News Summary

Shares of Pier 1 Imports Ltd (NYSE: PIR) gained about 1.1% after the company reported an 84% surge in its fiscal first-quarter net income on Thursday. Pier 1 reported a 10.2% rise in its comparable-store sales. Pier 1's quarterly earnings came in at $14.1 million, or $0.12 per share, up from $7.7 million, or $0.07 per share, in the year-ago quarter. Its shares outstanding climbed 2% to 119.2 million. Pier 1's sales increased to $334.6 million from $306.3 million. However, analysts were expecting earnings of $0.11 per share on revenue of $335.6 million.

The International Energy Agency lifted its five-year oil price projections by $19 per barrel. IEA also lifted its 2011 global demand projections by 0.1 million barrels per day and its 2016 demand projections by 0.9 million barrels per day.

Demag Cranes AG (OTC: DMGCF) agreed to be bought by Terex Corp (NYSE: TEX) for 45.5 euros ($64.46) per share. The increased offer of Terex values Demag at 963 million euros, versus 883 million last month. The companies reported that Demag's management and supervisory boards urged holders to accept the bid. The increased offer represents an around 25% premium to the closing share price of €36.30 on April 29, 2011 and a 28% premium to the 3-month volume-weighted average share price of €35.56 on April 29, 2011. Demag shares had closed at 44.39 euros on Wednesday. Terex announced its offer of 41.75 euros per share on May 2.

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