U.S. Movers: Quest Software, Linn Energy, Pioneer Drilling, RiM

Mukesh Buch
25 Jun, 2012
New York City

Fidelity National Financial agreed to acquire J. Alexander''''s for $72 million. Quest Software received proposal for $25.75a share. Linn Energy agreed to acquire properties valued $1.025 billion. Pioneer Drilling lowered second quarter outlook.

Quest Rises; Linn Energy, Pioneer Drilling, Research in Motion Fall
U.S. Movers: Quest Software, Linn Energy, Pioneer Drilling, RiM

[R]12:45 PM New York – Fidelity National Financial agreed to acquire J. Alexander's for $72 million. Quest Software received proposal for $25.75a share. Linn Energy agreed to acquire properties valued $1.025 billion. Pioneer Drilling lowered second quarter outlook.[/R]

CarMax, Inc ((KMX)) extended losses by 2% today to $25.28 after the company offered weak earnings out last week.

Fidelity National Financial, Inc ((FNF)) decreased 1.1% or 22 cents to $18.80 after the insurance and mortgage company agreed to acquire J. Alexander's Corporation ((JAX)) in a transaction valued about to $72 million. Shareholders of J. Alexander's will received per share $12 in cash.

Quest Software, Inc. ((QSFT)) advanced 5.3% or $1.40 to $27.62 after the software company said the group led by Insight Venture Partners agreed to acquire all the outstanding shares of Quest for $25.75 per share in cash.

Home builders were lower after the general market weakness but new home sales in May increased to highest annual rate in the last two years.

The Commerce Department said home sales increased 7.6% to a seasonally adjusted annual rate of 369,000 units, nearing the high last seen in April 2010 of more than 400,000.

Lennar Corp ((LEN)) edged a fraction lower to $26.29, KB Home ((KBH)) declined 23 cents to $7.96 and NVR, Inc ((NVR)) dropped $15.15 to $794.85 and D R Horton ((DHI)) declined 35 cents to $16.06.

Linn Energy, LLC ((LINE)) slipped 2.3% or 85 cents to $35.24 after the oil and natural gas agreed to acquire properties in Jonah Field of southwest Wyoming from BP America Production Company for valued $1.025 billion. The company anticipates the acquisition will close on or before end of the next month.

Pioneer Drilling Company ((PDC)) declined 10.2% or 78 cents to $6.83 after the oil and gas driller lowered its second-quarter forecast revenue growth in production services division to be at the low end of previous estimate of about 5% to 10% and drilling services division utilization in the quarter to be lower end of previous guidance of 89% to 91%.

Park Electrochemical Corp. ((PKE)) decreased 1.9% or 47 cents to $23.90 after the microwave chip maker reported net sales in the first quarter ending on May 27 fell 1% to $46.05 million compared to $51.82 million in the same period last year. Net income in the quarter was nearly flat to $4.93 million or 24 cents per diluted share compared to $7.24 million or 35 cents per share a year ago period.

Research in Motion Limited ((RIMM)) dropped 7.3% or 71 cents after the company said it is considering to separating its network business from its handset business.