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Market Update

Alcoa Acquires Firth Rixson for $2.8 B, ConAgra Net Swigs to Loss


Author: Mukesh Buch
ticker.com
Last Update: 12:28 PM ET June 26 2014

12:05 PM New York Alcoa agreed to acquire Firth Rixson for $2.85 billion in cash. Bed Bath & Beyond net dropped 8%. ConAgra net swung to a loss. HB Fuller net rose 4%. Lennar reported quarterly net nearly flat at $138 million. McCormick profit jumped 8%.

Alcoa Inc (AA) jumped 2.4% or 35 cents to $14.90 after the aluminum producer agreed to acquire Firth Rixson, aerospace parts maker for $2.85 billion in cash and stock from private equity firm Oak Hill Capital Partners.

Accenture Plc (ACN) slipped 1.5% or $1.24 to $81.79 after the outsourcing service provider reported total revenues in the net revenue in the third-quarter ending in May jumped 7% to $8.24 billion.

Net income in the quarter climbed 10.6% to $817.3 million or $1.26 a diluted share compared to $810.3 million or $1.21.

Bed Bath & Beyond Inc (BBBY) plunged 8.9% or $5.47 to $56.50 after the home furnishings company said net sales in the first-quarter ending in May rose 1.7% to $2.66 billion. Comparable store sales in the quarter edged up to 0.4%.

Net earnings in the quarter dropped 7.6% to $187.1 million compared to $202.5 million and diluted earnings per share were flat at 93 cents from a year ago.

ConAgra Foods Inc (CAG) rose 5 cents to $28.78 after the packaged food company reported total sales in the fourth-quarter ending on May 25 fell 2.8% to $4.44 billion.

Net in the quarter swung to a loss of $324.2 million or 77 cents a diluted share compared to profit of $192.2 million or 45 cents.

HB Fuller Co (FUL) declined 6.6% or $3.33 to $46.92 after the adhesives maker said revenue in the second-quarter ending in May jumped 4.8% to $544.03 million.

Net income in the quarter rose 3.8% to $20.5 million or 40 cents a diluted share compared to $25.9 million or 51 cents.

Lennar Corporation (LEN) increased 40 cents to $41.92 after the homebuilder said revenue in the second-quarter ending in May soared 27% to $1.8 billion.

Net earnings in the quarter nearly flat at $137.7 million compared to $137.4 million and diluted earnings per share were flat at 61 cents from a year earlier.

Separately, the homebuilder will increase its unsecured revolving credit facility from $950 million to $1.5 billion and extended the credit facility's maturity to June 2018.

McCormick & Company, Inc (MKC) slumped 1.8% or $1.32 to $69.86 after the food processing company stated sales in the second-quarter ending in May edged up to $1.03 billion from $1 billion a year ago.

Net income in the quarter jumped 7.5% to $84.5 million or 64 cents a diluted share compared to $78.6 million or 59 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