U.S. Movers: Alleghany, Gilead Sciences, Tech Data, Tyson Foods

Mukesh Buch
21 Nov, 2011
New York City

Alleghany agreed to acquire Transatlantic Holdings in cash for $3.4 billion and Gilead Sciences agreed to acquire Pharmasset Inc. for $137 a share in cash or $11 billion. Tech Data third quarter net income increased 6% to $53.5 million.

[R]10:40 AM New York – Alleghany agreed to acquire Transatlantic Holdings in cash for $3.4 billion and Gilead Sciences agreed to acquire Pharmasset Inc. for $137 a share in cash or $11 billion. Tech Data third quarter net income increased 6% to $53.5 million.[/R]

Alleghany Corporation ((A)) decreased 2.5% or 94 cents to $35.87 after the property and casualty insurance agreed to acquire Transatlantic Holdings, Inc. ((TRH)), and the stockholders of Transatlantic will receive aggregated valued of $59.79 per share in cash or approximately $3.4 billion. Under the terms; Transatlantic common shares will exchanged per share consisting of 0.145 Alleghany common shares and $14.22 in cash.

Chimera Investment Corporation ((CIM)) fell 3.7% or 10 cents to $2.59 after the specialty finance company said third quarter net interest income increased to $177.6 million from $139.7 million in the same quarter last year. Net income in the quarter slumped to $65.9 million or 6 cents per diluted share compared to $116.3 million or 13 cents share a year ago earlier.

Gilead Sciences, Inc. ((GILD)) dropped 7.7% or $3.08 to $36.80 after the biopharmaceutical company agreed to acquire Pharmasset Inc. for $137 per share in cash. The transaction, valued for approximately $11 billion. The company expects transaction when completed to be dilutive to Gilead''s earnings through 2014 and accretive in 2015 and then after.

Hastings Entertainment, Inc. ((HAST)) slumped 6.8% or 13 cents to $1.77 after the home entertainment products retailer said third quarter total revenues decreased 3.3% to $108.6 million from $112.3 million in the same quarter last year. Net loss in the quarter widened to $5.52 million or 65 cents per diluted share compared to $3.08 million or 35 cents share a year ago quarter.

Tyson Foods, Inc. ((TSN)) fell 0.9% or 19 cents $19.26 after the food processing company reported fourth quarter revenues grew 12.9% to $8.4 billion from $7.4 billion in the same quarter last year. Net income in the quarter declined to $97 million or 26 cents per diluted share compared to $213 million or 57 cents share a year ago period.

Tech Data Corporation ((TECD)) decreased 4.2% or $2.08 to $45.77 after the IT products distributor reported third quarter net sales increased 7% to $6.59 billion from $6.16 billion in the same quarter last year. Net income in the quarter increased to $53.5 million or $1.26 per diluted share compared to $50.5 million or $1.07 per share a year ago.