U.S. Movers: AEP Ind, Delta Air Lines, Hi-Tech Pharmacal, Hovnanian, Koch

Mukesh Buch
09 Sep, 2013
New York City

AEP Industries net tumbled 85%. Delta Air Lines to replace BMC Software in the S&P 500 index. Hi-Tech Pharmacal profit declined 24%. Hovnanian net plunged 76%. Koch will acquire Molex for $7.2 billion in cash. Stewart Enterprises net dropped 14%.

[R]11:30 AM New York – AEP Industries net tumbled 85%. Delta Air Lines to replace BMC Software in the S&P 500 index. Hi-Tech Pharmacal profit declined 24%. Hovnanian net plunged 76%. Koch will acquire Molex for $7.2 billion in cash. Stewart Enterprises net dropped 14%.[/R]

AEP Industries Inc ((AEPI)) climbed 12.6% or $9.62 to $86.07 after the plastic packaging films maker said net sales in the third-quarter ending in July was nearly flat at $302.5 million. Net income in the quarter tumbled 85.4% to $1.8 million or 32 cents a diluted share compared to $12.3 million or $2.20.

Delta Air Lines, Inc. ((DAL)) soared 6.7% or $1.33 to $21.22 after the airline was selected by Standard & Poor’s to replace BMC Software in the S&P 500 index after the close on September 10.

Hi-Tech Pharmacal Co., Inc ((HITK)) rose 4 cents to $43.09 after the nutritional products maker reported net sales in the first-quarter ending in July slid 3% to $50.50 million. Net income in the quarter declined 24.2% to $4.55 million or 33 cents a diluted share compared to $6 million or 44 cents.

Hovnanian Enterprises, Inc. ((HOV)) increased 1.1% or 10 cents to $5.14 after the homebuilder said total revenues in the third-quarter ending in July soared 23.6% to $478.4 million. Net income in the quarter plunged 75.5% to $8.5 million or 6 cents a diluted share compared to $34.7 million or 25 cents.

Koch Industries, Inc., the holding company agreed to acquire electronic components maker Molex Inc. ((MOLX)) for $38.50 a share or 42% premium to equity value in total of nearly $7.2 billion in cash.

Stewart Enterprises, Inc. ((STEI)) gained 1 cent to $13.11 after the funeral and cemetery services provider stated total revenues in the third-quarter ending in July fell 1.6% to $127.1 million. Net earnings in the quarter dropped 14.1% to $8.28 million or 10 cents a diluted share compared to $9.64 million or 11 cents.

Wells Fargo & Company ((WFC)) slipped 1.2% or 48 cents to $40.95 after the financial service provider expects to report a decline in mortgage originations in the third quarter.