Morning Movers 7/14: NOVN, CIT, CPST, CNB, BBI Higher; HNT, COBZ, CPF, TTWO, IBAS Lower
Noven Pharmaceuticals, Inc. (NASDAQ: NOVN) 22.4% HIGHER; and Hisamitsu Pharmaceutical Co., Inc. have entered into a definitive merger agreement pursuant to which Hisamitsu has proposed to acquire Noven for total cash consideration of approximately $428 million, or $16.50 per share, in an all-cash tender offer for 100% of the outstanding shares of Noven. Here is the full report.
Health Net, Inc. (NYSE: HNT) 22.2% LOWER; Health Net Federal Services, LLC, the government operations division of Health Net, released the following statement today in response to the Department of Defense's release of the TRICARE contract awards: "Health Net Federal Services is disappointed not to be selected by TRICARE Management Activity for the Managed Care Support Contractor in the TRICARE North Region. We anticipate that a debriefing will be conducted within the next couple weeks. We will consider the information provided at the debriefing, and within two weeks following, we will determine whether we will accept or challenge the award decision," said Steven Tough, president, Health Net Federal Services.
CoBiz Financial Inc. (Nasdaq: COBZ) 20.4% LOWER; reports Q2 loss of $0.72, versus the analyst estimate of ($0.45). Revenue for the quarter was $32.84 million, versus the consensus of $34.24 million. Separately, CoBiz also announced that it has commenced an offering of approximately $45 million of its common stock in an underwritten public offering through Keefe, Bruyette & Woods. The Company intends to grant the underwriter an option to purchase up to an additional 15% of common stock sold in the offering to cover over-allotments, if any.
CIT Group (NYSE: CIT) 20% HIGHER; According to reports in the Wall Street Journal, the U.S. government is in advanced talks to provide some sort of aid to struggling lender CIT. Talks are fluid and it remains unclear whether a deal can be brokered and how expansive it might be. Click here for the full report.
Capstone Turbine Corporation (Nasdaq: CPST) 19.4% HIGHER; The United States government on July 9 announced that renewable energy, alternative energy, microturbine and CHP projects, including products from Capstone, are eligible for reimbursement from a $3 billion fund created through the American Recovery and Reinvestment Act (Recovery Act).
Central Pacific Financial Corp. (NYSE: CPF) 17.3% LOWER; announced that it has commenced a public offering of its common stock to raise gross proceeds of up to $100.0 million in an underwritten public offering through Sandler O'Neill + Partners, L.P.
The Colonial BancGroup, Inc. (NYSE: CNB) 14.3% HIGHER; entered into an asset purchase agreement with Global Consumer Acquisition Corporation (NYSE: GHC) for the sale of 21 branch offices of Colonial Bank located in Nevada. Upon the closing of the transaction, GCAC is expected to acquire the branch network including approximately $492 million in deposits and approximately $440 million in loans, of which approximately $326 million were originated in the Nevada franchise. Here is the full report.
Take-Two Interactive Software, Inc. (NASDAQ: TTWO) 10.9% LOWER; Lowers its Q3 loss estimate from $0.55-$0.65 to a loss of $0.65-$0.75, which compares to the Street estimate looking for a loss of $0.54. Sales for the quarter move from $145-$165 million to $120-$130 million, versus the $162.23 million analysts are looking for. For Q4, Take-Two sees a gain of $0.30-$0.40, versus the consensus of $1.15. Sales for the quarter are expected to be in the range of $350-$400 million, versus the Street estimate of $471.14 million. Taking a look at FY09, the company's non-GAAP estimate moves from breakeven to a gain of $0.20 to a loss of $0.80-$0.95, which compares to the analyst consensus of a $0.07 gain. Sales move from $1.05-$1.15 billion to $960 million-$1 billion. The Street is currently expecting FY09 sales of $1.12 billion.
Blockbuster Inc. (NYSE: BBI) 10.3% HIGHER; and Samsung Electronics America, Inc. today announced they are joining forces to enable consumers to access Blockbuster's vast and growing library of premium digital entertainment via select new Samsung HDTVs, home theater systems and Blu-ray players. The new services will be available in the fall of 2009 and are expected to provide millions of homes across America access to Blockbuster's digital library of movies. Additionally, as part of the agreement, Blockbuster OnDemand will have preferred positioning on the Blu-ray interfaces.
iBasis (Nasdaq: IBAS) 9% LOWER; correcting today following yesterday's 30% jump on news that Royal KPN has boosted its offering to $1.55 per share in cash.
SEQUENOM (Nasdaq: SQNM) 8.3% HIGHER; After the close, news was released that a University of Michigan study shows SEQUENOM's MassARRAY technology identifies HPV infections missed by standard hybridization test. Results from a study published by the University of Michigan have shown that as many as 15% of women in the study group determined to be negative for the presence of human papillomavirus in the cervix, via the most commonly used test for HPV DNA, may actually be infected with the virus at clinically relevant viral loads. Click here for the full report.
