Morning Movers 03/16: (COGO) (FRO) (SOL) (PWRD) Higher; (PRMW) (OGXI) (DSCO) Lower
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Cogo Group (NASDAQ: COGO) 68.6% HIGHER; announced that its founder, CEO and Chairman, Jeffrey Kang, proposed to the Cogo Board of Directors that he purchase a series of operating entities accounting for approximately 30% of Cogo's total assets, liabilities and revenue through his personal investment venture, Envision Global Group. The total purchase price is expected to be between $60 million and $82 million, depending on the results of an appraisal by an appraisal firm. The transaction provides an implied share valuation of $6-$8 a share.
Primo Water Corporation (NASDAQ: PRMW) 22.3% LOWER; reported Q4 EPS of ($0.10), $0.02 worse than the analyst estimate of ($0.08). Revenue for the quarter came in at $22 million versus the consensus estimate of $22.1 million. ees Q1 adj-loss of 7-9 cents per share, which compares to the Street estimate of a gain of 4 cents per share. Sales are expected to be $19.7-$21.4 million, which compares to the Street estimate of $27.3 million. Sees FY12 adj-EPS of 7-12 cents, vs. the consensus of 26 cents.
Frontline (NYSE: FRO) 20.9% HIGHER; a Wells Fargo note from late yesterday suggested momentum in the counter-seasonal spot market is driving shares of Frontline and Overseas (NYSE: OSG) higher. The entire tanker group has been on the move over the last two sessions.
OncoGenex Pharmaceuticals, Inc. (Nasdaq: OGXI) 20.4% LOWER; today announced that it has priced an underwritten public offering of 4,165,000 shares of its common stock at a purchase price of $12.00 per share.
ReneSola Ltd. (NYSE: SOL) 19.9% HIGHER; reported Q4 EPS of ($0.21), $0.05 better than the analyst estimate of ($0.26). Revenue for the quarter came in at $0 versus the consensus estimate of $148.08 million. Total solar wafer and module shipments in Q4 2011 were 339.9 megawatts (MW), exceeding Company guidance and an increase of 3.5% from 328.5 MW in Q3 2011. Sees Q1 2012 revenue of $180-$190 million, versus the consensus of $155.52 million. For Q1 2012, the Company expects total solar wafer and module shipments to be in the range of 400 MW to 420 MW. For the full year 2012, the Company expects total solar wafer and module shipments to be in the range of 1.8 GW to 2.0 GW.
Perfect World Co.,Ltd. (NASDAQ: PWRD) 19.8% HIGHER; reported Q4 EPS of RMB5.94, RMB2.54 better than the analyst estimate of RMB3.40. Revenue for the quarter came in at RMB776 million versus the consensus estimate of RMB707.84 million. (In U.S. $, Q4 revenues were $123.4 mln and EPS was $0.94 adj) Perfect World Co.,Ltd. sees FY2012 revenue of RMB714-753 million, versus the consensus of RMB726.5 million.
Dynegy (NYSE: DYN) 18% HIGHER; the stock is continuing to bounce following a more than 60 percent decline over Friday of last week and Monday of this week. Shares tumbled amid comments in an examiner report from last week which suggested the Board took steps to benefit shareholders. A fraudulent transfer of coal assets was also mentioned. The stock was up 18 percent yesterday.
Discovery Labs (Nasdaq: DSCO) 17.3% LOWER; prices 16.1 million shares at $2.80/share.
Atlas Energy LP (NYSE: ATLS) 14.8% HIGHER; Atlas Resource Partners, L.P. (NYSE: ARP) has entered into a definitive purchase and sale agreement to acquire approximately 277 bcfe of proved reserves, including undeveloped drilling locations, in the Barnett Shale in Texas from Carrizo Oil & Gas (NASD: CRZO) for approximately $190 million, or $0.69 per mcfe.
Getty Realty Corp. (NYSE: GTY) 12.2% LOWER; reported Q4 adjusted FFO of $0.26, $0.03 worse than the analyst estimate of $0.29. Revenue for the quarter came in at $31.67 million versus the consensus estimate of $22.4 million.
Excel Maritime Carriers (NYSE: EXM) 12.3% HIGHER; reported Q4 EPS of ($0.24), in-line with the analyst estimate of ($0.24). Revenue for the quarter came in at $81.9 million versus the consensus estimate of $74.37 million.
