U.S. Movers: Energy Transfer, Immucor, NetScout, Torchmark

Mukesh Buch
05 Jul, 2011
New York City

Energy Transfer Equity agreed to acquire Southern Union for $8.9 billion. Immucor agreed to private for $1.97 billion. Johnson Controls completed acquisition of EnergyConnect Group, Inc. Torchmark declared 3-for-2 stock splits.

[R]12:05 PM New York – Energy Transfer Equity agreed to acquire Southern Union for $8.9 billion. Immucor agreed to private for $1.97 billion. Johnson Controls completed acquisition of EnergyConnect Group, Inc. Torchmark declared 3-for-2 stock splits.[/R]

Of 30 the stocks in the Dow, 8 increased and 21 decreased and 1 unchanged.

Of the stocks in the Dow Jones Industrial Average, Chevron Corporation led the gainers with a rise of 1% followed by increase in The Coca-Cola Company of 0.79%, in Kraft Foods Inc. of 0.37%, in E. I. du Pont de Nemours and Company of 0.3%, in The Procter & Gamble Company of 0.2%.

Hewlett-Packard Company led the decliners with a fall of 1.8%, followed by decline in Cisco Systems, Inc. of 1.6%, in Bank of America Corporation of 1.3%, in JPMorgan Chase & Co. of 1%, in The Travelers Companies, Inc. of 0.8%.

Other Movers

Ameron International Corporation ((AMN)), soared 27.4% or $18.19 to $84.46 after engineering products maker on speculation agreed to be acquired by National Oilwell Varco ((NOV)) for $85 per share in cash or $772 million.

American Superconductor Corporation ((AMSC)) rose 0.7% or 8 cents to $8.96 after the power technology maker agreed to acquire Finland based The Switch Engineering Oy for 14.2 million euros or $20.3 million.

Energy Transfer Equity, L.P. ((ETE)) rose 0.2% or 11 cents to $44.79 agreed to acquire the natural gas Southern Union Company for $8.9 billion including $5.1 billion in cash and ETE common units.

Under the terms, Southern Union shareholders will receive $40 of cash or 0.903 ETE common units for each share. The maximum cash component is 60% and the common unit component can fluctuate between 40% and 50%.

Immucor, Inc. ((BLUD)) soared 30.2% or $6.27 to $27.00 after the medical equipment makers agreed to be acquired by funds controlled by TPG Capital for $1.97 billion. Under the terms of the agreement, Immucor shareholders will receive $27 in cash for each share and the transaction is expected to close in the second half of 2011.

Johnson Controls, Inc. ((JCI)) fell 0.8% or 35 cents to $42.04 after the automotive parts maker completed the previously announced acquisition of EnergyConnect Group, Inc., a provider of smart grid demand response services and technologies. The acquisition was completed on July, 1.

NetScout Systems, Inc. ((NTCT)) declined 16.6% or $3.52 to $17.66 after the IP based network application developer estimated GAAP and non-GAAP revenues for the first quarter, ended June 30 to be in the range of $62 to $64 million and GAAP net income per diluted share to be in the range of $0.04 to $0.06.

SolarWinds, Inc. ((SWI)) decreased 1.5% or 40 cents to $25.52 after it completed its acquisition of TriGeo, according to filing with the US Securities and Exchange Commission of July 1. Upon completion of acquisition TriGeo will receive cash payment of $35 million.

Torchmark Corporation ((TMK)) decreased 1.1% or 49 cents to $42.53 after the holding company declared 3 for 2 partial stock splits paid in the form of 50% stock dividend on all the Company''s outstanding common stock.

The McGraw-Hill Companies, Inc. ((MHP)) fell 0.4% or 19 cents to $42.21 after the printing and publishing company said Platts, a division of McGraw-Hill completed its acquisition of Steel Business Briefing Group, privately held UK company. The acquisition was first announced on June 29.