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Market Update

Google Splits Stock, Greenbrier Net Rises


Author: Mukesh Buch
ticker.com
Last Update: 12:28 PM ET April 03 2014

12:20 PM New York – Google trades ex-split. Greenbrier net soared 13%. Meltwater bids for Sweden-based rival Cision for $138 million in cash. RPM Int net swung to profit. Schnitzer Steel profit tumbled 79%.Texas Ind loss widened.

Google Inc (GOOG) increased 2.6% or $15.10 to $582.40 after the largest search company split its non-voting stock in two classes. The stock will trade under two symbols.

The non-voting Class C shares trading under ''GOOG'' climbed 2.6% to $582.40 and the Class A shares trading under the new ticker ''GOOGL'' jumped 2.4% to $581.72.

The founders control 56% of the vote through the non-traded B shares and carry 10 votes for each share according to the company’s March 28 proxy filing.

Executive Chairman Eric Schmidt owns 8.2% of the B shares while Sergey Brin and Larry Page together hold 84%.

The Greenbrier Companies, Inc (GBX) declined 3% or $1.45 to $46.26 after the railroad freight car equipment maker said revenue in the second-quarter climbed 18.7% to $502.2 million.

Net income in the quarter soared 13% to $15.6 million or 50 cents a diluted share compared to $13.8 million or 45 cents.

Meltwater Group, the U.S.-based PR software and services provider offer to the Sweden-based rival Cision for about 895 million kronor or $138 million in cash.

The company reported revenues in the fiscal 2013 of about $130 million.

RPM International Inc (RPM) soared 4.9% or $2.07 to $44.22 after the paint and coatings maker reported net sales in the third-quarter ending in February rose 2.3% to $863.4 million.

Net in the quarter swung to a profit $16.2 million or 12 cents a diluted share compared to a loss of $42.4 million or 33 cents.

Schnitzer Steel Industries, Inc (SCHN) jumped 2.6% or 73 cents to $28.80 after the scrap metal recycler stated revenues in the second-quarter increased 6.5% to $626.1 million.

Net income in the quarter tumbled 79% to $1.8 million or 7 cents a diluted share compared to $8.6 million or 32 cents.

Texas Industries, Inc (TXI) fell 36 cents to $88.35 after the construction materials supplier said net sales in the third-quarter ending in February plunged 46.9% to $207.8 million.

Net loss in the quarter widened to $21.8 million or 76 cents a diluted share compared to $5.8 million or 21 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