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.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsMarketsmarket update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!