U.S. Movers: Icagen, Park Electrochemical, Universal Forest

Mukesh Buch
27 Jun, 2011
New York City

Park Electrochemical first quarter net fell. Stanley Black agreed to acquire Sweden based Niscayah AB for $1.2 billion. Universal Forest will align the costs due to significantly weaker-than-expected sales in the first five months.

[R]11:00 AM New York – Park Electrochemical first quarter net fell. Stanley Black agreed to acquire Sweden based Niscayah AB for $1.2 billion. Universal Forest will align the costs due to significantly weaker-than-expected sales in the first five months.[/R]

Of 30 the stocks in the Dow, 25 increased and 5 decreased.

Of the stocks in the Dow Jones Industrial Average, Bank of America Corporation led the gainers with a rise of 2.5% followed by increase in Microsoft Corporation of 1.48%, in Chevron Corporation of 1.15%, in General Electric Company of 1.14%, in JPMorgan Chase & Co. of 1.09%.

Alcoa Inc. led the decliners with a fall of 0.73%, followed by decline in E. I. du Pont de Nemours and Company of 0.56%, in Intel Corporation of 0.53%, in The Home Depot, Inc. of 0.17% and in Merck & Co., Inc. of 0.04%.

Other Movers

Icagen, Inc. ((ICGN)) surged 119.1% or $2.86 to $5.26 the biopharmaceutical company acknowledged that currently it is engaged in preliminary discussions with Pfizer regarding a potential strategic transaction. No definitive agreement has been reached until the Board of Directors has approved. The statement issued in response to the recent filing of a Schedule 13D by Pfizer Inc.

Park Electrochemical Corp. ((PKE)) rose 0.1% or 3 cents to $26.93 after the radio frequency circuits maker reported first quarter net revenues fell to $51.8 million from $59.0 million in the same quarter last year. Net earnings in the quarter decreased to $7.24 million or 35 cents per diluted share compared to $9.87 million or 48 cents per share a year ago.

Stanley Black & Decker, Inc. ((SWK)) increased 1.6% or $1.12 to $70.37 after the electric power tools and equipment maker agreed to acquire all of the outstanding common stock and warrants of Sweden based Niscayah AB, a commercial security and monitoring company for SEK18.00 per share in cash. The total transaction value would be SEK7.6 billion (USD$1.2 billion). The transaction is expected to close in September 2011.

S1 Corporation ((SONE)) gained 1% or 8 cents to $7.62 after the financial services software provider and Fundtech Ltd. ((FNDT)) today made agreement to combine businesses through stock-for-stock merger. Based on the stock prices at market close on June 24 of S1 and Fundtech, the merger is valued at about $700 million.

Universal Forest Products, Inc. ((UFPI)) slumped 9.2% or $2.43 to $23.93 after the holding company said they will align the costs of current business due to significantly weaker-than-expected sales in the first five months of the year compared to same period of a year ago. Year-to-date net sales through May 2011 fell 9.5% to $765 million.