U.S. Movers: AmeriGas, Citigroup, Gannett, Hasbro, Sun Life, Wells Fargo

Mukesh Buch
17 Oct, 2011
New York City

AmeriGas agreed to acquire Energy Transfer Partners for $2.9 billion. Citigroup third quarter net earnings surged 74% to $3.8 billion. Sun Life expects to report third quarter loss of $621 million. Wells Fargo third quarter net earnings soared 21% to $4.1 billion.

[R]10:50 AM New York – AmeriGas agreed to acquire Energy Transfer Partners for $2.9 billion. Citigroup third quarter net earnings surged 74% to $3.8 billion. Sun Life expects to report third quarter loss of $621 million. Wells Fargo third quarter net earnings soared 21% to $4.1 billion.[/R]

AmeriGas Partners, L.P. ((APU)) rose 0.3% or 14 cents to $46.06 after the propane distributor agreed to acquire the propane operations of Energy Transfer Partners, L.P. ((ETP)) for $2.9 billion. The transaction is expected to close in late 2011 or beginning of 2012.

Brigham Exploration Company ((BEXP)) soared 19.8% or $6.04 to $36.40 after the exploration and production company agreed to merger with Norway based Statoil ASA. Brigham will receive US$36.50 per share in cash. The offer expected to commence by end of this month.

BGC Partners, Inc. ((BGCP)) decreased 3.1% or 22 cents to $6.74 after the financial intermediary has completed its previously announced acquisition of all of the outstanding shares of Newmark & Company Real Estate, Inc. Newmark offers range of leasing and corporate advisory services, investment sales and financial services.

Citigroup Inc. ((C)) gained 0.9% or 28 cents to $28.68 after the financial service provider reported third quarter revenues edged up to $20.8 billion from $20.7 billion in the same quarter last year. Net earnings in the quarter surged 74% to $3.8 billion or $1.23 per diluted share compared to $2.2 billion or $0.72 per share a year ago.

First Horizon National Corporation ((FHN)) fell 1.9% or 13 cents to $6.43 after the bank holding company said third quarter total revenue fell 7% to $397.2 million from $428.8 million in the same quarter last year. Net income in the quarter increased to $36.1 million or 14 cents per diluted share compared to $15.9 million or 7 cents per share a year ago earlier.

Gannett Co., Inc. ((GCI)) dropped 8.5% or 93 cents to $10.01 after the media and marketing company stated third quarter revenue decreased 3.5% to $1.26 billion from $1.31 billion in the same quarter last year. Net income in the quarter fell 1.6% to $99.8 million or 41 cents per diluted share compared to $101.4 million or 42 cents per share a year ago quarter.

Halliburton Company ((HAL)) slumped 7.1% or $2.66 to $34.77 after the oilfield service provider reported third quarter revenues soared to $6.55 billion from $4.66 billion in the same quarter last year. Net income in the quarter decreased to $683 million or 74 cents per diluted share compared to $739 million or 80 cents per share a year ago.

Hasbro, Inc. ((HAS)) rose 0.8% or 25 cents to $35.10 after the recreational and entertainment company said third quarter net revenues grew 5% to $1.38 billion from $1.31 billion in the same quarter last year. Net earnings in the quarter increased 10% to $171.0 million or $1.27 per diluted share compared to $155.2 million or $1.09 per share a year ago period.

McMoRan Exploration Co. ((MMR)) soared 8.4% or 95 cents to $12.25 after the oil and gas exploration company stated third quarter revenue increased to $138.2 million from $94.8 million in the same quarter last year. Net loss in the quarter narrowed to $9.4 million or 6 cents per diluted share compared to $25.3 million or 26 cents per share a year ago earlier.

Sun Life Financial Inc. ((SLF)) slipped 7.6% or $2.01 to $24.15 after the Canada based insurance and investment expects to report loss of $621 million for the third quarter.

Wells Fargo & Company ((WFC)) declined 6.1% or $1.63 to $25.04 after the diversified financial service company reported third quarter revenues decreased 6% to $19.63 billion from $20.87 billion in the same quarter last year. Net earnings in the quarter soared 21% to $4.1 billion or 72 cents per diluted share compared to $3.3 billion or 60 cents per share a year ago.