U.S. Movers: Chesapeake Energy, Cooper, McDonald's, Piedmont Natural Gas

Mukesh Buch
08 Jun, 2012
New York City

Chesapeake Energy plans to sell its midstream assets for $4 billion in cash. Cooper second quarter net surged 55% to $54.9 million and revised outlook. McDonald''s May same store sales growth slows. Progress Software issues second quarter guidance. Piedmont second quarter net rose 6% to $50.2 million

[R]11:30 AM New York – Chesapeake Energy plans to sell its midstream assets for $4 billion in cash. Cooper second quarter net surged 55% to $54.9 million and revised outlook. McDonald's May same store sales growth slow. Progress Software issues second quarter guidance. Piedmont second quarter net rose 6% to $50.2 million.[/R]

Chesapeake Energy Corporation ((CHK)) rose 5 cents to $17.90 after the oil and gas explorer said its plans to sell the midstream assets in three separate transactions for cash proceeds of approximately $4 billion to reduce capital expenditures of about $3 billion from next three years.

Chesapeake Midstream Partners, L.P ((CHKM)) gained 58 cents to $25.65 after the oil and gas explorer reported Global Infrastructure Partners agreed to acquire all of Chesapeake Energy Corporation’s ((CHK)) ownership interest for $2 billion. The acquisition is expected to close by June 29.

Cascade Corporation ((CASC)) decreased 2.1% or 97 cents to $43.64 after the materials handling equipment maker reported total revenue in the first quarter ending in April increased 4% to $141million compared to $136 million in the same period last year. Net income in the quarter plunged 7% to $15.2 million or $1.34 per diluted share compared to $16.4 million or $1.46 per share a year ago quarter.

Ferrellgas Partners, L.P ((FGP)) advanced 8.3% or $1.35 to $17.48 after the propane gas distributor reported total net sales in the third quarter ending in April slumped 14% to $629.6 million compared to $732.4 million in the same period last year. Net income in the quarter surged more than five folds to $21.1 million or 26 cents per diluted share compared to $3.2 million or 4 cents per share a year ago earlier.

McDonald’s Corporation ((MCD)) slides 1.9% or $1.72 to $86.65 after the restaurant operator said global comparable sales growth of 3.3% in May. U.S. comparable sales rose 4.4% in Europe increased 2.9% and Asia/Pacific, Middle East and Africa reported a comparable sales decrease of 1.7% in May.

Progress Software Corporation ((PRGS)) plunged 10.6% or $2.16 to $18.06 after the data solution provider reported preliminary revenue in the second quarter ending in May to decline between 15% and 18% to $110 million to $115 million in the same period last year. Non GAAP diluted earnings is expected to be decline of between 51% and 56% to 17 cents to 19 cents per share a year ago period.

Piedmont Natural Gas Company, Inc. ((PNY)) fell 26 cents to $31.35 after the energy service reported total net sales in the second quarter ending in April declined 21% to $308.4 million compared to $392.6 million in the same period last year. Net income in the quarter increased 6% to $50.2 million or 70 cents per diluted share compared to $47.4 million or 66 cents per share a year ago.

The Cooper Companies, Inc ((COO)) slipped 3.8% or $3.09 to $76.97 after the medical products maker reported total net sales in the second quarter ending in April grew 6% to $344.6 million compared to $325.3 million in the same period last year. Net income in the quarter surged 55% to $54.9 million or $1.12 per diluted share compared to $35.4 million or 73 cents per share a year ago quarter.

Cooper revised full year 2012 revenue and earnings guidance. Total revenue expected of $1.40 billion to $1.44 billion and earnings per share in the range of $4.88 to $5.13.

Thor Industries, Inc. ((THO)) slumped 4.9% or $1.50 to $28.69 after the recreation vehicles maker sales in the third quarter ending in April surged 9% to $926.5 million compared to $852.1 million in the same period last year. Net income in the quarter increased 3% to $41.3 million or 78 cents per diluted share compared to $40 million or 72 cents per share a year ago earlier.