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Market Update

U.S. Movers: AMC Networks, Biogen, Consol Energy, Merck, Loews, Roper


Author: Mukesh Buch
ticker.com
Last Update: 2:30 PM ET October 28 2013

12:55 PM New York AMC Networks agreed to acquire division of Liberty Global for $1 billion. Biogen net and revenue surged. Consol Energy to sell its five of its coal mines for $3.5 billion. Merck net declined 23% and Loews net soared 17%. Sohu.com net swung to a loss.

AMC Networks Inc (AMCX) slipped 2.4% or $1.75 to $68.62 after the cable television operator agreed to acquire all of Chellomedia, the international content division of Liberty Global for $1.03 billion or 750 million.

The transaction is expected to close in the first quarter of 2014.

Biogen Idec Inc. (BIIB) gained 1.8% or $4.49 to $256.75 after the biotechnology company reported revenue in the third-quarter ending in September soared 32% to $1.83 billion. Net income in the quarter surged 22% to $488 million or $2.05 a diluted share compared to $398.4 million or $1.67.

Biogen lifted its full year financial guidance and said revenue to increase between 23% to 25% and diluted earnings per share in the range of $7.50 and $7.70.

Consol Energy Inc. (CNX) increased 33 cents to $38.47 after the coal and natural gas producer agreement to sell its Consolidation Coal Company subsidiary which contains all five of its long-wall coal mines in West Virginia, to a subsidiary of Murray Energy Corporation for $3.5 billion.

CNA Financial Corporation (CNA) rose 17 cents to $39.86 after the property and casualty insurer said total revenue in the third-quarter ending in September rose 2% to $2.5 billion. Net income in the quarter surged 23% to $272 million or $1.01 a diluted share compared to $221 million or 82 cents.

Merck & Co., Inc (MRK) dropped 2.5% or $1.18 to $45.36 after the pharmaceutical company reported sales in the third-quarter ending in September fell 4% to $11 billion. Net income in the quarter declined 23% to $1.12 billion or 38 cents a diluted share compared to $1.73 billion or 56 cents.

Merck narrowed its full-year non-GAAP earnings per share in the range of $3.48 to $3.52 and GAAP earnings per share to be between $1.61 and $1.79.

The Mosaic Company (MOS), the fertilizer products maker agreed to acquire the Florida phosphate business of CF Industries, Inc. (CF) for $1.2 billion in cash plus $200 million to fund CF Industries'' asset retirement obligation escrow.

The transaction is expected to close in the first half of 2014.

Loews Corporation (L) slid 6 cents to $48.75 after the property and casualty insurer reported total revenue in the third-quarter ending in September slid to $3.70 billion from $3.71 billion. Net income in the quarter soared 17% to $282 million or 73 cents a diluted share compared to $177 million or 45 cents.

Roper Industries, Inc. (ROP) declined 4.7% or $6.31 to $126.73 after the radio frequency chip maker said revenue in the third-quarter ending in September jumped 11% to $827.8 million. Net income in the quarter climbed 17% to $136.3 million or $1.36 a diluted share compared to $116.7 million or $1.17.

Roper lowered its diluted earnings per share guidance for the year in the range of $5.57 to $5.63 from previous forecast of $5.72 to $5.86. Fourth quarter adjusted diluted earnings per share expected between $1.57 and $1.63.

Sohu.com Inc plunged 14.5% or $11.78 to $69.64 after the China-based online media, search, gaming service provider said total revenue in the third-quarter ending in September climbed 29% to $368 million. Net in the quarter swung to a loss of $64.2 million or $1.69 compared to a net income of $21.6 million or 56 cents.

Sohou revenues jumped 53% to $57 million and revenues from online games increased 7% to $161 million. Brand advertising revenues surged 60% to $125 million.

For the fourth quarter, Sohu estimated total revenues between $378 million and $390 million and online game revenues to be between $171 million and $176 million. Revenue from brand advertising revenue to decreased of 4% sequential or between $120 million and $125 million.

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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