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Market Update

U.S. Movers: AZZ, GE, Merz, Oriola-KD, Ericsson

Author: Mukesh Buch
Last Update: 11:19 AM ET April 08 2013

11:15 AM New York AZZ fourth quarter net surged 14%. GE agreed to buy Lufkin Industries Inc. for $3.3 billion. Merz withdraw to acquire Obagi Medical. Oriola-KD agreed to buy Sweden based Medstop Group for $229 million. Ericsson agreed to purchase media-room business from Microsoft.

AZZ Inc. (AZZ) gained 1% or 48 cents or $46.80 after the electrical equipment maker reported revenues in the fourth quarter ending on February 28 climbed 14% to $140.4 million. Net income in the quarter surged 14% to $13.2 million or 52 cents a diluted share compared to $11.6 million or 46 cents.

For the fiscal year 2014, AZZ expects revenues in the range of $825 to $900 million and diluted earnings per share between $2.65 and $2.95.

General Electric Company (GE) slid 5 cents to $22.88 after the diversified conglomerate agreed to buy artificial lift maker Lufkin Industries Inc. for $3.3 billion. Shareholders of Lufkin will receive $88.50 per share in cash for each share. The transaction expected to close in the second half of 2013.

Merz Pharmaceuticals Inc privately held and subsidiary of German drugmaker Merz withdrew its proposal to acquire Obagi Medical for $22 per share in cash.

Oriola-KD Corporation the biotechnology agreed to buy Sweden based pharmacy chain Medstop Group for $229 million or 176 million.

Telefonaktiebolaget LM Ericsson rose 2 cents to $12.13 after the Sweden based communications technology agreed to acquire TV solution business from Microsoft.

Ericsson is the leading provider of IPTV and estimate to reach 76 million subscribers in 2013. Global IPTV market is estimated to generate revenue of $32 billion and is expected to grow 105 million subscribers with revenue of $45 billion in 2015.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc