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Market Update

KKR Acquires Internet Brands for $1.1 B

Author: Mukesh Buch
Last Update: 1:06 PM ET June 03 2014

1:05 PM New York U.S. auto sales increased 11% in May and Chrysler sales in the month surged 17%, Ford sales rose 3% and GM sales jumped 13%. Toyota sales soared 17%. KKR agreed to buy Internet Brands $1.1 billion.

American Woodmark Corporation (AMWD) rose 12 cents to $28.17 after the kitchen cabinets maker reported revenues in the fourth-quarter ending in April jumped 10% to $188.9 million.

Net income in the quarter climbed 7.7% to $5.6 million or 36 cents a diluted share compared to $5.2 million or 35 cents.

Chrysler Group, the carmaker said its May sales surged 17.4% to 194,421 vehicles from a year earlier, making the best May sales since 2007. For the third month in a row, Jeep brand sales reached a new high and soared 58% to 70,000 vehicles.

Ford Motor Company (F) rose 1.1% or 18 cents to $16.73 after the car-maker reported total U.S. sales in May rose 3% to 254,084 vehicles and retail sales climbed 6% to 174,889 vehicles.

Sales of Fusion model soared 14.6% to 33,881 units and sales for Explorer surged 21% to 20,346 units mark for the first time since July 2005.

General Motors Company (GM) climbed 3.9% or $1.37 to $36.63 after the automobile maker said sales in May jumped 13% to 284,694 vehicles compared to a year ago. For the month, Chevrolet sales climbed 14%.

The company said Buick sales in the month jumped 11% and May month sales were the best since 2005. GM expects to increase its total market share year-over-year.

KKR & Co. L.P (KKR) rose 19 cents to $23.54 after the investment company agreed to acquire Internet Brands Inc from private equity firms Hellman & Friedman and JMI Equity valued $1.1 billion.

Toyota Motor Corp slipped 76 cents to $114.16 after the automobile company surged 17% to 243,236 vehicles.

Volkswagen Group of America, the automobile company reported sales in May declined 5% to 49,036 vehicles. Sales in brand name VW models plunged 15% to 32,163 vehicles.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc