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Market Update

U.S. Movers: Alpha Natural, Essex Property, Given Imaging, Sysco

Author: Mukesh Buch
Last Update: 11:19 AM ET December 09 2013

11:15 AM New York Sysco agreed to acquire US Foods for about $3.5 billion. Essex Property proposed to acquire BRE Properties for $4.48 billion. Given Imaging agreed to be acquired by Covidien for $860 million. Ingles Markets net climbed 17%.

Alpha Natural Resources, Inc (ANR) soared 5.9% or 39 cents to $6.96 after the coal producer agreed to sell its 50% stake in Alpha Shale Resources joint venture to Rice Energy for $300 million in cash and stock.

The firm today submitted initial paperwork for a proposed initial public offering and expects to receive $200 million of Rice stock in the planned IPO and $100 million in cash.

Essex Property Trust Inc (ESS) gained 65 cents to $154.64 after the real estate investor has made non-binding proposal to acquire BRE Properties, Inc.

Under the proposal, each share of BRE common stock would be exchanged for 0.2971 shares of Essex common stock and $12.33 in cash or for about $4.48 billion in stock and cash.

Given Imaging Ltd (GIVN) soared 25.6% or $6.05 to $29.70 after the diagnostic products maker agreed to be acquired by Ireland-based Covidien Plc (COV) for $30 a share in cash for a total of $860 million. The transaction is expected to be completed by March 2014.

Ingles Markets, Inc (IMKTA) climbed 5% or $1.18 to $24.86 after the supermarket chain reported net sales in the fourth-quarter ending on September 28 dropped 4.5% to $948.9 million. Net income in the quarter climbed 17.3% to $15.6 million or 68 cents a diluted share compared to $13.3 million or 55 cents.

Layne Christensen Company (LAYN) plunged 8.4% or $1.32 to $14.40 after the water and sewage construction solution provider said revenue in the third-quarter ending in October declined 23% to $216.5 million. Net in the quarter swung to a loss $15.8 million or 80 cents a diluted share compared to a net income of $8.5 million or 43 cents.

McDonald''s Corporation (MCD) fell 1.3% or $1.30 to $95.50 after the fast-food chain reported U.S. comparable sales in November fell 0.8% and in Europe increased 1.9%. Systemwide sales for the month increased 1.1%.

Mosaic Co (MOS) slipped 39 cents to $46.40 after the fertilizer maker said it would buy back 43.3 million restricted shares from the Margaret A.Cargill Foundation and the Anne Ray Charitable Trust over the next eight months.

Mosaic will purchase 21.7 million of the MAC Trusts'' shares on January 8 and will be purchased remaining 21.6 million shares beginning in February 2014 in seven equal installments.

Sysco Corporation (SYY) surged 21.3% or $7.29 to $41.63 after the food distributor agreed to acquire US Foods for about $3.5 billion in stock and cash. The total enterprise value of the transaction is about $8.2 billion and the merger agreement has approved by the board of directors of both the company.

After completion of the transaction, the combined companies are expected to have annualized sales of approximately $65 billion.

WhiteWave Foods Co (WWAV) jumped 3.3% or 71 cents to $22.49 after the packaged food and beverage maker agreed to acquire Earthbound Farm from investors including private equity firm Kainos Capital for $600 million.

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