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.

SBS Broadcasting ( SBTV) rose 8% after the company agreed to be bought by private equity firms Permira and Kohlberg Kravis Roberts for $2.06 billion, or $56 a share, in cash. The deal represents a 7% premium over Friday's close of $52.50 and a premium of 16% over the company's Aug. 12 close, which is when an article containing a rumor regarding the possible sale of the company was first published. Shares of SBS Broadcasting were trading up $4.04 to $56.54.

Shares of Emmis Communications ( EMMS) rose 8% after the media company said it would sell nine of its television stations in three separate transactions. The transactions, which are worth a combined $681 million, include the sale of five stations to LIN TV ( TVL), for proceeds of $260 million, the sale of three stations to Journal Communications ( JRN), worth $235 million, and the sale of one station to Gray Television ( GTN), for $186 million. The sold television stations represented 53% of Emmis' TV-station operating income during the fiscal year ended Feb. 28. After the sales, which are expected to close by the end of the year, Emmis still will own seven television stations. Shares of Emmis were recently trading up $1.66 to $23.26.

NYSE volume leaders included Merck ( MRK), down 54 cents to $27.52; Pfizer ( PFE), down 3 cents to $25.52; PetroKazakhstan ( PKZ), up $8.59 to $53.99; Lucent Technologies ( LU), down 1 cent to $2.89; Procter & Gamble ( PG), up $1.13 to $55.67; Hewlett-Packard ( HPQ), up 28 cents to $26.77; and Exxon Mobil ( XOM), up 70 cents to $59.52.

Nasdaq volume leaders included Eyetech Pharmaceuticals ( EYET), up $4.08 to $18.07; OSI Pharmaceuticals ( OSIP), down $8.69 to $32.08; Panacos Pharmaceuticals ( PANC), up $4.35 to $11.40; Intel ( INTC), up 49 cents to $26.14; Microsoft ( MSFT), up 34 cents to $27.06; Cisco Systems ( CSCO), up 6 cents to $17.88; and Applied Materials ( AMAT), up 25 cents to $18.42.

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