After-Hours Movers 6/17: LVLT, LGF, SIRI, AZO Higher; IMGN, SOA, HPT, CLC Lower
Level 3 Communications, Inc. (Nasdaq: LVLT) 14% HIGHER; Level 3 Communications, LLC, an indirect, wholly owned subsidiary of Level 3 Communications, Inc. entered into a contract with a major multinational customer. Under the terms of the contract, Level 3 LLC and its affiliates will provide the customer a broad array of products and services across the Level 3 network. The contract, which has an initial 20 year term, has a minimum revenue commitment over the first four years of approximately $140 million. The terms and conditions of the contract are subject to a confidentiality agreement between Level 3 LLC and the customer.
ImmunoGen, Inc. (Nasdaq: IMGN) 11% LOWER; intends to offer 5,000,000 shares of its common stock in an underwritten public offering. ImmunoGen expects to grant the underwriters a thirty (30) day option to purchase up to 750,000 additional shares to cover over-allotments, if any.
Lions Gate Entertainment Corp. (NYSE: LGF) 9.2% HIGHER; A filing after the close on Lions Gate showed that activist investor Carl Icahn bought 1,064,300 shares today (06/17) at prices from $5.26-$5.29, bringing his stake to 19,621,930 shares. Icahn now owns 16.86% of the company.
Solutia Inc. (NYSE: SOA) 7.7% LOWER; today announced it has initiated a public offering of up to 18.5 million shares of new common stock. Solutia would use the proceeds to fully repay its $74 million German term loan and for general corporate purposes.
Hospitality Properties Trust (NYSE: HPT) 7.4% LOWER; today announced that it has commenced a proposed public offering of 15,000,000 common shares. HPT expects to use the net proceeds to repay debt and for general business purposes. It is contemplated that the underwriters will also be granted a 30-day option to purchase up to an additional 2,250,000 shares to cover over allotments, if any.
Sirius XM Radio (Nasdaq: SIRI) 7% HIGHER; continuing higher in this evening's after-hours session following reports earlier today that the satellite radio service will be making its first ever appearance on Apple's iPhone starting tomorrow. Click here for the full report.
CLARCOR Inc. (NYSE: CLC) 5.3% LOWER; reports Q2 EPS of $0.33, 5 cents lower than the analyst estimate of $0.38 but down 31.25% from the same quarter last year. Revenue for the quarter was $229.4 million, versus the consensus of $242.66 million. Sees FY09 EPS of $1.40-$1.60, which compares to the Street estimate of $1.56. Sees 2H09 sales up 13-15%. Sees Q3 sales, operating profit sequentially better than Q2 and sees a better Q4 than Q3.
AutoZone, Inc. (NYSE: AZO) 1.6% HIGHER; announced its Board of Directors authorized the repurchase of an additional $500 million of the Company's common stock in connection with its ongoing share repurchase program.
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