Investors were awaiting more information from the Fed, after the minutes of its August meeting indicated that many policymakers may be leaning towards additional easing measures.
AOL Inc declared a special cash dividend and $600 million buyback plan. Hertz agreed to buy Dollar Thrifty for $2.3 billion. IAC acquired About.com valued $300 million from New York Times Company. Supervalu is looking for a buyer. Tiffany lowered fiscal outlook.
Apple Inc. (AAPL), gained 2.1% or $14.41 to $677.57 after the mobile communication and media device maker won first round of patent litigation with Samsung and a California jury awarded $1 billion to the company for the violation of six patents. The verdict is likely to be trimmed or reversed in the appeal to a higher court.
AOL Inc. (AOL) gained 2.1% or 71 cents to $33.63 after the web services provider will return approximately $1.1 billion to shareholders as special cash dividend of $5.15 per share (payable on December 14) and entering to repurchase $600 million of common stock under accelerated stock repurchase agreement with Barclays Bank plc. The purchase price will be subject to floor and cap provisions.
Donaldson Company, Inc (DCI) climbed 7.5% or $2.64 to $37.54 after the filtration products maker reported revenue in the fourth quarter ending in July increased 5% to $656.8 million compared to $625.4 million in the same period of last year. Net income in the quarter climbed 8% to $71 million or 47 cents per diluted share compared to $65.7 million or 42 cents per share a year ago earlier.
The company expects sales for the fiscal 2013 between $2.62 and $2.72 billion or increase 5% to 9% and earnings per share will be in the range of $1.82 and $1.96.
Hertz Global Holdings, Inc (HTZ) soared 12.4% or $1.63 to $14.78 after the holding company agreed to buy Dollar Thrifty Automotive Group Inc. for approx $2.3 billion in cash or $87.50 a share which represents 40% premium of closing price of $81 of Friday. Transaction is expected to close in fourth quarter of this year.
The company anticipates at least $160 million of annual cost synergies from the transaction.
Dollar Thrifty climbed 7.3% or $5.96 to $86.96.
IAC/InterActiveCorp (IACI) increased 1.3% or 70 cents to $52.20 after the internet contents provider said its subsidiary Ask.com has acquired an information website About.com from the New York Times Company for $300 million in cash.
Supervalu Inc. (SVU) slipped 1.2% or 3 cents to $2.32 after the grocery chain said it is looking for a buyer. In July and August stock price of the company was highly volatile and between May 29 to August 24 stock tumbled 50.6% from $4.83 to $2.41. On January 3, the stock closed at $8.46.
Seadrill Limited (SDRL) increased 33 cents to $41.46 after the Bermuda based offshore drilling contractor reported revenue in the second quarter ending in June advanced 13% to $1.12 billion compared to $995 million in the same period of last year. Net income in the quarter declined 14% to $554 million or $1.09 per diluted share compared to $645 million or $1.29 per share a year ago.
Tiffany & Co. (TIF) surged 6.3% or $3.68 to $62.18 after the jewelry retailer reported revenue in the second quarter ending in July grew 2% to $886.6 million compared to $872.7 million in the same period of last year. Worldwide net sales increased 3% and comparable store sales slipped 1%.
Net income in the quarter gained 2% to $91.8 million or 72 cents per diluted share compared to $90 million or 69 cents per share a year ago.
For the full year, the jewelry retailer expects net earnings in the range of $454 million to $473 million or per diluted share between $3.55 and $3.70 compared to previous forecast of $3.70 to $3.80 per diluted share
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