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Market Update

Allegheny, Express, Intel, Multi-Color Soar; Finisar Falls


Author: Mukesh Buch
ticker.com
Last Update: 12:54 PM ET June 13 2014

12:30 PM New York Allegheny agreed to acquire Hanard Machine. Amaya buys Oldford Group for $4.9 billion. Express surged after Sycamore Partners offered a 9.9% stake. Finisar tumbled on cautious outlook. Intel lifted annual revenues outlook to $53.07 billion.

Allegheny Technologies Inc (ATI) jumped 2.3% or 91 cents to $41.34 after the diversified specialty metals producer agreed to acquire Oregon-based Hanard Machine, Inc., equipment maker for aerospace, and oil and gas and chemical process industry.

Amaya Gaming Group Inc, the Canada-based gaming company agreed to acquire privately held the U.S.-based Oldford Group Ltd. valued at $4.9 billion in cash. The transaction is expected to close on or before September.

Express, Inc (EXPR) surged 19.7% or $2.67 to $16.22 after the private-equity firm Sycamore Partners offered a 9.9% stake in the apparel and accessory retailer.

Finisar Corporation (FNSR) tumbled 21.7% or $5.48 to $19.77 after the communication network services provider said revenue in the fourth-quarter ending on April 27 jumped 25.7% to $306 million.

Net income in the quarter surged above six-fold to $28.4 million or 27 cents a diluted share compared to $3.9 million or 4 cents.

Intel Corporation (INTL) climbed 7.3% or $2.02 to $29.98 after the computer chip-maker reported new forecast revenue in the second-quarter between $13.7 billion and $14 billion compared to earlier estimate of $13 billion, plus or minus $500 million.

The chipmaker lifted annual revenues outlook to $53.07 billion.

Multi-Color Corporation (LABL) soared 7.3% or $2.57 to $37.73 after the commercial printing services provider said net revenue in the fourth-quarter ending in March climbed 15% to $193.5 million.

Net income in the quarter plunged 66.7% to $3.05 million or 18 cents a diluted share compared to $9.15 million or 56 cents.

Priceline Group Inc (PCLN) slipped 1.7% or $21.04 to $1,204.82 after the online travel company agreed to acquire OpenTable Inc for $103 per share in an all cash transaction valued at $2.6 billion. The tender offer is expected to close in the third-quarter.

OpenTable Inc surged 47.4% to $103.80.

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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