11:25 AM New York – AEP Industries second quarter sales and profit declined. Google is said to acquire Waze Inc. for $1.1 billion. Heinz completed acquisition offer of $23 billion. McDonald’s same store sales in May increased 2.6%. Travelers agreed to acquire The Dominion of Canada for about $1.1 billion.
AEP Industries Inc.
) plunged 14.4% or $11.88 to $70.54 after the packaging films maker said net sales in the second quarter ending in April slipped 4% to $284.3 million. Net income in the quarter plunged 28% to $0.2 million or 4 cents a diluted share compared to $4.8 million or 87 cents.
The company added gross profit in the quarter declined 17% to $35.9 million.
) gained $7.13 to $886.86 after the media report suggested that the search engine service provider agreed to acquire Waze Inc, the mapping software developer for about $1.1 billion.
H. J. Heinz Company
), the food products maker confirmed that Berkshire Hathaway and 3G Capital completed the acquisition for $72.50 a share or $23 billion in addition of debt.
Heinz will no longer be listed for trading on the New York Stock Exchange and Heinz expects no further trading after the close of business on June 7.
KMG Chemicals, Inc.
) rose 15 cents to $22.60 after the specialty chemicals manufacturer reported net sales in the third quarter ending in April declined 10% to $59.9 million. Net income in the quarter plunged 28% to $2.87 million or 25 cents a diluted share compared to $3.97 million or 34 cents.
Gross profit in the quarter dropped 27% to $16.3 million and operating profit tumbled 36% to $4.36 million.
For the fourth quarter, the company expects diluted earnings per share increase 25 cents.
) increased 1.6% or $1.55 to $99.83 after the restaurant operator said global comparable sales rose 2.6% in May. Sales in U.S. grew 2.4% led by breakfast items and Europe sales increased 2%.
System-wide sales for the month jumped 3.6%.
The Travelers Companies, Inc
) slipped 27 cents to $83.17 after the insurance company agreed to acquire The Dominion of Canada General Insurance Company from E-L Financial Corporation Limited for about $1.1 billion in cash.
The transaction is expected to close in the fourth quarter of this year.