U.S. Movers: Chesapeake, Patni Computer, PPL, Supervalu, Sony

Mukesh Buch
10 Apr, 2012
New York City

Chesapeake Energy made three separate deals totaling $2.6 billion. Patni Computer first quarter net declined 11.8% to $237 million. PPL to offer 9.9 million shares public offering. Supervalu fourth quarter net loss swung to $424 million. Sony forecast lower sales for fiscal year end March 2012.

[R]12:10 PM New York – Chesapeake Energy made three separate deals totaling $2.6 billion. Patni Computer first quarter net declined 11.8% to $237 million. PPL to offer 9.9 million shares public offering. Supervalu fourth quarter net loss swung to $424 million. Sony forecast lower sales for fiscal year end March 2012.[/R]

Chesapeake Energy Corporation ((CHK)) decreased 3.2% or 69 cents to $20.79 after the natural-gas producer announced three separate deals for its oil and gas assets for total proceeds of approximately $2.6 billion in cash. Chesapeake has completed the sale of preferred shares of a newly formed CHK Cleveland Tonkawa, L.L.C.

It has also completed the sale of 10 year volumetric production payment to affiliate of Morgan Stanley for proceeds of approximately $745 million.

Gas producer has also signed purchase and sale agreement of 58,400 net acres of leasehold in Texoma Woodford counties in Oklahoma, subsidiary of Exxon Mobil Corporation for $590 million in cash.

The transaction is expected to close on April 30, 2012.

Patni Computer Systems Limited ((PTI)) slipped 1.1% or 22 cents to $19.51 after the India based information technology reported first quarter total net revenue fell 3.3% to $1.84 billion from $1.90 billion in the same quarter last year. Net income in the quarter declined 11.8% to $237 million or 17 cents per diluted share compared to $265 million or 20 cents per share in the year ago earlier.

PPL Corporation ((PPL)) fell 1.7% or 47 cents to $27.19 after the energy and utility holding will sell 9.90 million shares in public offering closing of the offering is expected to occur on or about April 13.

Supervalu Inc. ((SVU)) advanced 9.5% or 51 cents to $5.83 after the grocery channel reported fourth quarter total net sales edged down to $8.2 billion from $8.7 billion in the same quarter last year. Same store sales for the quarter decreased 1.9%. Net loss in the quarter swung to $424 million or $2.00 per diluted share compared to net income of $95 million or 44 cents per share in the year ago quarter.

For 2011 net sales decreased to $36.1 billion from $37.5 billion in last year. Net loss for the year narrowed to $1.04 billion or $4.91 per diluted share compared to $1.51 billion or $7.13 per share in the prior year.

Sony Corporation ((SNE)) dropped 9.8% or $1.97 to $18.13 after the Japan based electronic products maker forecasted fiscal year ended March aggregate additional charge of approximately 300 billion yen in tax expense predominantly in the U.S. Sales and operating revenue fell 10.9% to 7,181 billion yen compared to year ago result and net loss 259.6 billion yen from year ago.

Final results of fiscal 2012 and forecast for the fiscal 2013 are scheduled to be released on May 10.