U.S. Movers: Apollo, Blackboard, Darden, General Mills, Marathon Oil

Mukesh Buch
01 Jul, 2011
New York City

Apollo Group third quarter net income increased 17.2%. Blackboard agreed to go private $1.64 billion in cash. Darden reported fourth quarter flat revenues. Marathon Oil completed the spin-off of Marathon Petroleum.

[R]11:45 AM New York – Apollo Group third quarter net income increased 17.2%. Blackboard agreed to go private $1.64 billion in cash. Darden reported fourth quarter flat revenues. Marathon Oil completed the spin-off of Marathon Petroleum.[/R]

All 30 components of the Dow Jones Industrial Average increased.

Of the stocks in the Dow Jones Industrial Average, Alcoa Inc. led the gainers with a rise of 1.86% followed by increase in 3M Company of 1.83%, in Intel Corporation of 1.40%, in Hewlett-Packard Company of 1.32%, in Caterpillar Inc. of 1.28%.

Other Movers

Apollo Group, Inc. ((APOL)) increased 7% or $3.08 to $46.76 after the private education provider reported third quarter revenues decreased 7.6% to $1.23 billion from $1.33 billion in the same quarter last year. Net income in the quarter rose 17.2% to $212.4 million or $1.51 per diluted share compared to $179.3 million or $1.18 per share a year ago.

AZZ incorporated ((AZZ)) soared 14.8% or $6.80 to $52.60 after the electrical equipment and components maker said first quarter revenues soared 48% to $114.3 million from $77.5 million in the same quarter last year. Net income in the quarter surged 49% to $9.5 million or 75 cents per diluted share compared to $6.4 million or 51 cents per share a year earlier.

Blackboard Inc. ((BBBB)) increased 1.7% or 76 cents to $44.15 after the software applications maker will be acquired by an investor group led by affiliates of Providence Equity Partners in all cash transaction valued for $1.64 billion plus assumption of $130 million in net debt. As per the agreement Blackboard''s stockholders will receive $45.00 in cash. The transaction is anticipated to close during fourth quarter of 2011.

Darden Restaurants, Inc. ((DRI)) advanced 4.4% or $2.21 to $51.97 after the restaurant operator reported fourth quarter revenues increased to $2 billion from $1.9 billion in the same quarter last year. Net earnings in the quarter grew to $137.4 million or 99 cents per diluted share compared to $115.6 million or 80 cents per share a year ago.

General Mills ((GIS)) fell 0.2% or 10 cents to $37.12 after the food processing company completion of its acquisition of 51% controlling interest in Yoplait S.A.S and 50% interest in related entity that holds worldwide Yoplait brands from PAI Partners and Sodiaal in transaction valued for $1.2 billion.

Marathon Oil Corporation] ((MRO)) tumbled 38% or $20.03 to $32.65 after the oil and gas company has completed the spin-off of Marathon Petroleum Corporation ((MPC)), independent Marathon Oil an independent upstream company.

Marathon Oil shareholders received one share of MPC common stock for every two shares of Marathon Oil common stock held on the record date of June 27. MPC is now an independent publicly traded company in which Marathon Oil retains no ownership interest.