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Market Update

Safeway and Albertsons in $9.4 B Deal; Big Lots, Cooper Jump


Author: Mukesh Buch
ticker.com
Last Update: 12:29 PM ET March 07 2014

11:40 AM New York Big Lots net plunged 30% and sales dropped. Cooper net fell 4% but sales jumped 7% and lifted outlook. Foot Locker net and revenue climbed. Penn West Petroleum net in the quarter widened. Quiksilver net swung to a profit. Safeway agreed to be acquired for $9.4 billion.

Big Lots, Inc (BIG) surged 16.5% or $4.82 to $34.07 after the discount store reported total sales in the fourth-quarter ending on February 1 slipped 5.8% to $1.6 billion. Comparable store sales in the quarter decreased 3%.

Net income in the quarter plunged 30% to $84.4 million or $1.45 a diluted share compared to $120.3 million or $2.09.

The Cooper Companies, Inc (COO) climbed 4.7% or $6.15 t $136.24 after the contact lenses maker reported revenue in the first-quarter ending in January jumped 7% to $405 million.

Net income in the quarter fell 3.9% to $71.8 million or $1.47 a diluted share compared to $74.7 million or $1.50.

The company lifted its full-year fiscal 2014 revenue guidance between $1.69 billion and $1.72 billion and earnings per share in the range of $6.75 to $7.

Foot Locker, Inc. (FL) soared 6.1% or $2.60 to $45.33 after the footwear retailer said total sales in the fourth-quarter ending on February 1 jumped 4.9% to $1.8 billion. Comparable store sales in the quarter advanced 5.3%.

Net income in the quarter climbed 16% to $121 million or 81 cents a diluted share compared to $104 million or 68 cents.

Penn West Petroleum Ltd. (PWE) gained 1.8% or 14 cents to $8.06 after the Canada-based oil and gas explorer said total sales in the fourth-quarter ending in December declined 23% to $613 billion.

Net loss in the quarter widened to $728 million or $1.49 a diluted share compared to $78 million or 16 cents.

Quiksilver, Inc. (ZQK) fell 3 cents to $7.66 after the diversified company reported revenues in the first-quarter ending in January dropped 9% to $393 million.

Net in the quarter swung to a profit $15.4 million or 13 cents a diluted share compared to a loss of $31.1 million or 19 cents.

Safeway Inc (SWY) dropped 2.6% or $1.02 to $38.45 after the food and drug retailer received a takeover offer from Albertsons owned by private equity firm Cerberus Capital Management that valued the company at $9.4 billion.

Safeway shareholders will receive $32.50 a share in cash and other distributions valued $3.65 per share.

The merger is expected to close in the fourth quarter of 2014.

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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