Market Update

Shares of InterOil Corp IOC rose about 2.2% after the company swung to a fourth-quarter profit. InterOil posted a quarterly profit at $13.2 million, or $0.27 per share, verus a year-ago loss of $34.8 million, or $0.76 per share. InterOil's revenue jumped 49% to $289.6 million. InterOil's revenue in the midstream refining business climbed 50% y/y, while its revenue in the downstream business surged 46% y/y. Shares of QR Energy LP QRE gained about 1.1% after the company announced its plans to buy oil-producing acreage in Arkansas, Louisiana, Texas and Michigan from an undisclosed private seller for $230 million in cash. The deal is likely to close in April. Shares of AboveNet Inc ABVT surged about 13.5% after the Zayo Group LLC agreed to acquire AboveNet for around $2.2 billion in cash. The offer price of $84 per share represents a 13% premium over AboveNet's closing price on Friday. Shares of Aluminum Corp. of China Ltd ACH fell about 1.7% after the company reported a 69.4% drop in its earnings in 2011. Aluminum Corp. of China's profit declined to CNY237.97 million (US$37.6 million), versus a profit of CNY778 million in 2010. Its revenue climbed 20.6% to CNY145.87 billion versus CNY120.99 billion.