U.S. Movers: Carpenter, Nabors, Panasonic, Travelers, PNC

Mukesh Buch
20 Jun, 2011
New York City

Carpenter agreed to acquire Latrobe Specialty Metals for $558 million. Nabors expects second quarter operating income to be between $165 million and $170 million. Travelers agreed to acquire 43% stack in Brazil insurance JMalucelli for $410 million. PNC agreed to acquire RBC Bank (USA) for $3.45 bn.

[R]11:05 AM New York – Carpenter agreed to acquire Latrobe Specialty Metals for $558 million. Nabors expects second quarter operating income to be between $165 million and $170 million. Travelers agreed to acquire 43% stack in Brazil insurance JMalucelli for $410 million. PNC agreed to acquire RBC Bank (USA) for $3.45 billion.[/R]

Of 30 the stocks in the Dow, 18 increased and 11 decreased and 1 unchanged.

Of the stocks in the Dow Jones Industrial Average, Caterpillar Inc. led the gainers with a rise of 0.96% followed by increase in The Home Depot, Inc. of 0.49%, in American Express Company of 0.41%, in United Technologies Corporation of 0.40%, in Cisco Systems, Inc. of 0.37%.

Bank of America Corporation led the decliners with a fall of 1.31%, followed by decline in JPMorgan Chase & Co. of 1.30%, in General Electric Company of 0.87%, in The Travelers Companies, Inc. of 0.86%, in The Walt Disney Company of 81%.

Other Movers

Agrium Inc. ((AGU)) gained 2.7% or $2.31 to $82.06 after the Canadian fertilizer giant forecasted earnings per share from continuing operations for the second quarter in a range of $4.10 to $4.40 per share, up from the prior range of $3.38 to $3.88 per share.

Carpenter Technology Corporation ((CRS)) soared 10.5% or $5.06 to $52.94 after the specialty metal producer agreed to acquire Latrobe Specialty Metals, Inc. in transaction valued for $558 million. The transaction expected to occur during the fiscal first quarter of 2012 which ends September 2011.

Nabors Industries Ltd. ((NBR)) slipped 2.4% or 58 cents to $23.45 after the land drilling contractor stated that its second quarter operating income is expected to be $165 million to $170 million, mainly due to lower-than-expected results from its Pressure Pumping, U.S. Offshore, and International businesses.

Panasonic Corporation ((PC)) fell 0.1% or 2 cents to $11.49 after the Japanese multinational consumer electronics corporation said it estimates net income of 30 billion yen or 12.97 yen per share for fiscal year ending March 31, 2012. Also, net sales for the full year are estimated to be 8.70 trillion yen.

PetSmart, Inc. ((PETM)) rose 1.4% or 61 cents to $44 after the specialty provider of products, services and solutions for the lifetime needs of pets announced a 12% increase in its quarterly dividend to $0.125 cents beginning in the second quarter of 2011.

The company''s board also authorized a new $450 million stock buyback program, which is to be implemented from August 1st, 2011.

The Travelers Companies, Inc. ((TRV)) fell 0.4% or 25 cents to $57.67 after the holding company completed acquisition of 43% interest in JMalucelli Participações em Seguros e Resseguros S.A. the market leader of surety insurance business in Brazil in $410 million.

The PNC Financial Services Group, Inc. ((PNC)) decreased 2% or $1.18 to $56.61 after the financial services company agreed to acquire RBC Bank (USA) the U.S. retail banking subsidiary of Royal Bank of Canada, for $3.45 billion. PNC expects transaction to be accretive to earnings by the end of 2013 or sooner.