Stocks in Motion: Smucker

Shares of J.M. Smucker (SJM) were among the NYSE's losers Monday, falling 7% after the jam maker posted first-quarter results that fell short of Wall Street expectations.

The company reported earnings of $29.9 million, or 51 cents a share, on sales of $510.3 million. Excluding merger and restructuring charges, the company would have earned 56 cents a share. Analysts surveyed by Thomson First Call were expecting earnings of 63 cents a share on sales of $516.3 million. A year ago, the company earned $27.5 million, or 50 cents a share, on sales of $413.3 million. Excluding items, the company would have earned 57 cents a share a year ago.

Looking ahead, J.M. Smucker reaffirmed its fiscal 2006 outlook. The company expects long-term earnings growth of about 10% and sales of $2.16 billion. Analysts are expecting earnings of $2.83 a share on sales of $2.19 billion. Shares were trading down $3.32 to $44.70.

CP Ships (TEU) rose 8% after the company agreed to be acquired by German-based TUI for $2 billion, or $21.50 a share, in cash. Including debt, the deal is worth $2.3 billion. The price tag represents a 10% premium over Friday's closing price of $19.60 and a 28% premium over the average closing price during the past three months. The deal will create the fifth-largest container shipping company in the world. Shares were trading up $1.55 to $21.15.

Shares of Heinz (HNZ) rose 2% after the ketchup maker posted first-quarter results that topped expectations. The company earned $157.3 million, or 45 cents a share, on sales of $2.11 billion. Excluding items, the company would have earned $181.8 million, or 52 cents a share. Analysts were expecting earnings of 49 cents a share on sales of $2.08 billion. A year ago the company earned $194.8 million, or 55 cents a share, on sales of $2 billion. Looking ahead, Heinz said it is still "tracking our full-year outlook despite increased commodity cost pressures and a stronger U.S. dollar. We expect operating profit to strengthen through the balance of the year." Analysts are expecting full-year earnings of a $2.38 share on sales of $9.37 billion. Shares were trading up 55 cents to $36.85.

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