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Market Update

U.S. Movers: Pan American Silver, Sony, Ranbaxy, Valspar


Author: Mukesh Buch
ticker.com
Last Update: 11:30 AM ET May 14 2013

11:25 AM New York Pan American Silver second quarter net plunged 60% and Post Holdings net tumbled 59%. Sony jumped after hedge fund Third Point proposed spin-off of its entertainment division. Ranbaxy settles U.S. claims for $500 million. Valspar second quarter net edged up.

Pan American Silver Corp. (PAAS) rose 11 cents to $12.72 after the Canada based precious metal producer said total revenue in the first quarter ending in March advanced 6% to $243 million. Net income in the quarter plunged 60% to $20.1 million or 13 cents a diluted share compared to $50.2 million or 47 cents.

Post Holdings, Inc. (POST) fell 14 cents to $44.31 after the holding company reported revenues in the second quarter ending in March slightly slid 0.9% to $248.2 million. Net income in the quarter tumbled 59% to $4.3 million or 13 cents a diluted share compared to $10.5 million or 30 cents.

Gross profit for the quarter dropped 8% to $102.5 million and operating income declined 13% to $28.9 million.

Sony Corporation (SNE) soared 9.2% or $1.75 to $20.64 after the New York-based hedge fund manager Third Point, led by billionaire Daniel Loeb proposed spin-off of as much as 20% of its entertainment division.

SolarCity Corporation (SCTY) declined 5.3% or $1.92 to $33.96 after the solar energy stated total revenues in the first quarter ending in March jumped 21% to $30 million. In the quarter, net loss swung to $31 million or 41 cents a diluted share compared to net income of $2.8 million or 4 cents.

The company added gross profit in the quarter surged 26% to $12.7 million.

For the second quarter, the SolarCity expects revenue in the range of $5 million to $10 million and Operating Expenses between $38 million and $42 million.

Ranbaxy Laboratories Limited, the generic drug-maker in the US, said its Gurgaon, India based affiliates ready to settle accusation of civil violations of false claims act and agreed to pay $500 million penalty to the US government.

Ranbaxy added the company had reserved $500 million for the settlement.

The Valspar Corporation (VAL) jumped 2.7% or $1.87 to $69.73 after the coating and paint manufacturer reported net sales in the second quarter ending in March nearly flat at $1.03 billion. Net income in the quarter edged up 0.5% to $76.9 million or 84 cents a diluted share compared to $76.5 million or 80 cents.

Gross profit for the quarter declined 5% to $338.6 million.

In the quarter, paints segment net sales rose 3% to $438 million in North America and coatings segment net sales decreased 1% to $537 million.

For the year, the company expects adjusted earnings per share in the range of $3.60 to $3.80.

Taminco Corporation (TAM) climbed 4.6% or 73 cents to $16.28 after the derivative products producer stated total revenue in the first quarter ending in March climbed 10% to $310 million. In the quarter, net income swung to $8 million or 16 cents a diluted share compared to net loss of $43 million or 88 cents.

The company added gross profit in the quarter surged six-fold to $57 million.

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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