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Market Update

U.S. Movers: Citigroup, Dish Network, M&T Bank, Charles Schwab


Author: Mukesh Buch
ticker.com
Last Update: 11:34 AM ET April 15 2013

11:10 AM New York Citigroup first quarter net soared 31% to $3.8 billion. Dish Network bid of $25.5 billion for Sprint Nextel. First Republic and M&T Bank first quarter net surged 11%. Thermo Fisher offers $13.6 billion for Life Technologies. Charles Schwab net climbed 6%.

Citigroup Inc. (C) climbed 2.4% or $1.08 to $45.86 after the financial service provider reported total revenue in the first quarter ending in March jumped 6% to $20.5 billion. Net income in the quarter soared 31% to $3.8 billion or $1.23 a diluted share compared to $2.9 billion or 95 cents.

Dish Network Corporation (DISH) plunged 7% or $2.63 to $35 after the pay-television service provider made an unsolicited bid for Sprint Nextel Corporation (S) for total consideration of $25.5 billion consisting $17.3 billion in cash and $8.2 billion in stock.

Shareholders of Sprint will receive $7 per share based upon Dish''s closing price of April 12. The cash portion of proposal represents an 18% premium over the $4.03 a share implied by the Japan based Softbank offer.

First Republic Bank (FRC) slid 25 cents to $39.75 after the regional bank stated total interest income in the first quarter ending in March decreased 1% to $323.7 million. Net income in the quarter surged 11% to $114.5 million or 85 cents a diluted share compared to $103.6 million or 77 cents.

Layne Christensen Company (LAYN) declined 8.6% or $1.78 to $18.70 after the construction company reported total revenue in the fourth quarter ending in January plunged 16% to $229.7 million. Net loss in the quarter narrowed to $24.9 million or $1.27 a diluted share compared to $88.5 million or $4.55.

M&T Bank Corporation (MTB) fell 30 cents to $99.95 after the holding company stated net interest income in the first quarter ending in March climbed 6% to $656 million. Net income in the quarter soared 11% to $255 million or $1.98 a diluted share compared to $188 million or $1.50.

Webster Financial Corporation (WBS) dropped 4.7% or $1.11 to $22.60 after the holding company said total interest income in the first quarter ending in March dropped 2% to $170 million. Net income in the quarter soared 11% to $42 million or 44 cents a diluted share compared to $39 million or 42 cents.

Thermo Fisher Scientific Inc (TMO) jumped 2.5% or $2.01 to $81.61 after the laboratory equipments maker plans to buy genetic testing equipment maker Life Technologies Corp for $13.6 billion.

Under the agreement, Thermo Fisher will acquire Life Technologies for $76 in cash per share.

The Charles Schwab Corporation (SCHW) slipped 1.1% or 19 cents to $17.09 after the investment company reported total revenue in the first quarter ending in March climbed 8% to $1.29 billion. Net income in the quarter climbed 6% to $206 million or 15 cents a diluted share compared to $195 million or 15 cents.

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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