U.S. Movers: D.R. Horton, Precision Castparts, Sherwin-Williams, WellCare

Mukesh Buch
12 Nov, 2012
New York City

Leucadia National agreed to buy Jefferies Group in a deal valued $3.6 billion. Precision Castparts on Friday agreed to acquire Titanium Metals for $2.9 billion. Sherwin-Williams agreed to acquire Mexico based Consorcio Comex valued $2.4 billion in cash.

[R]9:55 AM New York – Leucadia National agreed to buy Jefferies Group in a deal valued $3.6 billion. Precision Castparts on Friday agreed to acquire Titanium Metals for $2.9 billion. Sherwin-Williams agreed to acquire Mexico based Consorcio Comex valued $2.4 billion in cash.[/R]

Beazer Homes USA, Inc. ((BZH)) slipped 3.6% or 60 cents to $16.04 after the homebuilder said revenue in the fourth quarter ending in September advanced 21% to $370.9 million from $334.9 million in the same period of last year. Net loss in the quarter widened to $66.2 million or $2.82 a diluted share compared to $43.2 million or $2.91 a share a year ago earlier.

The company said its stock began trading reflecting its 1-for-5 reverse split adjusted basis from October 12.

D.R. Horton, Inc. ((DHI)) gained 3.2% or 66 cents to $21.26 after the construction service provider reported revenue in the fourth quarter ending in September climbed 21% to $1.29 billion from $1.07 billion in the same period of last year. Net income in the quarter jumped nearly two-fold to $100.1 million or 30 cents a diluted share compared to $35.7 million or 11 cents a share a year ago.

The homebuilder said net orders for the quarter soared 24% to 5,276 homes and backlog of homes under contract at September 30 increased 49% to 7,240 homes from a year ago.

Diageo Plc, London based beverage company will acquire stake of 53.4% of India based distiller United Spirits Limited valued $2.04 billion. In Mumbai trading, shares of United Spirits surged 35% to 1,832.95 rupees, the biggest gain since listing on September 2001.

Leucadia National Corporation ((LUK)) dropped 4.4% or 97 cents to $20.83 after the investment company agreed to buy Jefferies Group for $3.6 billion. Leucadia currently owns approximately 28.6% of the Jefferies outstanding shares.

Jefferies shareholders will receive 0.81 of a share of Leucadia and the transaction is expected to close in the first quarter of 2013.

Precision Castparts Corp ((PCP)) climbed 5.2% or $8.84 to $180.17 after the metal components maker on Friday agreed to acquire Titanium Metals Corporation ((TIE)) for $16.50 per share in cash or transaction valued $2.9 billion. The offer is expected to be completed by the end of year.

The Sherwin-Williams Company ((SHW)) jumped 4.6% or $6.61 to $147.45 after the paint maker agreed to acquire Mexico based Consorcio Comex, a paint producer for $2.4 billion in cash.

WellCare Health Plans, Inc. ((WCG)) slid 6 cents to $47.04 after the health care services provider completed the acquisition of Easy Choice Health Plan, Inc agreed on September 6.