News Summary

Shares of Rowan Companies Inc RDC gained about 3.6% after Joy Global Inc JOYG agreed to acquire LeTourneau Technologies Inc from Rowan Companies for $1.1 billion in cash. The deal has been approved by boards of directors of both the companies. Joy Global expects the deal to complete within 60 days. Shares of J.C. Penney Company Inc JCP gained about 5.1% after the company reported its Q1 profit at $64 million, or $0.28 per share, from $60 million, or $0.25 per share, in the year-earlier period. The company's sales increased 0.4% to $3.94 billion. Its comparable sales surged 3.8%. However, analysts were expecting earnings of $0.26 per share. The company projects its Q1 profit of $0.20 to $0.24 per share and $2.15 to $2.25 per share for the year. However, analysts expected Q2 profit of $0.22 per share and $2.09 for the year. Shares of Iron Mountain Inc IRM rose about 1.5% after the company agreed to sell its online backup & recovery, digital archiving and eDiscovery solutions to Autonomy Corp AUTNF for $380 million cash. The deal is likely to close within 45 to 60 days. Read more from Benzinga's Markets.