U.S. Movers: Actuant, Energy Transfer, MediaMind, Pier 1, Kroger

Mukesh Buch
16 Jun, 2011
New York City

Actuant third quarter net earnings soared 75%. Energy Transfer Equity will acquire Southern Union for $7.9 billion. MediaMind agreed to be acquired by DG FastChannel for $517 million. Pier 1 first quarter net income surged 84%. Kroger first quarter net earnings rose 1.6%.

[R]11:25 AM New York – Actuant third quarter net earnings soared 75%. Energy Transfer Equity will acquire Southern Union for $7.9 billion. MediaMind agreed to be acquired by DG FastChannel for $517 million. Pier 1 first quarter net income surged 84%. Kroger first quarter net earnings rose 1.6% to $432.3 million.[/R]

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

Of the stocks in the Dow Jones Industrial Average, American Express Company led the gainers with a rise of 1.95% followed by increase in The Home Depot, Inc. of 1.87%, in Hewlett-Packard Company of 1.46%, in Cisco Systems, Inc. of 1.18%, in Bank of America Corporation of 0.95%.

JPMorgan Chase & Co. led the decliners with a fall of 0.75%, followed by decline in The Walt Disney Company of 0.42%, in Johnson & Johnson of 0.38%, in McDonald’s Corporation of 0.09%, in Verizon Communications Inc. of 0.09%.

Other Movers

Actuant Corporation ((ATU)) gained 4.3% or 99 cents to $23.83 after the industrial products maker reported third quarter sales increased 27% to $392.8 million from $310.1 million in the same quarter last year. Net earnings in the quarter grew to $36.4 million or 49 cents per diluted share compared to $21.8 million or 30 cents per share a year ago.

Energy Transfer Equity, L.P. ((ETE)) increased 6% or $2.55 to $45.02 after the natural gas utility company and Southern Union Company ((SUG)) merger agreement whereby ETE will acquire Southern Union for $7.9 billion including $3.7 billion of existing SUG debt.

Finisar Corporation ((FNSR)) declined 18.8% or $3.34 to $14.38 after the communications equipment provider reported fourth quarter revenues increased to $236.9 million from $188.5 million a year ago. Net income in the quarter rose to $16.3 million or 17 cents per diluted share compared to $14.1 million or 19 cents per share a year earlier.

John Wiley & Sons Inc. ((JWA)) fell 1.1% or 57 cents to $49.16 after the global publisher of print and electronic products said fourth quarter revenues increased 2.1% to $444.9 million from $435.6 million a year ago. Net income in the quarter edged higher 2.1% to $28.6 million or 46 cents per diluted share compared to net income of $28.0 million or 46 cents per share last year.

Kirby Corporation ((KEX)) gained 5.7% or $2.98 to $54.74 after the marine transportation services provider forecasts second quarter earnings in a range of $0.72 to $0.77 per share impacted by the Mississippi River''s high water and flooding conditions. Earlier, the company had forecast earnings in a range of $0.67 to $0.77 per share.

MediaMind Technologies Inc. ((MDMD)) surged 38.2% or $6.09 to $22.03 after the digital advertising solution provider agreed to be acquired by DG FastChannel, Inc. DG will commence tender offer to purchase for $22.00 per share in cash or $517 million equity value or $414 million enterprise value.

Pier 1 Imports, Inc ((PIR)) decreased 4% or 45 cents to $10.73 after the home furnishing and gift retailer reported first quarter net sales increased to $334.6 million from $306.3 million in the same quarter last year. Comparable store sales increase of 10.2%. Net income in the quarter surged 84% to $14.1 million or 12 cents per diluted share compared to $7.7 million or 7 cents per share a year earlier.

Smithfield Foods, Inc. ((SFD)) gained 4.8% or 99 cents to $21.38 after the food processing company reported fourth quarter sales grew 7% to $3.1 billion from $2.9 billion in the same quarter last year. Net income in the quarter was $98.4 million or 59 cents per diluted share compared to net loss of $4.6 million or 3 cents per share a year ago.

School Specialty, Inc. ((SCHS)) soared 14.4% or $1.77 to $14.06 after the education company said fourth quarter revenue grew 8.8% to $127.4 million from $117.0 million in the same quarter last year. Net loss in the quarter widened to $22.6 million or $1.20 per diluted share compared to $13.7 million or $0.73 per share a year ago.

The Kroger Co. ((KR)) gained 4.3% or $1.00 to $23.95 after the grocery retailer reported first quarter net sales increased 11% to $27.5 billion from $24.7 billion in the same quarter last year. Comparable store sales increase of 4.7%. Net earnings in the quarter rose 1.6% to $432.3 million or 70 cents per diluted share compared to $373.7 million or 58 cents per share a year earlier.

Winnebago Industries, Inc. ((WGO)) slumped 21.3% or $2.35 to $8.65 after the recreation vehicles maker third quarter revenues rose 0.6% to $135.6 million from $134.8 million in the same quarter last year. Net income in the quarter fell to $1.2 million or 4 cents per diluted share compared to $6 million or 21 cents per share a year earlier.