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Market Update

AT&T to Buy DirecTV for $48.5 billion; KKR, Valspar Jump


Author: Mukesh Buch
ticker.com
Last Update: 12:24 PM ET May 19 2014

11:45 PM New York AT&T plans to buy DirecTV for $95 per share or $48.5 billion. Campbell Soup net rose 2% but revenue nearly flat. Johnson Controls plans to spin off its $3 billion automotive-interiors business. MasterCard agreed to acquire ElectraCard. Valspar net declined 12%.

AT&T Inc (T) slid 1 cent to $36.73 after the mobile communication services provider agreed to buy DirecTV for $95 per share or $48.5 billion.

Campbell Soup Company (CPB) dropped 2.9% or $1.31 to $43.80 after the packaged food products maker said revenues in the third-quarter ending on April 27 nearly flat at $1.97 billion from $1.96 billion a year ago.

Net income in the quarter rose 1.7% to $184 million or 58 cents a diluted share compared to $181 million or 57 cents.

Johnson Controls Inc (JCI) climbed 3.7% or $1.65 to $46.43 after the temperature regulation systems maker plans to spin-off its $3 billion automotive-interiors business into a new company majority-owned by a China-based partner SAIC Motor Corp.

Johnson will retain a 30% interest in the new company that have total value of $7.5 billion in revenue.

KKR & Co. L.P (KKR) jumped 2.5% or 54 cents to $22.99 after the investment company agreed to acquire Singapore-based Goodpack Ltd the maker of intermediate bulk containers with market value of $1.1 billion.

MasterCard Inc (MA) rose 12 cents to $73.87 after the payment solution provider agreed to acquire ElectraCard Services Private Limited, a subsidiary of Opus Software Solutions Pvt. Ltd., a software solutions provider for electronic payment and card systems. Terms of the agreement were not disclosed.

The transaction is expected to close in the second quarter.

The Valspar Corporation (VAL) jumped 2.6% or $1.97 to $75.30 after the paint and coatings products maker reported net sales in the second-quarter ending on April 25 climbed 10% to $1.1 billion.

Net income in the quarter declined 11.7% to $85.9 million or 99 cents a diluted share compared to $76.9 million or 84 cents.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc