News Summary

Shares of Fastenal Co FAST fell about 1.9% after the company reported a 42% rise in its Q1 net earnings. The company's earnings came in at $79.5 million, or $0.54 per share, up from $56 million, or $0.38 per share, in the year-earlier period. The company's sales increased 23% to $640.6 million. However, analysts were expecting earnings of $0.52 per share on sales of $630.2 million. Shares of Alcoa Inc AA dropped about 5.6% as the company reported downbeat Q1 sales. The company swung to a Q1 profit of $308 million, or $0.27 per share, from a loss of $201 million, or $0.20 per share, in the year-ago period. Excluding special items, the company's earnings came in at $0.28 per share. The company's sales increased to $5.96 billion from $4.89 billion. However, analysts were expecting earnings of $0.27 per share on sales of $6.2 billion. Shares of Microsemi Corporation MSCC fell about 1.4% after the company signed a definitive agreement to purchase AML Communications Inc AMLJ for $2.50 per share in an all-cash deal. The deal is likely to close around the end of June, 2011. Read more from Benzinga's Markets.