U.S. Movers: ABB, Gannett Co., Ingles Markets, Pep Boys, Wolverine

Mukesh Buch
30 Jan, 2012
New York City

ABB agreed to acquire Thomas & Betts Corp. for $3.9 billion. Thomas & Betts fourth quarter net increased to $56.8 million. Gannett Co., fourth quarter net slumped 33% to $116.9 million. Pep Boys acquired by private equity firm The Gores Group for $1 billion.

[R]10:45 AM New York – ABB agreed to acquire Thomas & Betts Corp. for $3.9 billion. Thomas & Betts fourth quarter net increased to $56.8 million. Gannett Co., fourth quarter net slumped 33% to $116.9 million. Pep Boys acquired by private equity firm The Gores Group for $1 billion.[/R]

ABB Ltd ((ABB)) decreased 2.8% or 61 cents to $20.63 after the Switzerland based power and automation agreed to acquire Thomas & Betts Corp. for $72 per share in cash or approximately $3.9 billion. The transaction expected to close by the mid-2012. The combined product portfolio will enable ABB to double addressable low voltage products market of $24 billion in North America.

Thomas & Betts Corporation ((TNB)) surged 22.5% or $13.05 to $71.00 after the electrical utility products maker reported fourth quarter sales increased 13.4% to $603.6 million from $532.5 million in the same quarter last year. Net income in the quarter increased to $56.8 million or $1.08 per diluted share compared to $40.0 million or $0.76 per diluted share in the year ago.

Gannett Co., Inc. ((GCI)) dropped 7.3% or $1.16 to $14.06 after the printing and publishing company reported fourth quarter total revenue fell 5.1% to $1.4 billion from $1.5 billion in the same quarter last year. Net income in the quarter slumped 32.8% to $116.9 million or 49 cents per diluted share compared to $174.1million or 72 cents per diluted share in the year ago quarter.

Haemonetics Corporation ((HAE)) rose 0.9% or 61 cents to $66.87 after the medical devices maker reported third quarter net revenue grew 8% to $191.2 million from $176.8 million in the same quarter last year. Net income in the quarter decreased 8% to $18.3 million or 72 cents per diluted share compared to $19.7 million or 77 cents per diluted share in the year ago earlier.

Ingles Markets, Inc. ((IMKTA)) decreased 1.5% or 27 cents to $17.12 after the grocery retailer reported first quarter sales increased 5.2% to $918.2 million from $872.8 million in the same quarter last year. Excluding gasoline sales, comparable store sales increased 3.4%. Net income in the quarter increased to $10.6 million or 43 cents per diluted share compared to $7.6 million or 31 cents per diluted share in the year ago period.

MicroStrategy Inc. ((MSTR)) rose 0.3% or 40 cents to $115.05 after the analytical software developer reported fourth quarter total revenue soared 15% to $160.3 million from $139.1 million in the same quarter last year. Net income in the quarter slipped to $9.0 million or $0.81 per diluted share compared to $17.9 million or $1.60 per diluted share in the year ago quarter.

Koninklijke Philips Electronics N.V. ((PHG)) decreased 2.9% or 59 cents to $19.78 after the Netherlands based consumer lifestyle products maker reported fourth quarter sales rose 3% to €6.71 billion from €6.49 billion in the same quarter last year. Comparable sales increased 3%. Net loss in the quarter swung to €160 million or €0.17 per diluted share compared to net income of €465 million or $0.49 per diluted share in the year ago.

Old National Bancorp ((ONB)) decreased 1.3% or 16 cents to $11.16 after the financial holding company reported fourth quarter total revenue soared 29.6% to $128.7 million from $99.3 million in the same quarter last year. Net income in the quarter surged three folds to $22.2 million or 23 cents per diluted share compared to $5.7 million or 7 cents per diluted share in the year ago quarter.

The Pep Boys-Manny, Moe & Jack ((PBY)) surged 22.9% or $2.77 to $14.85 after the automotive service provider will be acquired by the private equity firm The Gores Group, LLC for $15 per share shares of Pep Boy’s in cash. Total enterprise value is approximately $1 billion. The transaction is expected to close in second quarter of 2012.

Wolverine World Wide, Inc. ((WWW)) rose 0.5% or 20 cents to $38.16 after the footwear and apparel maker reported fourth quarter revenue increased 5.6% to $406.5 million from $385.0 million in the same quarter last year. Net earnings in the quarter fell to $23.0 million or 47 cents per diluted share compared to $25.6 million or 52 cents per diluted share in the year ago earlier.