U.S. Movers: CNA Financial, Franklin Resources, Loews, Roper, UNS Energy

Mukesh Buch
30 Jul, 2012
New York City

Chicago Bridge & Iron agreed to buy Shaw Group for $3.04 billion. CNA Financial second quarter net soared 34% and Franklin Resources third quarter net dropped 10% to $455.3 million. Loews second quarter net plunged 78%.

[R]10:30 AM New York – Chicago Bridge & Iron agreed to buy Shaw Group for $3.04 billion. CNA Financial second quarter net soared 34% and Franklin Resources third quarter net dropped 10% to $455.3 million. Loews second quarter net plunged 78%.[/R]

Boardwalk Pipeline Partners, LP ((BWP)) decreased 1.3% or 40 cents to $28.60 after the natural gas producer reported revenues in the second quarter ending in June increased 5% to $275.8 million compared to $262 million in the same period of last year. Net income in the quarter rose more than three-fold to $65.1 million or 30 cents per diluted share compared to $15.2 million or 7 cents per share a year ago period.

Chicago Bridge and Iron Company NV ((CBI)) declined 13.1% or $5.34 to $35.36 after the Netherlands based construction services provider said it has agreed to buy Shaw Group Inc. for about $3.04 billion in cash and stock. Under the terms, shareholders of Shaw will receive $41 in cash and stock of CB&I for $5. The offer is at 72% premium from the Friday’s close of Shaw Group at $26.69.

Cal-Maine Foods, Inc. ((CALM)) increased 2.8% or $1.04 to $37.52 after the shell eggs producer reported net sales in the fourth quarter ending on June 2 increased 13% to $275 million compared to $242 million in the same period of last year. Net income in the quarter rose more than four-folds to $37.3 million or $1.56 per diluted share compared to $7.27 million or 30 cents per share a year ago period.

CIT Group Inc. ((CIT)) gained 3.8% or $1.33 to $36.12 after the holding company reported total interest income in the second quarter ending in June declined 31.7% to $409.3 million compared to $599.6 million in the same period of last year. Net loss in the quarter widened to $70.7 million or 35 cents per diluted share compared to $49.7 million or 25 cents per share a year ago earlier.

CNA Financial Corporation ((CNA)) slipped 1.6% or 45 cents to $26.55 after the insurance company reported total revenue in the second quarter ending in June rose 2% to $2.25 billion compare to $2.20 billion the same period of last year. Net income in the quarter soared 34% to $166 million or 62 cents per diluted share compared to $124 million or 46 cents per share a year ago period.

Franklin Resources, Inc. ((BEN)) increased 1.8% or $2.02 to $114.23 after the investment company reported total revenue in the third quarter ending in June fell 4% to $1.78 billion compare to $1.85 billion the same period of last year. Net income in the quarter dropped 10% to $455.3 million or $2.12 per diluted share compared to $503.3 million or $2.26 per share a year ago.

Total assets under management were $707.1 billion as on June 30 and fell by $18.6 billion or 3% during the quarter on the $22.5 billion in market depreciation.

Helmerich & Payne, Inc. ((HP)) fell 12 cents to $48.47 after the oil and gas driller reported total revenue in the third quarter ending in June slumped 31% to $706.8 million compare to $539.4 million the same period of last year. Net income in the quarter declined 36.5% to $149.9 million or $1.38 per diluted share compared to $109.8 million or $1.01 per share a year ago quarter.

Loews Corporation ((L)) slumped 3.1% or $1.39 to $40.31 after the insurance company reported total revenue in the second quarter ending in June slid 4.2% to $3.39 billion compare to $3.54 billion the same period of last year. Net income in the quarter plunged 78% to $56 million or 14 cents per diluted share compared to $250 million or 61 cents per share a year ago.

MWI Veterinary Supply, Inc. ((MWIV)) soared 15.4% or $14.29 to $106.68 after the animal health products distributor said third quarter total revenues improved 35% to $554.7 million from $410.7 million in the previous year. Net income was $14.5 million for the quarter, 27.3% higher than net income for the same period in the prior fiscal year. Diluted earnings per share were $1.15 for the quarter compared to $0.91 for the same period in the prior fiscal year.

Roper Industries, Inc. ((ROP)) advanced 8.5% or $8.45 to $107.04 after the diversified company reported total revenue in the second quarter ending in June grew 4% to $724.9 million compare to $699.9 million the same period of last year. Net income in the quarter advanced 8% to $114.8 million or $1.15 per diluted share compared to $106.3 million or $1.08 per share a year ago earlier.

Today the company said it has agreed to acquire Sunquest Information Systems, Inc. for $1.415 billion in cash. Roper lifted full year adjusted diluted earnings per share guidance to between $4.84 and $5 from $4.75 to $4.91 and estimated between 12 cents and 14 cents earnings accretion from acquisition.

TNT Express NV rose 5 cents to $8.87 after the Netherlands based courier company said United Parcel Service, Inc. ((UPS)) proposed acquisition of TNT Express N.V. is expected to move to Phase II and may take some time to resolve merger details.

Under the terms United Parcel offers €5.16 billion or $6.28 billion for acquisition and now the deal is expected to complete in fourth quarter of this year.

UNS Energy Corporation ((UNS)) rose 21 cents to $41.54 after the utility subsidiaries operator said second quarter total operating revenues decreased 0.7% to $367.17 million from $369.67 million in the comparable quarter a year ago. Net income in the quarter dropped to $26.3 million or 64 cents per diluted share compared to $28.6 million or 71 cents per share last year.