U.S. Movers: AboveNet, InterOil Corp., U.P.S.

Mukesh Buch
19 Mar, 2012
New York City

AboveNet agreed to be acquired by Zayo Group for $2.2 billion. Hastings Entertainment fourth quarter net loss swung to $8.4 million and InterOil Corp. fourth quarter net income swung to $13.2 million. United Parcel Service agreed to acquire TNT Express N.V. for $6.8 billion in cash.

[R]10:40 AM New York – AboveNet agreed to be acquired by Zayo Group for $2.2 billion. Hastings Entertainment fourth quarter net loss swung to $8.4 million and InterOil Corp. fourth quarter net income swung to $13.2 million. United Parcel Service agreed to acquire TNT Express N.V. for $6.8 billion in cash.[/R]

AboveNet, Inc. ((ABVT)) soared 13.3% or $9.92 to $84.17 after the high bandwidth network provider said Zayo Group, LLC a fiber based bandwidth infrastructure and network provider will acquire AboveNet for approximately $2.2 billion.

Under the terms the AboveNet will receive $84.00 per share in cash and the transaction is expected to close in mid-2012.

Hastings Entertainment, Inc. ((HAST)) dropped 10.4% or 25 cents to $2.15 after the multimedia entertainment retailer said fourth quarter total revenue fell to $153.1 million from $160.5 million in the same quarter last year. Net loss in the quarter swung to $8.4 million or $1.00 per diluted share compared to net income of $3.8 million or 43 cents per share in the year ago period.

For the year 2011 total revenue decreased to $496.4 million from $521.1 million in last year. Net loss for the year swung to $17.6 million or $2.05 per diluted share compared to net income of $1.7 million or 18 cents per share in the prior year.

InterOil Corporation ((IOC)) rose 14 cents to $58.69 after the energy company said fourth quarter total revenue increased to $289.6 million from $194.4 million in the same quarter last year. Net income in the quarter swung to $13.2 million or 27 cents per diluted share compared to net loss of $34.8 million or 76 cents per share in the year ago earlier.

For the year 2011 total revenue increased to $1.12 billion from $807.0 million in last year. Net income for the year swung to $17.7 million or 36 cents per diluted share compared to net loss of $44.5 million or $1.00 per share in the prior year.

United Parcel Service, Inc. ((UPS)) increased 2.7% or $2.14 to $80.55 after the courier company agreed to acquire Netherlands based delivery service provider TNT Express N.V. for $6.8 billion. UPS will pay approx $12.50 in cash per share.