This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Stocks in Motion: Kaneb

Updated from 11:42 a.m. EDT

Kaneb Services (KSL) and Kaneb Pipe Line Partners (KPP) both rose sharply Monday after Valero Energy (VLI) agreed to acquire them via its Valero L.P. (VLI) affiliate. Holders of Kaneb Services will receive $43.31 cash for each share held, while owners of Kaneb Pipe Line will get equity units worth roughly $61.50. All together, the merged entity will own 9,700 miles of pipeline and own 101 terminal assets in 30 states.

Kaneb Services traded up $11.20, or 35.7%, to $42.60, while Kaneb Pipe Line traded up $6.84, or 13.5%, to $57.60.

Chalone Wine Group (CHLN - Get Report) rose 13% after the company agreed to accept Domaines Barons de Rothschild's latest buyout offer worth $11.75 a share. Rothschild, which already owns about 49% of Chalone, had originally offered Chalone $9.25 a share in May for the rest of the shares it did not already own, but the offer was extended several times, as Chalone weighed its options and discussed alternatives to the Rothschild offer. As part of the $11.75 a share offer, Chalone is free to continue soliciting acquisition proposals from third parties at a higher price. If Chalone finds a suitor willing to pay more than $11.75 a share, Rothschild has agreed to either match the price or vote its shares in favor of the more lucrative deal. Shares of Chalone traded up $1.35 to $11.69.

Shares of Metal Management (MTLM) rose 1.3% after the company posted second-quarter earnings and sales above expectations. The scrap-metal recycler earned $1.40 a share on sales of $425 million. An analyst polled by Thomson First Call was expecting earnings of 72 cents a share on sales of $382 million. A year ago the company earned 34 cents a share on sales of $230.1 million. Shares traded up 23 cents to $18.43.

Drew Industries (DW - Get Report) rose 0.8% after the company posted third-quarter earnings that fell below expectations. The supplier of products used in the recreational vehicle and manufactured housing markets posted a profit of 71 cents a share on sales of $149 million. Analysts were expecting earnings of 82 cents a share. A year ago the company earned 64 cents a share on sales of $96 million. Drew said third-quarter earnings were affected by increases in steel prices, which had not fully been passed on to customers. Shares traded up 26 cents to $31.61.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,678.70 +6.10 0.03%
S&P 500 2,057.09 +5.27 0.26%
NASDAQ 4,771.7630 +13.8840 0.29%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs