U.S. Movers: AEP Industries, Argan, Centene Corp., Forest Laboratories

Mukesh Buch
11 Jun, 2012
New York City

AEP Industries second quarter net swung to profit and Argan first quarter surged more than six-fold. Centene Corp cuts fiscal outlook and estimated second quarter loss. Forest Laboratories revised fiscal 2013 earnings guidance.

[R]11:30 AM New York – AEP Industries second quarter net swung to profit and Argan first quarter surged more than six-fold. Centene Corp cuts fiscal outlook and estimated second quarter loss. Forest Laboratories revised fiscal 2013 earnings guidance.[/R]

AEP Industries Inc. ((AEPI)) increased 5.5% or $1.92 to $36.83 after the plastic packaging films maker reported net sales in the second quarter ending in April increased 19% to $296.7 million compared to $248.5 million in the same period last year. Net income in the quarter swung to $4.8 million or 87 cents per diluted share compared to net loss of $0.7 million or 11 cents per share a year ago earlier.

Argan, Inc. ((AGX)) gained 3.3% or 48 cents to $14.94 after the engineering maintenance service provider said net revenues in the first quarter ending in April soared three-fold to $63.7 million compared to $16.0 million in the same period last year. Net income in the quarter surged more than six-fold to $4.44 million or 32 cents per diluted share compared to $0.61 million or 4 cents per share a year ago period.

Centene Corporation ((CNC)) tumbled 26.8% or $9.52 to $25.95 after the healthcare services provider cut fiscal 2012 earnings guidance to $1.45 to $1.65 per diluted share from previous range of $2.64 to $2.84. Centene estimated a loss for the second quarter due to high level of medical costs.

Forest Laboratories, Inc. ((FRX)) slipped 2.4% or 88 cents to $34.81 after the drug products revised fiscal 2013 earnings guidance and now expects fully diluted earnings per share to be between 65 cents and 80 cents per share.

IntegraMed America, Inc. ((INMD)) soared 20.6% or $2.34 to $13.68 after the specialty healthcare service provider agreed to acquired by affiliates formed by Sagard Capital Partners, L.P. an investment fund for $14.05 per share in cash or a premium of 24% or valuing the company at $169.5 million. The transaction is expected to close no later than mid November 2012.

Micronetics, Inc. ((NOIZ)) surged 94.3% or $7.07 to $14.56 after the electronic components maker said Mercury Computer Systems, Inc. ((MRCY)) agreed to acquire the company for $14.80 per share in cash. The purchase valued about $75.4 million, represents a premium of approx 97.6%. The transaction is expected to close second quarter ending September 30.