Amarin (Nasdaq: AMRN) 11.6% HIGHER; the US Patent and Trademark Organization just updated the transaction history for the company's 12/052,598 patent from "Examiner's Amendment Communication" as of Wednesday to "Case Docketed to Examiner in GAU" and consequently "Document Verification."
Xoma (Nasdaq: XOMA) 9.9% HIGHER; shares continuing higher following Q4 results on Wednesday evening. Shares rose 8 percent yesterday.
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Primo Water Corporation (NASDAQ: PRMW) 22.3% LOWER; reported Q4 EPS of ($0.10), $0.02 worse than the analyst estimate of ($0.08). Revenue for the quarter came in at $22 million versus the consensus estimate of $22.1 million. ees Q1 adj-loss of 7-9 cents per share, which compares to the Street estimate of a gain of 4 cents per share. Sales are expected to be $19.7-$21.4 million, which compares to the Street estimate of $27.3 million. Sees FY12 adj-EPS of 7-12 cents, vs. the consensus of 26 cents.
Frontline (NYSE: FRO) 20.9% HIGHER; a Wells Fargo note from late yesterday suggested momentum in the counter-seasonal spot market is driving shares of Frontline and Overseas (NYSE: OSG) higher. The entire tanker group has been on the move over the last two sessions.
OncoGenex Pharmaceuticals, Inc. (Nasdaq: OGXI) 20.4% LOWER; today announced that it has priced an underwritten public offering of 4,165,000 shares of its common stock at a purchase price of $12.00 per share.
ReneSola Ltd. (NYSE: SOL) 19.9% HIGHER; reported Q4 EPS of ($0.21), $0.05 better than the analyst estimate of ($0.26). Revenue for the quarter came in at $0 versus the consensus estimate of $148.08 million. Total solar wafer and module shipments in Q4 2011 were 339.9 megawatts (MW), exceeding Company guidance and an increase of 3.5% from 328.5 MW in Q3 2011. Sees Q1 2012 revenue of $180-$190 million, versus the consensus of $155.52 million. For Q1 2012, the Company expects total solar wafer and module shipments to be in the range of 400 MW to 420 MW. For the full year 2012, the Company expects total solar wafer and module shipments to be in the range of 1.8 GW to 2.0 GW.
Perfect World Co.,Ltd. (NASDAQ: PWRD) 19.8% HIGHER; reported Q4 EPS of RMB5.94, RMB2.54 better than the analyst estimate of RMB3.40. Revenue for the quarter came in at RMB776 million versus the consensus estimate of RMB707.84 million. (In U.S. $, Q4 revenues were $123.4 mln and EPS was $0.94 adj) Perfect World Co.,Ltd. sees FY2012 revenue of RMB714-753 million, versus the consensus of RMB726.5 million.
Dynegy (NYSE: DYN) 18% HIGHER; the stock is continuing to bounce following a more than 60 percent decline over Friday of last week and Monday of this week. Shares tumbled amid comments in an examiner report from last week which suggested the Board took steps to benefit shareholders. A fraudulent transfer of coal assets was also mentioned. The stock was up 18 percent yesterday.
Discovery Labs (Nasdaq: DSCO) 17.3% LOWER; prices 16.1 million shares at $2.80/share.
Atlas Energy LP (NYSE: ATLS) 14.8% HIGHER; Atlas Resource Partners, L.P. (NYSE: ARP) has entered into a definitive purchase and sale agreement to acquire approximately 277 bcfe of proved reserves, including undeveloped drilling locations, in the Barnett Shale in Texas from Carrizo Oil & Gas (NASD: CRZO) for approximately $190 million, or $0.69 per mcfe.
Getty Realty Corp. (NYSE: GTY) 12.2% LOWER; reported Q4 adjusted FFO of $0.26, $0.03 worse than the analyst estimate of $0.29. Revenue for the quarter came in at $31.67 million versus the consensus estimate of $22.4 million.
Excel Maritime Carriers (NYSE: EXM) 12.3% HIGHER; reported Q4 EPS of ($0.24), in-line with the analyst estimate of ($0.24). Revenue for the quarter came in at $81.9 million versus the consensus estimate of $74.37 million.
Amarin (Nasdaq: AMRN) 11.6% HIGHER; the US Patent and Trademark Organization just updated the transaction history for the company's 12/052,598 patent from "Examiner's Amendment Communication" as of Wednesday to "Case Docketed to Examiner in GAU" and consequently "Document Verification."
Xoma (Nasdaq: XOMA) 9.9% HIGHER; shares continuing higher following Q4 results on Wednesday evening. Shares rose 8 percent yesterday.
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