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Market Update

U.S. Movers: Actavis, Campbell Soup, Elan, Tesoro, Websense, Yahoo

Author: Mukesh Buch
Last Update: 12:30 PM ET May 20 2013

11:55 AM New York – Actavis agree to acquire Warner Chilcott for $8.5 billion. Tesoro cleared to buy BP''s refinery and other assets in California for $2 billion. Websense acquired by Vista Equity Partners in $906 million. Yahoo agreed to acquire Tumblr in $1.1 billion.

Actavis, Inc. (ACT) gained 2.6% or $3.36 to 128.83 the generic drug-maker agrees to acquire Dublin based Warner Chilcott Plc for stock-for-stock worth $8.5 billion.

The proposed transaction unanimously approved by the boards of directors of both the companies.

Campbell Soup Company (CPB) fell 1% or 50 cents to $47.13 after the food products manufacturer reported net sales in the third quarter ending in April climbed 15% to $2.09 billion. Net earnings in the quarter increased 2% to $181 million or 57 cents a diluted share compared to $177 million or 55 cents.

The company added total operating earnings in the quarter climbed 12% to $329 million.

For the year, the company expects adjusted earnings per share to increase between 6% and 7% and in the range of $2.58 to $2.62.

Elan Corporation, plc (ELN) rose 11 cents to $11.78 after the Ireland based biotechnology agreed to buy Austria based AOP Orphan Pharmaceuticals for €263.5 million, comprised of €175.7 million in cash and €87.8 million of Elan’s ordinary shares.

Biotechnology today also agreed to acquire Dubai based Newbridge Pharmaceuticals with option to purchase remaining stake by 2015 for $244 million.

Separately, Elan spin-off its wholly-owned subsidiaries, Elan Finance public limited company and Elan Finance Corp. and together with Elan Finance, intend to offer $800 million in aggregate principal amount of senior notes maturing of 2021.

Raven Industries, Inc. (RAVN) declined 9.8% or $3.38 to $31.06 after the industrial product provider said sales in the first quarter ending in April tumbled 12% to $103.7 million. Net income in the quarter dropped 26% to $14 million or 38 cents a diluted share compared to $19 million or 52 cents.

For the quarter, operating income plunged 26% to $20.9 million and gross profit tumbled 15% to $34.9 million.

Tesoro Corporation (TSO) jumped 3.6% or $2.26 to $64.50 after the petroleum refiner said Federal Trade Commission cleared the company''s plan to buy BP Plc''s refinery and other assets in southern California for above $2 billion.

Websense, Inc. (WBSN) surged 28.6% o $5.51 to $24.74 after the internet-security provider acquired by Vista Equity Partners, the privately held software and technology in a deal valued $906 million and expects the transaction to close before the end of the third quarter of 2013.

Yahoo! Inc. (YHOO) gained 18 cents to $26.70 after the internet contents provider agree to acquire blogging network Tumblr Inc. for $1.1 billion in cash. The transaction is expected to close in the second half of this year.

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