U.S. Movers: Campbell Soup, Heckmann, Quanex, Valeant Pharmaceuticals

Mukesh Buch
04 Sep, 2012
New York City

Campbell Soup net jumped 27% and issued fiscal guidance. Heckmann to buy Power Fuels total valued approx $370 million. Smithfield Foods net declined 25%. Valeant Pharmaceuticals to acquire Medicis Pharmaceutical for $2.6 billion in cash.

[R]10:10 AM New York – Campbell Soup net jumped 27% and issued fiscal guidance. Heckmann to buy Power Fuels total valued approx $370 million. Smithfield Foods net declined 25%. Valeant Pharmaceuticals to acquire Medicis Pharmaceutical for $2.6 billion in cash.[/R]

Campbell Soup Company ((CPB)) gained 31 cents to $35.45 after the food products maker reported net sale in the fourth quarter ending on July 29 were flat at $1.61 billion from the quarter a year ago. Net income in the quarter jumped 27% to $127 million or 40 cents per diluted share compared to $100 million or 31 cents per share a year ago earlier.

For the fourth quarter, sales for simple meals advanced of 7% to $461 million and soup sales climbed 9%. Sauce sales increased 4% and US baking and snacking fell 1% to $556 million in the quarter. Sales for international simple meals and beverages declined 7% to $294 million.

The company expects fiscal 2013 sales to increase in the range of 10% and 12% and adjusted earnings per share to be between $2.51 and $2.57.

Heckmann Corporation ((HEK)) surged 25.2% or 68 cents to $3.37 after the water solutions provider said it will buy privately held environmental services firm Power Fuels and will pay $125 million in cash and $95 million shares of common stock. Heckmann also refinance nearly $150 million in debt of Power Fuels.

Quanex Building Products Corporation ((NX)) increased 2.6% or 47 cents to $17.97 after the construction material maker reported net sale in the first quarter ending in July declined to $237.9 million from $252.4 million in the same period of last year. Net income in the quarter plunged 83% to $1.53 million or 4 cents per diluted share compared to $9.02 million or 24 cents per share a year ago period.

Smithfield Foods, Inc. ((SFD)) fell 6 cents to $19.26 after the packaged food producer reported net sale in the first quarter ending on July 29 flat at $3.09 billion compared to same period of last year. Net income in the quarter declined 25% to $61.7 million or 40 cents per diluted share compared to $82.1 million or 49 cents per share a year ago quarter.

Valeant Pharmaceuticals International, Inc. ((VRX)) climbed 15.4% or $7.93 to $59.20 after the biotechnology agreed to acquire Medicis Pharmaceutical Corporation ((MRX)) for $44 per share, a 39% premium to the closing share price on Friday or for $2.6 billion in cash. The transaction is expected to close during the first half of 2013.

The company expects pro forma U.S. net revenue in dermatology and aesthetics businesses after the merger to exceed $1.7 billion in 2012.

Shares of Medicis Pharmaceutical jumped 37.9% to $43.54.