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Market Update

U.S. Movers: American Greetings, Avon, Exco Resources, Rite Aid, Walgreen


Author: Mukesh Buch
ticker.com
Last Update: 11:51 AM ET July 03 2013

11:40 AM New York Weiss family increased takeover price for American Greetings to $19 a share. Exco Resources agree to acquire oil and gas assets of $1 billion from Chesapeake Energy. Rite Aid and Walgreen June sales climbed.

American Greetings Corporation (AM) slid 3 cents to $18.98 after the greeting cards maker said its founder Weiss family increased proposed cash purchase price per share from $18.20 to $19.

Avon Products, Inc. (AVN) slipped 1.6% or 35 cents to $20.94 after the beauty products maker sold its Silpada Designs jewelry business for $85 million to a new company formed by Silpada''s founders. Three years ago, Avon purchased Lenexa, Silpada for $650 million.

Exco Resources, Inc (XCO) jumped 3.9% or 29 cents to $7.73 after the oil and natural gas explorer agree to acquire undeveloped oil and gas assets in the Eagle Ford and Haynesville shale formations for about $1 billion from Chesapeake Energy Corporation.

International Speedway Corporation (ISCA) gained 3.5% or $1.14 to $33.65 after the motor-sports entertainment provider reported total revenue in the second quarter ending in May edged down 0.7% to $178.4 million. Net income in the quarter plunged 69% to $22.4 million or 48 cents a diluted share compared to $13.7 million or 30 cents.

For the year, the company expects non-GAAP diluted earnings per share in the range of $1.35 to $1.55 and total revenue between $610 million and $625 million.

Rite Aid Corporation (RAD) slumped 1.2% or 4 cents to $2.70 after the drugstore chain said same store sales grew 0.7% and front-end same store sales increased 0.4%. Total sales for the June rose 0.2% to $1.927 billion.

The ADT Corporation (ADT) fell 20 cents to $39.39 after the electronic home security provider said it may have to contribute to a tax bill faced by former parent Tyco International Ltd if the total amount assessed by the IRS exceeds $1.85 billion.

US Airways Group, Inc (LCC) rose 8 cents to $16.51 after the airliner reported traffic in June jumped 7% to 6.46 billion revenue passenger miles from 6.04 billion in the same period last year and capacity was 7.36 billion.

Walgreen Company (WAG) decreased 1.8% or 81 cents to $43.65 after the drug chain operator said sales in the June increased 2.5% to $5.79 billion from $5.64 billion for the same month last year. Comparable stores sales grew 2.3%.

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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