Pre-Open Movers 12/24: MTC Tech (MTCT) Higher on Buyout, Merrill (MER) Up On Cash Infusion; Pharmacyclics (PCYC) Sinks On Drug News
StreetInsider.com's Pre-Open Movers:
MTC Technologies, Inc. (Nasdaq: MTCT) 31% HIGHER; signed a definitive merger agreement to be acquired by BAE Systems, Inc. The transaction, which is valued at approximately $450 million, includes the purchase of all the outstanding shares of MTCT for a cash price of $24.00 per share plus the assumption of debt.
Pharmacyclics, Inc. (Nasdaq: PCYC) 25% LOWER; received a non-approvable letter from the FDA for the company's new drug application (NDA) for Xcytrin Injection for the treatment of non-small cell lung cancer patients with brain metastases.
Sinovac Biotech Ltd. (Amex: SVA) 10.8% HIGHER; announced positive top-line results of completed Phase II clinical trial of its pandemic influenza (H5N1) whole viron inactivated vaccine.
First Marblehead Corp. (NYSE: FMD) 4% HIGHER; Continues Friday's 66% upside run-up which was related to an equity from Goldman Sachs.
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) 3.8% HIGHER; has commercially launched Pantoprazole Sodium Delayed Release Tablets, 20 mg and 40 mg, which are AB-rated to Wyeth's erosive GERD treatment Protonix DR Tablets. Based on this launch and on the data available at this time, and in light of its practice of risk-adjusting forecasts for potential launches, the Company is increasing its previous guidance for 2007 fully diluted earnings per share to $2.34 to $2.36, up from reaching the higher end of $2.20 to $2.30. The Wall Street consensus is $2.32.
Merrill Lynch (NYSE: MER) 2.7% HIGHER; GE Capital has agreed to purchase most of Chicago-based Merrill Lynch Capital, Merrill Lynch wholly-owned middle-market commercial finance business. Financial terms of the transaction were not disclosed.
News Corp (NYSE: NWS) 1.2% HIGHER; agreed to sell eight FOX affiliated TV stations to Oak Hill Capital Partners for about $1.1 billion
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