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Market Update

Abbott to Acquire Veropharm; Carnival, Walgreen Net Climb


Author: Mukesh Buch
ticker.com
Last Update: 12:16 PM ET June 24 2014

12:05 PM New York Abbott agreed to acquire Russia-based Veropharm for $495 million. Carnival net jumped 159%. KKR acquired one-third stake in Acciona for $567 million. Micron Technology profit surged. Sonic net jumped 14%. Walgreen net soared 16%.

Abbott Laboratories (ABT) gained 16 cents to $40.89 after the health care products maker agreed to acquire Russia-based pharmaceutical company Veropharm for between 13.6 billion rubles and 17 billion rubles or up to $495 million.

Carnival Corporation (CCL) dropped 2.1% or 81 cents to $38.62 after the cruise company reported total revenue in the second-quarter ending in May rose 2.9% to $3.63 billion.

Net income in the quarter jumped 158.5% to $106 million or 14 cents a diluted share compared to $41 million or 5 cents.

KKR & Co. L.P (KKR) slid 3 cents to $23.85 after the investment company agreed to acquire a one-third stake in the Spain-based energy company Acciona SA for 417 million or $567 million.

Micron Technology, Inc (MU) climbed 4.2% or $1.32 to $32.58 after the flash memory maker stated revenue in the third-quarter ending on May 29 soared 72% to $3.98 billion.

Net income in the quarter surged to $806 million or 68 cents a diluted share compared to $43 million or 4 cents.

Sonic Corporation (SONC) rose 9 cents to $22.74 after the drive-in restaurants operator said sales in the third-quarter ending in May climbed 3.8% to $152.2 million. Same-store sales in the quarter surged 5.3%.

Net income in the quarter jumped 13.5% to $16.8 million or 30 cents a diluted share compared to $14.8 million or 26 cents.

Validus Holdings, Ltd (VR) increased 1.4% or 53 cents to $37.41 after the reinsurance company agreed to buy specialty insurer Western World Insurance Group Inc for $690 million in cash.

Walgreen Company (WAG) slumped 2.2% or $1.65 to $72.11 after the drugstore retailer reported sales in the third-quarter ending in May jumped 5.9% to $19.4 billion. Comparable store sales in the quarter climbed 4.8%.

Net earnings in the quarter soared 15.7% to $722 million or 75 cents a diluted share compared to $624 million or 65 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