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Market Update

U.S. Movers: CNA Financial, Hertz, Loews, Perrigo, Saks, Roper


Author: Mukesh Buch
ticker.com
Last Update: 12:36 PM ET July 29 2013

12:35 PM New York CNA Financial net jumped 17%. Franklin Resources net fell 3%. Loews net climbed nearly four-fold. Perrigo agreed to acquire Elan Corp for $8.6 billion. Saks agree to be acquired by Hudson''s Bay Co for $2.9 billion. Roper net slid 3% and Wynn Resorts profit dropped 6%.

Boardwalk Pipeline Partners, LP (BWP) fell 1.3% to 42 cents to $32.02 after the natural gas pipeline systems operator reported operating revenue in the second quarter ending in June climbed 5% to $288.7 million. Net income in the quarter jumped 8.3% to $70.5 million or 28 cents a diluted share compared to $65.1 million or 30 cents.

The company added operating income in the quarter increased 2% to $111.1 million.

CAN Financial Corporation (CNA) gained 1.5% or 49 cents to $34.96 after the insurance company stated net written premiums in the second quarter ending in June advanced 7% to $1.72 billion. Net earnings in the quarter jumped 17% to $194 million or 72 cents a diluted share compared to $166 million or 62 cents.

Franklin Resources, Inc. (BEN) slid 1.3% or 65 cents to $48.01 after the investment company said operating revenue in the third quarter ending on June 29 grew 4% to $2.08 billion. Net income in the quarter slipped 3.4% to $553.2 million or 86 cents a diluted share compared to $572.8 million or 90 cents.

Hertz Global Holdings, Inc (HTZ) dropped 2.6% or 71 cents to $26.18 after the car and equipment rental reported total revenue in the second quarter ending in June soared 23% to $2.7 billion. Net income in the quarter surged 31% to $121.4 million or 27 cents a diluted share compared to $92.9 million or 21 cents.

Lincoln Electric Holdings, Inc. (LECO) declined 3% or $1.84 to $59.10 after the arc welding products maker stated sales in the second quarter ending in June fell 2.2% to $727.4 million. Net income in the quarter surged 9.5% to $72.6 million or 87 cents a diluted share compared to $66.3 million or 79 cents.

Gross profit in the quarter jumped 7% to $240.3 million and operating income climbed 9% to 104.3 million.

Loews Corporation (L) fell 11 cents to $45.94 after the insurance company reported net sales in the second quarter ending in June advanced 9% to $3.7 billion. Net income in the quarter climbed nearly four-fold to $269 million or 69 cents a diluted share compared to $56 million or 14 cents.

Perrigo Company (PRGO) declined 5.7% or $7.69 to $126.54 after the healthcare company agreed to acquire the Irish biotechnology Elan in a cash-and-stock deal worth $8.6 billion.

Perrigo will pay $6.25 per share in cash to the shareholder or $10.25 in stock.

Roper Industries, Inc. (ROP) dropped 2.7% or $3.51 to $127.70 after the diversified industrial company net sales in the second quarter ending in June nearly flat at $784 million. Net income in the quarter slid 3% to $111.4 million or $1.11 a diluted share compared to $114.8 million or $1.15.

Saks Inc. (SKS) jumped 3.6% or 55 cents to $15.86 after the apparel retailer agreed merger agreement with the Hudson''s Bay Company, a Canada based retail conglomerate for $16 a share in cash in total consideration of $2.9 billion. The transaction is expected to close before the end of the year.

Wynn Resorts, Limited (WYNN) rose 1 cent to $130.99 after the casino operator said net revenues in the second quarter ending in June advanced 6% to $1.33 billion. Net income in the slipped 6% to $129.8 million or $1.28 cents a diluted share compared to $138 million or $1.37.

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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