DreamWorks Surges on Softbank Offer, NiSource Splits Pipeline Business

Mukesh Buch
29 Sep, 2014
New York City

AMAG Pharma agreed to buy privately held healthcare company Lumara for $675 million. Cal-Maine net surged. DreamWorks surged after Softbank offered $3.4 billion. Encana agreed to acquire Texas-based oil group for $6 billion. NiSource spins off gas pipelines business.

[R]12:20 PM New York – AMAG Pharma agreed to buy privately held healthcare company Lumara for $675 million. Cal-Maine net surged. DreamWorks surged after Softbank offered $3.4 billion. Encana agreed to acquire Texas-based oil group for $6 billion. NiSource spins off gas pipelines business.[/R]

Tollbooth Index rose 0.3% or 30.40 to 9,236.95.

Earnings Review

AMAG Pharmaceuticals, Inc ((AMAG)) surged 17.5% or $4.06 to $27.22 after the pharmaceutical company agreed to acquire privately held women's healthcare company Lumara Health Inc for $675 million in cash and stock.

Cal-Maine Foods Inc ((CALM)) slipped 1.5% or $1.31 to $84.16 after the shell eggs marketer reported net sales in the first-quarter ending in August jumped 12% to $356.9 million from a year ago period.

Net income in the quarter surged 214.8% to $27.7 billion or $1.15 a diluted share compared to $8.8 million or 36 cents from a same quarter last year.

Cantel Medical Corp ((CMN)) rose 11 cents to $35.28 after the medical equipment maker said sales in the fourth-quarter ending in July climbed 15% to $131.4 million from a year ago period.

Net income in the quarter soared 14.8% to $10.7 billion or 26 cents a diluted share compared to $10.2 million or 25 cents from a same quarter last year.

DreamWorks Animation SKG Inc ((DWA)) surged 20.7% or $4.63 to $26.99 on news that animated films maker may be acquired by Japan-based conglomerate Softbank Corp in a deal worth about $3.4 billion.

SoftBank offered $32 a share, a premium of more than 40% of closing price of Friday.

Encana Corporation ((ECA)) gained 1% or 23 cents to $21.13 after the energy producer signed merger agreement with Athlon Energy Inc. to acquire the Texas-based oil company for $5.93 billion in cash or $58.50 per share.

The transaction is expected to close by the end of this year.

Ferrellgas Partners, L.P dropped 1.3% or 36 cents to $27.78 after the propane related equipment maker stated total revenue in the fourth-quarter ending in July jumped to $399 million from a year ago period.

Net loss in the quarter widened to $47.3 billion or 58 cents a diluted share compared to $28.5 million or 36 cents from a same quarter last year.

NiSource Inc ((NI)) climbed 3.3% or $1.28 to $39.86 after the energy company announced to spin-off its natural gas pipelines business into a stand-alone publicly traded company.

The new company Columbia Pipeline Group will begin trading on the New York Stock Exchange in the mid-2015.