U.S. Movers: AT&T, Complete Production, Netflix, Sprint Nextel, Yahoo

Mukesh Buch
10 Oct, 2011
New York City

AT&T received pre-orders of 200,000 for iPhone 4S in the first 12 hours. Complete Production agreed to be acquired by Superior Energy in cash and stock for $6.2 billion. Netflix decided to reverse its earlier decision to split. Scotts Miracle-Gro lowered annual earnings outlook for the third time.

[R]11:10 AM New York – AT&T received pre-orders of 200,000 for iPhone 4S in the first 12 hours. Complete Production agreed to be acquired by Superior Energy in cash and stock for $6.2 billion. Netflix decided to reverse its earlier decision to split. Scotts Miracle-Gro lowered its annual earnings outlook for the third time.[/R]

AT&T Inc ((T)) gained 1.5% or 44 cents to $28.88 after the mobile telecom carrier said it received pre-orders of 200,000 for iPhone 4S in the first 12 hours.

Complete Production Services, Inc ((CPX)) soared 34.2% or $6.97 to $27.35 after the oil well services and equipments provider it agreed to be acquired by Superior Energy Services ((SPN)) for $6.2 billion. The acquisition is expected to increase company’s market share in providing hydraulic services for shale gas exploration.

Superior Energy dropped 17% or $4.81 to $22.60.

Under the terms of the deal, Complete Production shareholders will receive 0.945 common shares of Superior and $7 cash for every share held in the company.

The deal offers 29% premium for the average price of Complete in the last two months. After the merger Superior shareholders will own 52% of the combined company and Complete shareholder will control 48%.

Netflix, Inc ((NFLX)) increased 4.8% or $5.64 to $122.80 after the streaming television shows and movie provider said it decided to reverse its earlier decision to split its mail order DVD rental business from the online streaming services.

Sprint Nextel Corp. ((S)) declined 7.8% or 19 cents to $2.22 after the holding company struggling third largest telecom carrier is preparing raise capital and last week it assured the market that it has enough capital to last at least two years.

The Scotts Miracle-Gro Company ((SMG)) dropped 3.3% or $1.57 to $45.38 after the lawn and garden products maker lowered its annual earnings outlook for the third time in four months and blamed weak demand of Hurricane Irene and harsh weather.

Yahoo! Inc ((YHOO)) rose 2.2% or 34 cents to $15.81 after the company’s co-founder and former chief executive Jerry Yang was rumoured to prepare for a leverage buyout of the Internet portal.