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Market Update

U.S. Movers: AEP Ind, Delta Air Lines, Hi-Tech Pharmacal, Hovnanian, Koch


Author: Mukesh Buch
ticker.com
Last Update: 11:35 AM ET September 09 2013

11:30 AM New York – AEP Industries net tumbled 85%. Delta Air Lines to replace BMC Software in the S&P 500 index. Hi-Tech Pharmacal profit declined 24%. Hovnanian net plunged 76%. Koch will acquire Molex for $7.2 billion in cash. Stewart Enterprises net dropped 14%.

AEP Industries Inc (AEPI) climbed 12.6% or $9.62 to $86.07 after the plastic packaging films maker said net sales in the third-quarter ending in July was nearly flat at $302.5 million. Net income in the quarter tumbled 85.4% to $1.8 million or 32 cents a diluted share compared to $12.3 million or $2.20.

Delta Air Lines, Inc. (DAL) soared 6.7% or $1.33 to $21.22 after the airline was selected by Standard & Poor’s to replace BMC Software in the S&P 500 index after the close on September 10.

Hi-Tech Pharmacal Co., Inc (HITK) rose 4 cents to $43.09 after the nutritional products maker reported net sales in the first-quarter ending in July slid 3% to $50.50 million. Net income in the quarter declined 24.2% to $4.55 million or 33 cents a diluted share compared to $6 million or 44 cents.

Hovnanian Enterprises, Inc. (HOV) increased 1.1% or 10 cents to $5.14 after the homebuilder said total revenues in the third-quarter ending in July soared 23.6% to $478.4 million. Net income in the quarter plunged 75.5% to $8.5 million or 6 cents a diluted share compared to $34.7 million or 25 cents.

Koch Industries, Inc., the holding company agreed to acquire electronic components maker Molex Inc. (MOLX) for $38.50 a share or 42% premium to equity value in total of nearly $7.2 billion in cash.

Stewart Enterprises, Inc. (STEI) gained 1 cent to $13.11 after the funeral and cemetery services provider stated total revenues in the third-quarter ending in July fell 1.6% to $127.1 million. Net earnings in the quarter dropped 14.1% to $8.28 million or 10 cents a diluted share compared to $9.64 million or 11 cents.

Wells Fargo & Company (WFC) slipped 1.2% or 48 cents to $40.95 after the financial service provider expects to report a decline in mortgage originations in the third quarter.

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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