U.S. Movers: Blue Coat, Cooper Co, Pall, Harry Winston

Nichole Harper
09 Dec, 2011
New York City

Banks rebounded on the hopes that the European Central Bank will expand its bond buying program. Blue Coat Systems soared 44% after agreed to go private for $1.3 billion. Cooper Companies jumped 18% after it offered positive outlook for the year.

[R]2:00 PM New York – Banks rebounded on the hopes that the European Central Bank will expand its bond buying program. Blue Coat Systems soared 44% after agreed to go private for $1.3 billion. Cooper Companies jumped 18% after it offered positive outlook for the year. Pall Corp gained after the filter maker reported higher sales and earnings.[/R]

Banks traded higher in New York and in Europe after the euro zone leaders agreed on a new fiscal pact that will limit debts and deficits to targets set by a central authority in the European Union.

Bank of America ((BAC)) increased 16 cents to $5.75, Citigroup ((C)) gained $1.33 to $29.08 and J.P. Morgan Chase ((JPM)) added 83 cents to $33.05.

Blue Coat Systems Inc ((BCSI)) soared 44% to $25.18 after the Internet security software developer agreed to be acquired by Thoma Bravo LLC for $25.81 a share or $1.3 billion.

The deal team includes Ontario Teachers’ Pension Plan and the purchase price is 62% to its 60-day average and still 20% lower its high in January.

The Cooper Companies, Inc ((COO)) soared 18.6% to $68.93 after the maker of contact lenses and surgical instruments said fiscal fourth quarter profit increased 18% to $56.64 million or $1.15 a share compared to $48.20 million or $1.03 a share. Sales in the quarter increased to $360.91 million from $313.35 million a year ago quarter.

The company also guided fiscal 2012 earnings to be between $4.80 and $5 a share and total revenues between $1.385 billion and $1.44 billion.

DuPont ((DD)) declined 4% to $44.65 after the chemical maker lowered its fourth quarter estimate and said demand is soft because of destocking of inventories at its customers.

Flow International Corp ((FLOW)) surged 41% or $1 to $3.41 after the high pressure water jets maker said fiscal quarterly profit surged to 6 cents ahead of market consensus of less than 2 cents a share.

GNC Holdings Inc ((GNC)) added 3.9% to $27.07 after the nutrition supplements retailer said it will buy back up to $70 million of Class A stock as employees exercise options and to prevent earnings per share dilution.

Genworth Financial, Inc ((GNW)) increased 2.8% to $6.72 after the company said it launched a tender offer to repurchase various securities with face values of $750 million with a minimum of $475 million of face value securities tendered. The offer is valid till Jan 9.

Harry Winston Diamond Corp ((HWD)) soared 5% to $10.97 after the diamond miner and jewelry retailer posted fiscal third quarter loss on the weakness at its mining unit.

OYO Geospace Corp ((OYOG)) declined 6.9% to $81.73 after the maker of seismic data collection instruments said fiscal fourth quarter revenues declined 9.2% to $32.8 million and earnings declined to $3.6 million or 56 cents a share compared to $5.1 million or 82 cents a share a year ago quarter.

Pall Corp soared 9.4% to $57.41 after the maker of advanced filters reported fiscal first quarter adjusted earnings of 74 cents a share and revenues increased 16.5%.

Texas Instruments Inc ((TXN)) declined 1% or 29 cents to $29.63 after the second largest chip maker offered fourth quarter revenues estimate between $3.19 billion and $3.33 billion.