Posts Tagged ‘NYSE’

International Coal Group Inc. (ICO) takeover target sees price soar

Monday, May 2nd, 2011

International Coal Group Inc. (NYSE: ICO) shares climbed 30.9% Monday to $14.44, after Arch Coal Inc. (NYSE: ACI) said it would buy the coal miner for $3.4 billion. Volume for International Coal stock was a towering 153.5 million shares, overwhelming a daily average of around 7.8 million.

The combined company will be the second largest U.S. metallurgical coal supplier and a top-five overall global coal producer and marketer. Arch will have a balanced metallurgical (“met”) and thermal coal portfolio with unparalleled operational diversification in every major U.S. supply basin and the No. 1 or No. 2 position in each of its three core operating regions.

“The acquisition of ICG is a significant strategic step that strengthens Arch’s position as a world-class, global coal franchise positioned for growth,” said Arch CEO Steven F. Leer.

“This transaction will greatly expand our participation in global met markets; provide a powerful platform for future organic met coal production growth; enhance and further diversify our met and thermal coal product slate; extend our operating portfolio into every major U.S. coal-producing basin; and solidify our position as one of the industry’s lowest cost producers.”

Ben Hatfield, president and CEO of International Coal Group, said, “ICG has assembled a high-quality portfolio of low-cost mining operations and reserves, and one of the industry’s most talented and productive workforces. By teaming up with Arch, we expect to realize tremendous value for the shareholders of both companies while ensuring that our operations achieve their full potential.”

ICG is a leading producer of coal in Northern and Central Appalachia and the Illinois Basin. The company has 13 active mining complexes, of which 12 are located in Northern and Central Appalachia and one in Central Illinois. ICG’s mining operations and reserves are strategically located to serve utility, metallurgical and industrial customers domestically and internationally.

Arch Coal is one of the world’s largest coal producers, with more than 160 million tons of coal sold in 2010. Arch’s national network of mines supplies cleaner-burning, low-sulfur coal to customers on four continents, including U.S. and international power producers and steel manufacturers. In 2010, Arch achieved record revenues of $3.2 billion.

Rockwood Holdings Inc. (ROC) shares climb on Q1 results

Wednesday, April 27th, 2011

Rockwood Holdings Inc. (NYSE: ROC) shares advanced 10% to $55.02 Wednesday, after the maker of specialty chemicals reported first-quarter results that topped analysts’ estimates. Volume for the stock topped 2.3 million shares by late afternoon.

Rockwood reported earnings per share from continuing operations of $0.80 for the first quarter of 2011 as compared to $0.42 for the same period in the prior year. The Company’s adjusted earnings per share increased to $0.88 in the first quarter of 2011 from $0.41 for the same period in the prior year.

Likewise, net sales were $914.0 million for the first quarter of 2011, up 17.4% compared to $778.4 million for the same period in the prior year.

According to the Company’s Chief Executive Officer, Seifi Ghasemi, “Rockwood’s exceptionally strong first quarter profits resulted from organic sales growth in all segments, as well as price increases that offset raw material and other cost increases. We were also able to improve our product mix, primarily in the specialty titanium dioxide business.”

“In addition,” Ghasemi continued, “our decision to repay a portion of our term debt and refinance the balance resulted in significantly lower interest expense, which further contributed to the significant increase in as adjusted earnings per share to $0.88 compared to the first quarter a year ago.”

Polaris Industries Inc. (PII) surges on earnings news

Wednesday, April 20th, 2011

Polaris Industries Inc. (NYSE: PII) shares vaulted 19.5% Wednesday, after the off-road-vehicle manufacturer reported record first-quarter earnings. Stock prices for Polaris reached $108.97, or $17.79 higher than Tuesday’s close, smashing its previous 52-week high of $92.42, set last week.

Today the Minneapolis–based company announced reported record net income of $47.3 million, or $1.34 per diluted share, for the quarter ended March 31, 2011. By comparison, 2010 first quarter net income was $19.8 million, or $0.59 per diluted share. Sales for the first quarter 2011 totaled $537.2 million, an increase of 49 percent from last year’s first quarter sales of $361.7 million.

Polaris Chief Executive Officer Scott Wine commented on the financial reports, “We are extremely pleased with our first quarter results, as the momentum we built throughout 2010 continued into 2011. Retail demand for Polaris products in North America remained strong throughout the first quarter and we continued to gain market share. Our International business also remained strong with sales increasing 21% and we celebrated the grand opening of our European headquarters in Switzerland during the quarter.

Polaris, a recognized leader in the snowmobile industry; and one of the largest manufacturers of off-road vehicles in the world, launched Victory motorcycles in 1998. The Victory line represents the first all-new American-made motorcycle from a major company in nearly 60 years are making in-roads into the cruiser and touring motorcycle marketplace.

Mr. Wine continued, “Given our excellent start to the year we are significantly raising our expectations for sales and earnings for the full year 2011. We will continue to make prudent strategic investments and our strong balance sheet, with $346 million in cash on hand and only $200 million in debt at March 31, 2011, gives us the strength and flexibility to remain aggressive in identifying opportunities to accelerate growth.”

QTM makes headway, SIRI turns up volume, KONE trips

Wednesday, April 13th, 2011

Quantum Corp. (NYSE: QTM) shares added 15.7% to $3.07, on volume of 11.3 million, more than double its 4.5 million average, after the maker of backup programs for computers said NetApp Inc. (Nasdaq: NTAP) would sell its products around the world. NetApp shares increased 1.8% to $48.70.

SIRIUS XM Radio Inc. (Nasdaq: SIRI) bought and sold 39.3 million shares Wednesday, though below its daily average of 54.2 million. Prices rose 1.4% to $1.84, after announcing its reverse stock split won’t be extended.

Kingtone WirelessInfo Solution (Nasdaq: KONE) fell 9% in price to $1.80 Wednesday, on volume of 414,000, towering over its daily average of 61,000.

EROC soars, ALU also spreads wings, MSB in the mud

Wednesday, April 13th, 2011

Eagle Rock Energy Partners L.P. (Nasdaq: EROC) shares rose 14.8% to $11.74, on volume of two million shares, or nearly seven times its daily average, a day after the natural-gas firm said it would acquire CC Energy II LLC.

Alcatel-Lucent (NYSE: ALU) did a brisk trade of 55.9 million shares, compared to a daily average of 37.5 million. Shares vaulted in price by 7.6% to $6.07, on announcing plans to expand its broadband network.

Mesabi Trust (NYSE: MSB) shares fell 8% to $35.55, on volume of 677,065, better than twice its daily average, a day after the owner of mining rights in parts of Minnesota said it cut its dividend.