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Market Update

Steel Dynamics Jumps; AK Steel, BB&T, Hasbro, Manpower Fall


Author: Mukesh Buch
ticker.com
Last Update: 12:22 PM ET July 21 2014

12:20 PM New York – AK Steel agreed to acquire Severstal controlled steel plant in Michigan for $700 million. Allergan net soared 16%. BB&T netplunged 22%. Genuine Parts profit slid 9%. Halliburton net surged 20%. Hasbro net fell 8%. ManpowerGroup net climbed 61%. Steel Dynamics acquired Severstal for $1.6 billion.

Tollbooth Index slipped 0.6% or 58.01 to 9,443.17.

Earnings Review

AK Steel Holding Corporation (AKS) declined 3.7% or 33 cents to $8.50 after the flat-rolled carbon, stainless and electrical steels producer agreed to acquire Severstal’s Michigan plant for $700 million in cash.

Allergan, Inc (AGN) gained $1.52 to $169 after the health care company said total sales in the second-quarter ending in June soared 15.9% to $1.83 billion a year ago period.

Net income in the quarter soared 15.9% to $417.2 million or $1.37 a diluted share compared to $359.9 million or $1.19 from a year earlier.

BB&T Corporation (BBT) declined 3.7% or $1.45 to $37.45 after the financial service provider reported total revenue in the second-quarter ending in June declined 7.6% to $2.31 billion from a year ago.

Net income in the quarter plunged 22.3% to $425 million or 58 cents a diluted share compared to $547 million or 77 cents from a year earlier.

Genuine Parts Company (GPC) increased 34 cents to $87.53 after the automobile parts maker stated sales in the second-quarter ending in June advanced 6% to $3.9 billion a year earlier.

Net income in the quarter declined 8.6% to $197.7 million or $1.28 a diluted share compared to $216.4 million or $1.39 from a year ago period.

Halliburton Company (HAL) rose 54 cents to $71.47 after the oilfield service provider reported total revenue in the second-quarter ending in June soared 10% to $8.05 billion from same quarter of a year ago.

Net income in the quarter surged 20.2% to $774 million or 91 cents a diluted share compared to $644 million or 69 cents from a year earlier.

Hasbro, Inc (HAS) dropped 2.9% or $1.56 to $51.64 after the toy maker said net revenue in the second-quarter ending on June 29 climbed 8% from a year ago quarter to $829.3 million.

Net earnings in the quarter dropped 8.2% to $33.5 million or 26 cents a diluted share compared to $36.5 million or 28 cents from a year ago.

The company said net revenues from U.S. and Canada segment fell 2% to $383 million and from international segment climbed 17% to $396.8 million.

Revenues from games category plunged 12% in the quarter to $225.7 million and from the entertainment and licensing segment surged 35% to $47.7 million.

ManpowerGroup Inc (MAN) slumped 3.9% or $3.29 to $79.85 after the employment service provider reported revenue in the second-quarter ending in June jumped 6% to $5.3 billion from the year earlier.

Net income in the quarter climbed 61% to $109.8 million or $1.35 a diluted share compared to $68.2 million or 87 cents from a year earlier.

The company forecasted diluted earnings per share for the third-quarter in the range of $1.46 to $1.54.

Steel Dynamics, Inc (STLD) climbed 6.5% or $1.20 to $19.78 after the steel producer and metals recycler agreed to acquire U.S. operations of Russia based OAO Severstal for $1.625 billion in cash.

The transaction is expected to close before the end of 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