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Market Update

Pilgrim’s Pride Offered $5.7 B for Hillshire, Intuit Acquires Check

Author: Mukesh Buch
Last Update: 5:50 AM ET May 27 2014

12:45 PM New York – AutoZone net climbed 7% and net sales jumped 6%. Bank of Nova Scotia profit surged 17%. Frontline net loss narrowed. Hillshire Brands received unsolicited offer from Pilgrim's Pride for $5.7 billion. Intuit agreed to acquire Check Inc for $360 million.

AutoZone, Inc (AZO) slipped 1.7% or $9.54 to $531.36 after the automobile parts and accessories retailer reported net sales in the third-quarter ending on May 10 jumped 6.2% to $2.34 billion. Same-store sales in the quarter increased 4%.

Net income in the quarter climbed 7.4% to $285.2 million or $8.46 a diluted share compared to $265.6 million or $7.27.

The Bank of Nova Scotia (BNS) rose 54 cents to $63.05 after Canada-based financial services provider reported total revenue in the second-quarter ending in April soared 9.8% to $5.81 billion.

Net income in the quarter surged 14% to $1.80 billion or $1.39 a diluted share compared to $1.58 billion or $1.22.

Frontline Ltd (FRO) tumbled 16.8% or 48 cents to $2.38 after the Bermuda-based oil and gas transportation said total revenue in the first-quarter ending in March climbed to $1.70 billion.

Net loss in the quarter narrowed to $12.08 million or 13 cents a diluted share compared to $18.75 million or 24 cents.

Hillshire Brands Co (HSH) surged 22.9% or $8.12 to $45.14 after the food products maker confirmed that it received unsolicited offer from Pilgrim's Pride Corporation (PPC) to acquire Hillshire Brands for $45 per share in cash or in a deal valued at about $5.7 billion plus debt.

Intuit Inc (INTU) gained 52 cents to $80.11 after the tax-preparation software developer signed an agreement to acquire bill-payment service Check Inc for $360 million in cash and debt.

KKR & Co. L.P (KKR) fell 12 cents to $22.92 after the investment company plans to buy Singapore-based ocean freight container maker Goodpack Ltd in a deal valued at S$1.39 billion or $1.11 billion.

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