Bookmark and Share

Major Movers on May 6; TSN, MBI, RENN, MINI, CMLP, NRGY

Tyson Foods Inc. (NYSE: TSN) tumbled after the meat and food processing company reported more-than-feared fall in fiscal second quarter profit on Monday as margins on Chickens contracted further due to soaring feed costs caused by last year’s severe drought. For the recently concluded quarter, Tyson Foods reported net income of $106 million or 26 cents a share compared to a profit of $166 million or 44 cents a share. Stripping out onetime items, the Company reported adjusted earnings of 36 cents a share while analysts’ consensus estimate was for 45 cents a share, according to a data compiled by Thomson Reuters. Revenue during the period came at $8.42 billion compared to $8.3 billion, in the year-earlier quarter but falling short of Street’s consensus forecast of $8.58 billion.

MBIA Inc.  (NYSE: MBI) catapulted about 40% by midday trade after Dow Jones quoted sources familiar with the matter saying that bond insurer MBIA Inc and Bank of America Corp have decided to settle their ongoing disputes by reaching a settlement. Accordingly, Bank of America will pay MBIA $1.6 billion in cash.

Shares of Renren Inc. (NYSE: RENN) rallied about 13% by midday trade. The China based Company operates social network under the same name and provides gaming platform, Groupon like services referred to as Nuomi along with professional networking platform just like LinkedIn. Analysts have set a price target of $3.63, citing rapid growth in Chinese social gaming; networking and mobile-commerce business will benefit Renren. Currently, the Company has about 178 million active users.

Shares of Mobile Mini Inc. (NASDAQ: MINI) skyrocketed about 12% by midday trade after the portable storage solutions provider said that fiscal first quarter net income climbed more than two times, driven by rising revenue from leasing business. Non-GAAP earnings also beat analysts’ consensus estimate. For the quarter ended March 31, Mobile Mini posted a profit of $12.04 million or 26 cents a share compared to a net income of $5.21 million or 12 cents a share, in the same quarter of last fiscal. Excluding onetime items, Mobile Mini’s adjusted earnings came at 27 cents a share while analysts polled by Thomson Reuters were expecting it at 22 cents a share. Revenue during the quarter rose to $97.94 million from $88.75 million, in the year-earlier quarter. Revenue from leasing climbed $85.06 million from year earlier revenue of $78.44 million but fell short of Street’s estimate of $93.89 million.

Shares of Crestwood Midstream Partners LP (NYSE: CMLP) and Inergy L.P. (NYSE: NRGY) jumped after the both Companies agreed to merge business in both cash and stock deal with combined business estimated at $7 billion. The move will allow the merged entity to gain traction in fast growing market of shale field infrastructure (storage and pipeline) market.  The deal is expected to close by the third quarter of 2013. According to the deal, both Inergy and LP and Inergy Midstream will continue to remain listed at the New York Stock Exchange after the merger is completed while Crestwood Midstream business will be merged with wholly owned Inergy Midstream.

 


Leave a Reply

  

  

  

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>


-------------------------------------------------------------------------------------------------------------------------
All stories in DailyStocks.com are for informational purposes only. This is NOT a stock recommendation. This DailyStocks.com story is a daily light analysis featuring a stock with insider buying. With some caveats, insiders purchase a stock because they think the stock is going up. There are other factors to consider such as size of the transaction relative to their compensation and net worth. Sometimes, insiders might be propping a stock price up for future financing. Sometimes, the amount of insider buying are misread or misreported. Each month, DailyStocks releases a a summary of the stocks with insider buying. Sign up for the free monthly newsletter at DailyStocks.com . About Dailystocks.com: DailyStocks.com is the place where you can find stories about stocks with insider buying, where you can educate yourself about stock market investing, and where you can perform the stock search engine analysis – you enter a stock symbol, and you get a resulting page of stock ticker indexed links so that you do not have to type the stock symbol each time.