Humana Inc. (NYSE: HUM) 8.1% LOWER; has received word from the Department of Defense that the company's wholly-owned subsidiary, Humana Military Healthcare Services was not awarded the third generation TRICARE program contract for the South Region. Click here for the full report.
To get this report daily, visit http://www.streetinsider.com/entities/Morning+Movers.
Health Net, Inc. (NYSE: HNT) 22.2% LOWER; Health Net Federal Services, LLC, the government operations division of Health Net, released the following statement today in response to the Department of Defense's release of the TRICARE contract awards: "Health Net Federal Services is disappointed not to be selected by TRICARE Management Activity for the Managed Care Support Contractor in the TRICARE North Region. We anticipate that a debriefing will be conducted within the next couple weeks. We will consider the information provided at the debriefing, and within two weeks following, we will determine whether we will accept or challenge the award decision," said Steven Tough, president, Health Net Federal Services.
CoBiz Financial Inc. (Nasdaq: COBZ) 20.4% LOWER; reports Q2 loss of $0.72, versus the analyst estimate of ($0.45). Revenue for the quarter was $32.84 million, versus the consensus of $34.24 million. Separately, CoBiz also announced that it has commenced an offering of approximately $45 million of its common stock in an underwritten public offering through Keefe, Bruyette & Woods. The Company intends to grant the underwriter an option to purchase up to an additional 15% of common stock sold in the offering to cover over-allotments, if any.
CIT Group (NYSE: CIT) 20% HIGHER; According to reports in the Wall Street Journal, the U.S. government is in advanced talks to provide some sort of aid to struggling lender CIT. Talks are fluid and it remains unclear whether a deal can be brokered and how expansive it might be. Click here for the full report.
Capstone Turbine Corporation (Nasdaq: CPST) 19.4% HIGHER; The United States government on July 9 announced that renewable energy, alternative energy, microturbine and CHP projects, including products from Capstone, are eligible for reimbursement from a $3 billion fund created through the American Recovery and Reinvestment Act (Recovery Act).
Central Pacific Financial Corp. (NYSE: CPF) 17.3% LOWER; announced that it has commenced a public offering of its common stock to raise gross proceeds of up to $100.0 million in an underwritten public offering through Sandler O'Neill + Partners, L.P.
The Colonial BancGroup, Inc. (NYSE: CNB) 14.3% HIGHER; entered into an asset purchase agreement with Global Consumer Acquisition Corporation (NYSE: GHC) for the sale of 21 branch offices of Colonial Bank located in Nevada. Upon the closing of the transaction, GCAC is expected to acquire the branch network including approximately $492 million in deposits and approximately $440 million in loans, of which approximately $326 million were originated in the Nevada franchise. Here is the full report.
Take-Two Interactive Software, Inc. (NASDAQ: TTWO) 10.9% LOWER; Lowers its Q3 loss estimate from $0.55-$0.65 to a loss of $0.65-$0.75, which compares to the Street estimate looking for a loss of $0.54. Sales for the quarter move from $145-$165 million to $120-$130 million, versus the $162.23 million analysts are looking for. For Q4, Take-Two sees a gain of $0.30-$0.40, versus the consensus of $1.15. Sales for the quarter are expected to be in the range of $350-$400 million, versus the Street estimate of $471.14 million. Taking a look at FY09, the company's non-GAAP estimate moves from breakeven to a gain of $0.20 to a loss of $0.80-$0.95, which compares to the analyst consensus of a $0.07 gain. Sales move from $1.05-$1.15 billion to $960 million-$1 billion. The Street is currently expecting FY09 sales of $1.12 billion.
Blockbuster Inc. (NYSE: BBI) 10.3% HIGHER; and Samsung Electronics America, Inc. today announced they are joining forces to enable consumers to access Blockbuster's vast and growing library of premium digital entertainment via select new Samsung HDTVs, home theater systems and Blu-ray players. The new services will be available in the fall of 2009 and are expected to provide millions of homes across America access to Blockbuster's digital library of movies. Additionally, as part of the agreement, Blockbuster OnDemand will have preferred positioning on the Blu-ray interfaces.
iBasis (Nasdaq: IBAS) 9% LOWER; correcting today following yesterday's 30% jump on news that Royal KPN has boosted its offering to $1.55 per share in cash.
SEQUENOM (Nasdaq: SQNM) 8.3% HIGHER; After the close, news was released that a University of Michigan study shows SEQUENOM's MassARRAY technology identifies HPV infections missed by standard hybridization test. Results from a study published by the University of Michigan have shown that as many as 15% of women in the study group determined to be negative for the presence of human papillomavirus in the cervix, via the most commonly used test for HPV DNA, may actually be infected with the virus at clinically relevant viral loads. Click here for the full report.
Humana Inc. (NYSE: HUM) 8.1% LOWER; has received word from the Department of Defense that the company's wholly-owned subsidiary, Humana Military Healthcare Services was not awarded the third generation TRICARE program contract for the South Region. Click here for the full report.
To get this report daily, visit http://www.streetinsider.com/entities/Morning+Movers.
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