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Market Update

Actavis Offers $25 Billion for Forest Laboratories


Author: Mukesh Buch
ticker.com
Last Update: 11:05 AM ET February 18 2014

11:00 AM New York Coca-Cola net fell 8% and revenue dropped 4%. Duke Energy net surged 51% and revenue climbed 25%. Forest Laboratories agreed to be acquired by Actavis for cash and equity. Genuine Parts net dropped 6%. Medtronic net plunged 23%. Waste Management net swung to a loss.

The Coca-Cola Company (KO) declined 3.9% or $1.53 to $37.40 after the beverage maker reported revenue in the fourth-quarter ending in December dropped 4% to $11.04 billion.

Net income in the quarter slumped 8% to $1.71 billion or 38 cents a diluted share compared to $1.87 billion or 41 cents.

Duke Energy Corporation (DUK) gained 1.5% or $1.04 to $72.49 after the utility company reported revenue in the year ending in December climbed 25.5% to $24.6 billion.

Net income in the year surged 50.8% to $2.67 billion or $3.76 a diluted share compared to $1.77 billion or $3.07.

Forest Laboratories, Inc (FRX) surged 30.2% or $21.46 to $92.85 after the generic drugs maker agreed to be acquired by Ireland-based specialty pharmaceutical maker Actavis plc for cash and equity valued at approximately $25 billion or $89.48 per share of Forest.

Under the terms, shareholders of Forest will receive 0.3306 shares of Actavis common stock and $26.04 in cash for each share of Forest.

Genuine Parts Company (GPC) increased 3.9% or $3.35 to $89.30 after the automotive parts distributor stated sales in the fourth-quarter ending in December soared 13% to $3.5 billion.

Net income in the quarter dropped 6.2% to $150.5 million or 97 cents a diluted share compared to $160.2 million or $1.03.

Medtronic, Inc (MDT) slipped 2.3% or $1.33 to $55.55 after the medical technology provider reported revenue in the third-quarter ending on January 24 increased 4% to $4.16 billion.

Net earnings in the quarter plunged 22.9% to $762 million or 75 cents a diluted share compared to $988 million or 97 cents.

The company reiterated its revenue outlook and expects revenue for the year to grow in the range of 3% to 4% and diluted earnings per share between $3.81 and $3.83.

NiSource Inc (NI) rose 1.7% or 62 cents to $35.79 after the energy company stated total revenue in the fourth-quarter ending in December jumped 6.9% to $1.04 billion.

Net income in the quarter jumped 50.8% to $151.8 million or 48 cents a diluted share compared to $ $134 million or 43 cents.

The company expects net operating earnings for the year in a range of $1.61 to $1.71 per share.

Waste Management, Inc (WM) declined 4.5% or $1.96 to $41.69 after the waste management service provider reported revenue in the fourth-quarter ending in December rose 2% to $3.50 billion.

Net in the quarter swung to a loss $605 million or $1.29 a diluted share compared to a profit of $224 million or 48 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