Diamonds and Dogs
4/17/13Textron Inc. (TXT)
Textron is falling out of the sky today, down 13.44% at $25.41. The aircraft and defense company saw its shares stall out after it announced a miss on earnings and lowered its forecast. For the quarter, Textron stated it earned $0.40 per share on revenue of $2.86 billion, both decreasing 2.44% and 0.04% respectively, year over year. Wall Street analysts' were expecting an EPS of $0.46 on revenue of $2.89 billion. CEO Scott C. Donnelly said, "We saw strong growth in Bell commercial helicopters, Textron Systems defense products, and E-Z-GO vehicles, but demand in the business jet market was softer than expected." Textron is trading in the middle of its 52-week range of $21.97-$31.30.
Atlas Energy L.P. (ATLS)
Atlas Energy is exploding today, up 11.12% at $49.97. The natural gas and oil development and production company saw its shares jump after news of an acquisition. Atlas Energy announced it would acquire Teak Midstream LLC for $1 billion in cash. The deal will give Atlas over 540 miles of gathering pipelines, an existing 200 million cubic-foot-per-day treatment plant, and a similar-sized plant that is under construction. Furthermore, Atlas will own 50% to 70% of Teak's joint venture with TexStar Midstream Services LP, whose assets include 235 miles of pipeline and a co-generation plant. The company traded to a new 52-week high of $52.31 intraday.
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