Morning Movers 07/23: (NXY) (PEET) (GEN) (GEOY) Higher; (WTSLA) (PETS) (ITMN) Lower

July 23, 2012 10:57 AM EDT Send to a Friend
Nexen Inc. (NYSE: NXY) 52.7% HIGHER; CNOOC Limited (NYSE: CEO) and Nexen have entered into a definitive agreement under which CNOOC Limited will acquire all of the outstanding common shares of Nexen for US$27.50 per share in cash.

Peet's Coffee & Tea, Inc. (Nasdaq: PEET) 29.3% HIGHER; to be acquired by for $73.50/share by Joh. A. Benckiser.

GenOn Energy, Inc. (NYSE: GEN) 24.7% HIGHER; NRG Energy, Inc. (NYSE: NRG) and GenOn have signed a definitive agreement to combine the two companies in a stock-for-stock tax-free transaction. GenOn shareholders will receive 0.1216 of a share of NRG common stock in exchange for each GenOn share of common stock.

GeoEye, Inc. (Nasdaq: GEOY) 23.3% HIGHER; DigitalGlobe, Inc. (NYSE: DGI) and GeoEye today announced that the boards of directors of both companies have unanimously approved a definitive merger agreement under which the companies will combine in a stock and cash transaction valued at approximately $900 million.

Peregrine Pharma (Nasdaq: PPHM) 22% HIGHER; breaking out above resistance around $1.25 today. Shares are holding above $1.50. Volume is extremely heavy this morning. Under the terms of the agreement, GeoEye shareowners will have the right to elect either 1.137 shares of DigitalGlobe common stock and $4.10 per share in cash.

Synacor (Nasdaq: SYNC) 14.4% HIGHER; the stock is pushing back over $12 after falling by more than 12 percent on Thursday and Friday. Shares dipped sharply on Thursday after the price pushed below both the 50- and 200-day simple moving averages.

The Wet Seal, Inc. (Nasdaq: WTSLA) 13.5% LOWER; announced today that its Board of Directors has terminated the employment of the Company’s Chief Executive Officer, Susan McGalla, effective immediately. Sees a Q2 loss before non-cash impairment and CEO severance costs of 6-7 cents per share.

Petmed Express, Inc. (NASDAQ: PETS) 13.3% LOWER; reported Q2 EPS of $0.20, $0.03 worse than the analyst estimate of $0.23. Revenue for the quarter came in at $69 million versus the consensus estimate of $77.3 million.

InterMune, Inc. (NASDAQ: ITMN) 12.7% LOWER; reported Q2 EPS of ($0.78), $0.55 worse than the analyst estimate of ($0.23). Revenue for the quarter came in at $5.54 million versus the consensus estimate of $39.99 million.

Semiconductor Manufacturing (NYSE: SMI) 11.4% HIGHER; shares are breaking above resistance at $1.50 and $1.65.

Hanwha Solarone (Nasdaq: HSOL) 10.4% LOWER; breaking below support at $1.15 today.

RailAmerica, Inc. (NYSE: RA) 9.8% HIGHER; The Carlyle Group (NASDAQ: CG) announced today that it has agreed to invest up to $800 million in Genesee & Wyoming Inc. (NYSE: GWR), which will enable Genesee & Wyoming to acquire RailAmerica for an all cash purchase price of $2 billion.

Meadowbrook Insurance Group (NYSE: MIG) 9.6% LOWER; continuing lower following a 15 percent move lower on Friday. The company said it sees Q2 loss of about 15-16 cents per share, which compares to the Street estimate looking for a gain of 22 cents per share. Revised its FY12 EPS guidance to 55-60 cents per share, which compares to the Street estimate of 86 cents per share. The company was previously looking for EPS of $1.05-$1.15.

Akorn (NASDAQ: AKRX) 9.4% LOWER; Deutsche Bank downgraded the stock from Buy to Hold with a price target of $14.00 (from $15.00). Click here to see the full report.

GenCorp Inc. (NYSE: GY) 9.3% HIGHER; announced today that it has signed a definitive agreement to acquire Pratt & Whitney Rocketdyne (PWR) from United Technologies Corporation (NYSE: UTX) for $550 million.


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