U.S. Movers: Bank of Nova Scotia, Campbell Soup, Tiffany, Valeant

Mukesh Buch
28 May, 2013
New York City

Bank of Nova Scotia revenue and net jumped. Campbell Soup agrees to acquire Plum Organics. Fidelity National acquires LPS for $2.9 billion. Tiffany net rose as sales climbed. Valeant agree to acquire Bausch & Lomb in $8.7 billion in cash.

[R]11:25 AM New York – Bank of Nova Scotia revenue and net jumped. Campbell Soup agrees to acquire Plum Organics. Fidelity National acquires LPS for $2.9 billion. Tiffany net rose as sales climbed. Valeant agree to acquire Bausch & Lomb in $8.7 billion in cash.[/R]

The Bank of Nova Scotia ((BNS)) slid 38 cents to $57.09 after the Canada based diversified financial institution reported total revenues in the second quarter ending in April jumped 11% to $5.22 billion. Net income in the quarter advanced 10% to $1.60 billion or $1.23 a diluted share compared to $1.46 billion or $1.15.

Canadian Solar Inc ((CSIQ)) surged 13.9% or $1.20 to $9.81 after the Canada based solar module products manufacturer said net revenues in the first quarter ending in March tumbled 19% to $263.6 million. Net loss in the quarter narrowed to $3.92 million or 10 cents a diluted share compared to $104.9 million or $2.43.

Gross profit in the quarter increased 2% to $25.6 million.

Campbell Soup Company ((CPB)) gained 30 cents to $45.94 after the food products maker agrees to acquire Plum Organics, the organic baby food products maker.

Fidelity National Financial, Inc ((FNF)) climbed 2.5% or 66 cents to $26.84 after the insurance and mortgage service provider acquires all of the outstanding common stock of LPS for $33.25 per share for total equity value of nearly $2.9 billion.

The transaction is expected to close in the fourth quarter of this year.

IXYS Corporation ((IXYS)) slipped 1.5% or 18 cents to $11.50 after the chip maker reported net sales in the fourth quarter ending in April slumped 23% to $66.9 million.The net swung to $1.95 million or 6 cents a diluted share compared to net profit $3.71 million or 11 cents.

In the quarter, gross profit tumbled 39% to $18.1 million and operating income plunged 95% to $0.76 million.

Tiffany & Co. ((TIF)) jumped 4.1% or $3.17 to $79.38 after the holding company stated net sales in the first quarter ending in April climbed 9% to $895.5 million. Net earnings in the quarter rose 3% to $83.6 million or 65 cents a diluted share compared to $81.5 million or 64 cents.

The company added gross profit in the quarter grew 7% to $503.2 million.

In the first quarter, total sales n Americas jumped 6% to $408 million and Asia-Pacific sales climbed 15% to $223 million and Japan sales increased 2% to $145 million. Sales in Europe rose 6% to $93 million.

For the year, Tiffany expects diluted earnings per share in the range of $3.43 to $3.53.

Seadrill Limited ((SDRL)) gained 2.4% or 96 cents to $40.88 after the Bermuda based oil and gas contractor stated net sales in the first quarter ending in March surged 21% to $1.27 billion. Net income in the quarter was nearly flat at $440 million or 85 cents a diluted share compared to $439 million or 87 cents.

Operating profit for the quarter jumped 21% $552 million.

Valeant Pharmaceuticals International, Inc ((VRX)) soared 7.1% or $6.04 to $90.52 after the pharmaceutical agrees to acquire Bausch & Lomb Holdings Inc, eye care and ophthalmic products maker for $8.7 billion in cash.

Bausch & Lomb will retain its name and become a division of Valeant.