Timken Completes Seprates Steel Business, Acuity Brands Declines

Mukesh Buch
01 Jul, 2014
New York City

Agenus surged after positive result of cancer vaccine for brain tumor patients. Acuity Brands net soared 38% on 12% increase in revenue. Park Electrochemical net surged 67%. Timken completed its spin-off of its steel business.

[R]1:05 PM New York – Agenus surged after positive result of cancer vaccine for brain tumor patients. Acuity Brands net soared 38% on 12% increase in revenue. Park Electrochemical net surged 67%. Timken completed its spin-off of its steel business.[/R]

Agenus Inc ((AGEN)) surged 12.7% or 41 cents to $3.63 after the biotechnology company said its experimental cancer vaccine helped brain tumor patients live nearly twice as long and importantly 22% of patients were alive and without progression at 24 months and continue to be followed for survival.

Acuity Brands, Inc. ((AYI)) plunged 13.4% or $18.54 to $119.71 after the lighting solutions provider said net sale in the third-quarter ending in May jumped 11.5% to $603.9 million.

Net income in the quarter soared 38.2% to $43.8 million or $1.01 a diluted share compared to $31.7 million or 73 cents.

Park Electrochemical Corp. ((PKE)) jumped 2.5% or 70 cents to $28.81 after the advanced materials company reported net sale in the first-quarter ending on June 2 climbed 12% to $48.8 million.

Net earnings in the quarter surged 67% to $8.2 million or 39 cents a diluted share compared to $4.9 million or 24 cents.

The Timken Company ((TKR)) tumbled 28.8% or $19.55 to $48.30 and the anti-friction bearings and power transmission parts maker completed the spin-off of its steel business as TimkenSteel Corporation and will trade on the New York Stock Exchange under the symbol ""TMST"" from tomorrow.

The Timken will continue to focus on its bearings business as well as power transmission products.

Last year in September, the company declared that it planned to separate its steel business in a tax-free spin-off to Timken shareholders.