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Market Update

Kinder Morgan Consolidates in $70 B Merger


Author: Mukesh Buch
ticker.com
Last Update: 1:21 PM ET August 11 2014

12:15 PM New York Dean Foods net narrowed. Hospitality Properties net surged 30. Kinder Morgan consolidates its partner interests in a deal valued at about $71 billion. Priceline net climbed 32%. Sysco profit declined 10% but sales jumped 6%. Techne net dropped 5%.

Tollbooth Index increased 0.5% or 46.40 to 9,313.08.

Earnings Review

The Blackstone Group L.P (BX) gained 2.5% or 81 cents to $33.79 after the financial advisory service provider intends to acquire 50% stake gas field of Louisiana from Royal Dutch Shell for $1.2 billion.

Dean Foods Co (DF) plunged 6.4% or $1.02 to $14.79 after the food and beverage company said net sales in the second-quarter ending in June soared 9.1% to $2.4 billion from a year ago period.

Net loss in the quarter narrowed to $1 million or 1 cent a diluted share compared to $57 million or 61 cents in the quarter last year.

Hospitality Properties Trust (HPT) fell 8 cents to $28.11 after the real estate investment company stated total revenue in the second-quarter ending in June jumped 9.6% to $451.9 million from a year ago period.

Net income in the quarter surged 30.5% to $48.7 million or 33 cents a diluted share compared to $37.2 million or 27 cents in the quarter last year.

Kinder Morgan Inc (KMI) climbed 11.2% or $4.05 to $40.17 after the energy transportation and storage company will consolidate its partner interests in Kinder Morgan Energy Partners, L.P., El Paso Pipeline Partners, L.P. and Kinder Morgan Management, LLC in a deal valued at about $71 billion.

The transaction is expected to close by the end of this year.

Priceline Group Inc (PCLN) gained 2.5% or $31.79 to $1,313.35 after the online travel company reported total revenue in the second-quarter ending in June surged 26.2% to $2.12 billion from a year ago period.

Net income in the quarter climbed 31.8% to $576.5 million or $10.89 a diluted share compared to $437.3 million or $8.39 in the quarter last year.

Sysco Corporation (SYY) jumped 2.4% or 86 cents to $37.13 after the food services provider reported sales in the fourth-quarter ending on June 28 climbed 5.9% to $12.3 billion from a year ago period.

Net earnings in the quarter declined 10.2% to $254.2 million or 43 cents a diluted share compared to $283 million or 47 cents in the quarter last year.

Techne Corporation (TECH) slipped 59 cents to $93.57 after the biotechnology products maker said net sales in the fourth-quarter ending in June jumped 16.3% to $92.5 million from a year ago period.

Net income in the quarter dropped 5.6% to $26.8 million or 72 cents a diluted share compared to $28.4 million or 77 cents in the quarter last year.

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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