Market Roundup

Shares of Carpenter Technology Corp CRS surged about 10% after the company announced its plans to buy Latrobe Specialty Metals Inc for $558 million. Latrobe's shareholders will own around 15.5% of Carpenter's outstanding common stock. The deal is expected to close by September 30. Shares of PetSmart Inc PETM rose about 1.2% after the company announced its plans to repurchase $450 million in company stock and lift its quarterly dividend to 14.5 cents per share, up from the current $0.12 per share. Shares of Nabors Industries Ltd NBR dropped about 3.4% after the company projected Q2 operating profit to be in the range of $165 million to $170 million, due to weaker-than-expected results from its pressure pumping, US offshore and international divisions. Caltex Australia Ltd CTXAF projected around 39% drop in first half profit on Monday. Caltex, which is 50% owned by Chevron Corp CVX, projects a replacement cost of sales operating profit for the six months to June 30 of A$100 million to A$115 million, versus A$163 million, a year ago. Caltex expects a first-half historic cost profit, including the value of its stockpiles, of A$255 million to A$275 million, versus A$141 million.