After Hours Stock Movers 10/7: (TLM) (MCP) (AVP) Higher; (TWGP) (JMBA) (SSW) Lower (more...)

October 7, 2013 6:05 PM EDT
Tower Group International, Ltd. (NASDAQ: TWGP) 24.7% LOWER; announced that it has completed, with the assistance of its independent actuarial consultants, a comprehensive review of the Company's loss reserves as of June 30, 2013. As a result of the review, the Company expects to strengthen loss reserves by approximately $365 million (approximately $185 million of which was attributable to its U.S. Insurance subsidiaries), primarily for accident years 2009 through 2011 in commercial insurance lines of business, including workers compensation, commercial multi-peril, commercial auto and other liability lines. The reserve strengthening reflects adverse loss emergence, coupled with changes in judgment, including actuarial factors.

Jamba Inc. (Nasdaq: JMBA) 9.9% LOWER; provided an update on key business initiatives, preliminary fiscal year 2014 guidance and adjusted estimates for fiscal year 2013. As a result of constraints on consumer spending, adverse weather in key markets and increased competition, Jamba adjusted several estimates for 2013. The Company now expects system-wide same store sales to be flat to 1%, store-level margins to be 16% to 17% and operating margin to be 1% to 2%.

Talisman Energy, Inc. (NYSE: TLM) 7% HIGHER; Carl Icahn tweeted and filed a 13D simultaneously on Talisman Energy after the close, disclosing a 5.97%, or 61,554,602 share, stake in the company. He did not hold shares at the end of the latest quarter ending June 30, 2013.

Seaspan Corporation (NYSE: SSW) 6.3% LOWER; announced that it plans to offer 5,700,000 Class A Common Shares (the "Common Shares") and $125,000,000 in aggregate principal amount of Convertible Notes due 2018 in concurrent public offerings. In addition to the 5,700,000 shares Seaspan is offering (the "Primary Offering"), a selling shareholder will offer 300,000 shares (the "Secondary Offering").

Dynavax (Nasdaq; DVAX) 6.3% LOWER; filed a registration with the U.S. SEC to sell, from time to time, up to $150 million of Common Stock, Preferred Stock, Debt Securities, Warrants, Units, or any combination thereof.

Molycorp, Inc. (NYSE: MCP) 2.2% HIGHER; On October 7, 2013, Molycorp, Inc. and Molibdenos y Metales S.A. (“Molymet”) amended that certain Securities Purchase Agreement (the “Agreement”), dated as of January 31, 2012, by and between the Company and Molymet. Pursuant to the Agreement, Molymet made an investment in the Company in 2012 and agreed, among other things, to certain restrictions, including being restricted from acquiring more than 19.9% of the Company’s outstanding common stock for a two-year period following the closing of its investment. The amendment to the Agreement increased this limitation on ownership to 27.5% of the Company’s outstanding common stock.

Cumulus Media, Inc. (NASDAQ: CMLS) 1.3% LOWER; announced certain preliminary financial information for the quarter ended September 30, 2013. The Company is still in the process of finalizing its financial results for the quarter ended September 30, 2013. The Company has prepared, and is presenting, the following range of estimated net revenues set forth below in good faith based upon the Company’s internal reporting for the quarter ended September 30, 2013. The estimates represent the most current information available to the Company. Such estimates have not been subject to the Company’s normal financial closing and financial statement preparation processes. As a result, the Company’s actual results could be different and those differences could be material. Investors should exercise caution in relying on the information contained herein and should not draw any inferences from this information regarding financial or operating data that is not discussed herein. Net revs in the recent quarter were $179 million to $281 million. Net revenues in the quarter ended September 30, 2012 were $275.4 million, which included approximately $5.0 million in political advertising revenue. The Street was looking for revs of $280.5 million.

Avon Products (NYSE: AVP) 1% HIGHER; Wells Fargo upgraded from Market perform to Outperform with a price target of $25-$26 (from $21-$23).

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