85%, in Johnson & Johnson of 0.74%.

Hewlett-Packard Company led the decliners with a fall of 1.1%, followed by decline in Bank of America Corporation of 0.83%, in The Coca-Cola Company of 0.74%, in JPMorgan Chase & Co. of 0.46%, in The Travelers Companies, Inc. of 0.46%.

Other Movers

Alliance One International, Inc. ((AOI)) slumped 7.6% or 27 cents to $3.25 after the independent leaf tobacco merchant reported fourth quarter sales and other operating revenues declined 9.5% to $2.09 billion, from $2.31 billion in the year ago quarter. Net loss in the quarter was $71.6 million, or 81 cents per diluted share compared to net income of $79.2 million or 78 cents per share for the prior fiscal year.

Chesapeake Energy Corporation ((CHK)) fell 1.3% or 38 cents to $28.86 after the producer of natural gas lifted its quarterly common share dividend 17% and also said it''s issuing a preferred share dividend.

Gerber Scientific, Inc. ((GRB)) surged 33.9% or $2.76 to $10.88 after the automated equipment and software maker singed merger agreement with Vector Capital Corporation a leading global private equity firm. Under the terms, the shareholders of the Company will receive $11.00 per share in cash or $281.8 million.

Quanex Building Products Corporation ((NX)) deceased 10.1% or $1.83 to $16.27 after the construction services provider reported second quarter net sales grew to $203.1 million from $199.4 million in the same quarter last year. Net loss in the quarter was $1.4 million or 4 cents per diluted share compared to $4.3 million or 11 cents per share a year ago.

Transatlantic Holdings, Inc. ((TRH)) increased 12% or $5.30 to $49.31 after the holding company and Allied World Assurance Company Holdings, AG ((AWH)) signed merger agreement The combined entity will have total invested assets of $21 billion, total shareholders’ equity nearly $7 billion and total capital of $8.5 billion. Closing is estimated for fourth quarter 2011.

Thoratec Corporation ((THOR)) fell 0.03% or 1 cents to $31.00 after the medical devices maker reiterated its full-year 2011 earnings guidance range of $1.02 to $1.12 per share, and adjusted earnings guidance range of $1.35 to $1.45 per share.

The company still estimates revenues from continuing operations in the range of $410 million to $425 million for the full year.

V.F. Corporation ((VFC)) gained 10.6% or $9.80 to $101.60 after the branded apparel company and The Timberland Company ((TBL)) today signed merger agreement. VF will pay Timberland shareholders $43 per share. Total enterprise value of $2 billion net of cash. The acquisition is expected to close in third quarter.

Timberland Company ((TBL)) soared 43% or $12.73 to $42.72.

Wendy’s/Arby’s Group, Inc. ((WEN)) increased 5% or 23 cents to $4.75 after the restaurants operator agreement to sale of Arby''s Restaurant Group, Inc. to buyer formed by Roark Capital Group. Wendy''s/Arby''s Group will retain stack of 18.5%. The aggregate transaction value is estimated to $430 million.