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Market Update

Alcoa, MSC, Tech Data Climb; Constellation Brands, WD-40 Decline


Author: Mukesh Buch
ticker.com
Last Update: 12:14 PM ET April 09 2014

12:00 PM New York Alcoa net swung to a loss on 7% decline in sales. Constellation Brands net and revenue surged. Mars agrees to acquire three brands for $2.9 Billion from Procter & Gamble. MSC Ind net declined 12%. Progressive profit jumped 4%. Tech Data net surged.

Alcoa Inc (AA) climbed 4.5% or 57 cents to $13.10 after the aluminium producer reported sales in the first-quarter ending in March declined 6.5% to $5.45 billion.

Net in the quarter swung to a loss $178 million or 16 cents a diluted share compared to a profit of $149 million or 13 cents.

Constellation Brands, Inc (STZ) dropped 2.8% or $2.41 to $79.07 after the wine company said revenue in the fourth-quarter ending in February surged 85.5% to $1.29 billion.

Net income in the quarter soared 92.4% to $157.2 million or 73 cents a diluted share compared to $81.7 million or 39 cents.

Mars, Inc, the confectionery maker agrees to acquire IAMS, EUKANUBA, and NATURA brands for $2.9 Billion in cash from The Procter & Gamble Company to complement its large and growing pet care business.

The companies expect to complete the transaction in the second-half of 2014.

MSC Industrial Direct Co Inc (MSM) soared 4.9% or $4.26 to $90.83 after the industrial machinery distributor said net sales in the second-quarter ending on March 1 soared 16.2% to $661.5 million.

Net income in the quarter declined 11.7% to $49.5 million or 79 cents a diluted share compared to $56.1 million or 88 cents.

The Progressive Corporation (PGR) slid 1 cent to $24.16 after the insurance company stated net premiums written in the first-quarter ending in the March climbed 5% to $4.68 billion.

Net income in the quarter jumped 4% to $321.3 million or 54 cents a diluted share compared to $308.6 million or 51 cents.

Tech Data Corp (TECD) surged 5.4% or $3.35 to $64.84 after the electronics retailer reported net sales in the fourth-quarter ending in January increased $7.97 billion.

Net income in the quarter surged 147.3% to $109.8 million or $2.87 a diluted share compared to $44.4 million or $1.17.

WD-40 Company (WDFC) plunged 6.2% or $4.79 to $72.69 after the consumer products company said net sales in the second-quarter ending in February jumped 9% to $94.2 million.

Net income in the quarter slid 1% to $10.3 million or 67 cents a diluted share compared to $10.5 million or 66 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