were among the
winners Monday, jumping 14% after the aluminum producer agreed to be acquired by
for $3.6 billion in cash.
Novelis shareholders will receive $44.93 a share, representing a 17% premium over Friday's closing price of $38.54. Hindalco, which is part of India's Aditya Birla Group, will also assume about $2.4 billion in debt, bringing the deal's total value to about $6 billion. The acquisition is expected to close by the second quarter. Shares of Novelis were trading up $5.38 to $43.92.
( HYDL) climbed 14% after the maker of products for oil and gas drillers agreed to be acquired by
for $2.16 billion. Tenaris agreed to pay $97 a share in cash, a 17% premium over Hydril's Friday closing price of $83.04. Tenaris will finance the deal through cash on hand and debt. Shares of Hydril were trading up $11.86 to $94.90; shares of Tenaris were down 42 cents to $46.51.
( LTR) rose 2% after the conglomerate's fourth-quarter earnings topped Wall Street's forecast. The company earned $746.5 million, or $1.11 a share, on revenue of $4.88 billion. Analysts polled by Thomson First Call expected earnings of 98 cents a share. A year earlier, the company earned $127.6 million, or 8 cents a share, on revenue of $4.11 billion. Shares were trading up 91 cents to $43.75.
declined 1.8% after the maker of paints and coatings reported lower-than-expected first-quarter earnings. For the quarter ended Jan. 26, Valspar earned $23.6 million, or 23 cents a share, up from $22.5 million, or 22 cents a share, a year earlier. Analysts, on average, projected earnings of 26 cents a share. Sales climbed to $694.5 million from $629.8 million, missing Wall Street's target of $696.8 million. Shares were trading down 50 cents to $27.66.
shares fell 1.9% after the chemicals company posted disappointing fourth-quarter results. The company reported an adjusted loss of $3.3 million, or a penny a share, on revenue of $873.6 million. Wall Street expected a profit of 5 cents a share and revenue of $895.7 million. A year earlier, the company earned $8.6 million, or 4 cents a share, on revenue of $876.1 million. Shares were trading down 27 cents to $11.40.
NYSE volume leaders included Novelis;
, down 11 cents to $8.62;
, up 48 cents to $41.48;
, down 55 cents to $72.77;
, down $1.37 to $27.15;
( MOT), down 34 cents to $19.23;
, down 10 cents to $36.11; and
, up 26 cents to $35.79.
heavily traded stocks included
, up $6.89 to $19.15;
, down 8 cents to $28.90;
, down 19 cents to $20.84;
, down 12 cents to $27.59;
Level 3 Communications
, down 6 cents to $6.12;
, down 2 cents to $6.46; and
, up 77 cents to $84.04.