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Market Update

Forest offers $1.5 B for Furiex, Energy Transfer in $1.8 B Deal


Author: Mukesh Buch
ticker.com
Last Update: 12:23 PM ET April 28 2014

12:15 PM New York CNA Financial net plunged 95%. Ecolab net and sales climbed. Energy Transfer plans to acquire Susser for $1.8 billion. Forest Lab intends to acquire Furiex Pharma for up to $1.46 billion in cash and stock. Franklin Resources net fell 2%. Loews net tumbled 76%. Roper net climbed.

CNA Financial Corp (CNA) dropped 3.9% or $1.67 to $41.04 after the property and casualty insurance stated revenue in the first-quarter ending in March was flat at $2.46 billion.

Net income in the quarter plunged 95% to $13 million or 5 cents a diluted share compared to $250 million or 93 cents.

Ecolab Inc (ECL) rose 29 cents to $105.55 after the hospitality and foodservices provider said net sales in the first-quarter ending in March climbed 16% to $3.34 billion.

Net income in the quarter surged 20% to $191 million or 62 cents a diluted share compared to $159.6 million or 53 cents.

Ecolab lifted its full-year adjusted earnings per share between $4.10 and $4.20 and adjusted earnings per share in the second-quarter in the range of $1 to $1.04.

Energy Transfer Partners LP (ETP) fell 1.2% or 67 cents to $55.13 after the natural gas producer plans to acquire Susser Holdings Corporation for about $1.8 billion.

Forest Laboratories, Inc (FRX) gained 64 cents to $90.48 after the pharmaceutical products maker plans to acquire Furiex Pharmaceuticals Inc for up to $1.46 billion. For that deal, Forest plans to pay about $1.1 billion in cash or $95 per share.

Franklin Resources, Inc (BEN) fell 1.6% or 85 cents to $51.89 after the investment company reported revenue in the second-quarter ending in March jumped 4% to $2.09 billion.

Net income in the quarter fell 2% to $561 million or 89 cents a diluted share compared to $572.8 million or 90 cents.

Loews Corporation (L) rose 3 cents to $44.17 after the property and casualty insurance company said revenue in the first-quarter ending in March increased 1.6% to $3.74 billion.

Net income in the quarter tumbled 75.6% to $59 million or 15 cents a diluted share compared to $242 million or 62 cents.

Roper Industries, Inc (ROP) soared 6.2% or $8.05 to $137.35 after the radio frequency products maker stated revenue in the first-quarter ending in March climbed 13% to $834 million.

Net income in the quarter climbed 17.8% to $147.2 million or $1.46 a diluted share compared to $124.9 million or $1.25.

For the year, Roper lifted its diluted earnings per share guidance between $6.22 and $6.36 from the range between $6.05 and $6.25. Second quarter diluted earnings per share is expected in the range of $1.46 to $1.51.

Toyota Motor Corp (TM) slipped 72 cents to $107.21 and media report suggested automobile company plans to restructure its U.S. sales and marketing operations and relocate from Torrance, California to suburban Dallas, Texas.

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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