Pre-Open Movers 8/28: (MPET) (MOV) (CYBX) Higher; (CPRX) (PWRD) (AKS) Lower (more...)
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Magellan Petroleum Corporation (Nasdaq: MPET) 54% HIGHER ; Stratex Oil & Gas Holdings, Inc. (OTC: STTX) made an offer to acquire Magellan Petroleum for $2.30 per share in cash and stock.
Catalyst Pharmaceutical Partners, Inc. (Nasdaq: CPRX) font color="red">23% LOWER ; entered into definitive agreements to sell (i) 4.0 million shares of the Company's common stock, and (ii) common stock purchase warrants to purchase an aggregate of 1.2 million shares of the Company's common stock, in a registered direct public offering. The aggregate offering price for each share and corresponding warrant is $1.50, resulting in gross proceeds of $6 million. The common stock purchase warrants have a five year-term and an exercise price of $2.08 per share
Movado Group (NYSE: MOV) 14% HIGHER ; reported Q2 EPS of $0.30, $0.12 better than the analyst estimate of $0.18. Revenue for the quarter came in at $118 million versus the consensus estimate of $122 million. Movado Group sees FY2013 EPS of $1.40, versus prior guidance of $1.15 and the consensus of $1.24. Movado Group sees FY2013 revenue of $510 million, versus prior guidance of $505 million and the consensus of $504.50 million.
Cyberonics (NASDAQ: CYBX) 9% HIGHER ; reported Q1 EPS of $0.38, $0.02 better than the analyst estimate of $0.36. Revenue for the quarter came in at $60.3 million versus the consensus estimate of $58.45 million. Cyberonics reaffirmed FY2012 guidance of revenue of $241 to $244 and EPS of $1.49 to $1.59.
Perfect World Co. Ltd. (NASDAQ: PWRD) 8% LOWER ; reported Q2 EPS of RMB3.64, RMB0.03 better than the analyst estimate of RMB3.61. Revenue for the quarter came in at RMB676.4 million versus the consensus estimate of RMB685.85 million. Based on the Company's current operations, total revenues for the third quarter of 2012 are expected to be between RMB643 million and RMB676 million, representing a flat to slight decline from the second quarter of 2012.
Depomed, Inc. (Nasdaq: DEPO) 6% HIGHER ; Janssen Pharmaceuticals, Inc., has licensed rights to Depomed's Acuform gastric retentive drug delivery technology. Under the terms of the agreement Janssen received a non-exclusive license and other rights to certain Acuform patents. In exchange, Depomed will receive an upfront payment of $10 million and will receive a low single digit royalty on net sales of NUCYNTA® ER (tapentadol extended-release tablets) in the U.S., Canada and Japan from and after July 2, 2012 through December 31, 2021.
Molycorp, Inc. (NYSE: MCP) 6% HIGHER ; today announced the start-up of its new Project Phoenix heavy rare earth concentrate facilities at Mountain Pass, California, which will produce heavy rare earth concentrate from freshly mined Mountain Pass ore that will then be processed into high-purity, custom-engineered heavy rare earth products in Molycorp's globally integrated production facilities.
PVH Corp. (NYSE: PVH) 5% HIGHER ; reported Q2 EPS of $1.25, $0.05 better than the analyst estimate of $1.20. Revenue for the quarter came in at $1.34 billion versus the consensus estimate of $1.34 billion. PVH Corp. sees Q3 2012 EPS of $2.20-2.25, versus the consensus of $2.21. PVH Corp. sees FY2012 EPS of $6.25-6.32, versus prior guidance of $6.15-6.25 and the consensus of $6.22.
AK Steel (NYSE: AKS) 4% LOWER ; UBS downgraded from Neutral to Sell.
Sequenom, Inc. (Nasdaq: SQNM) 4% HIGHER ; announced that its wholly-owned subsidiary, the Sequenom Center for Molecular Medicine (Sequenom CMM), has completed several international distribution agreements that will expand access to the MaterniT21 PLUS testing service outside the United States. Agreements in Asia cover Japan and Hong Kong; in Europe cover the Czech Republic and Slovakia, and the Netherlands; and in the Middle East, cover Israel.
Schnitzer Steel Industries, Inc. (Nasdaq: SCHN) 3% LOWER ; Cuts Q4 Outlook; Cites Weaker Metal, Commodity Prices
KLA-Tencor (NASDAQ: KLAC) 3% LOWER ; Deutsche Bank downgraded from Hold to Sell with a price target of $44.00 (from $56.00).
ASML Inc. (NASDAQ: ASML) 2% LOWER ; Deutsche Bank downgraded from Hold to Sell.
Sally Beauty Holdings, Inc. (NYSE: SBH) 1% HIGHER ; today announced that its Board of Directors has approved a new stock repurchase program authorizing the Company to repurchase up to $300 million of its common stock over an 18-month period beginning October 1, 2012.
Gilead Sciences Inc. (NASDAQ: GILD) 1% HIGHER ; The U.S. Food and Drug Administration today approved Stribild (elvitegravir, cobicistat, emtricitabine, tenofovir disoproxil fumarate), a new once-a-day combination pill to treat HIV-1 infection in adults who have never been treated for HIV infection.
Lexmark International, Inc. (NYSE: LXK) 1% LOWER ; announced restructuring actions, including the exiting of the development and manufacturing of the company's remaining inkjet hardware, which are expected to result in annualized savings of $95 million once fully implemented. Lexmark will continue to provide service, support and aftermarket supplies for its inkjet installed base.
GlaxoSmithKline (NYSE: GSK) 1% LOWER ; UBS downgraded from Buy to Neutral.
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Catalyst Pharmaceutical Partners, Inc. (Nasdaq: CPRX) font color="red">23% LOWER ; entered into definitive agreements to sell (i) 4.0 million shares of the Company's common stock, and (ii) common stock purchase warrants to purchase an aggregate of 1.2 million shares of the Company's common stock, in a registered direct public offering. The aggregate offering price for each share and corresponding warrant is $1.50, resulting in gross proceeds of $6 million. The common stock purchase warrants have a five year-term and an exercise price of $2.08 per share
Movado Group (NYSE: MOV) 14% HIGHER ; reported Q2 EPS of $0.30, $0.12 better than the analyst estimate of $0.18. Revenue for the quarter came in at $118 million versus the consensus estimate of $122 million. Movado Group sees FY2013 EPS of $1.40, versus prior guidance of $1.15 and the consensus of $1.24. Movado Group sees FY2013 revenue of $510 million, versus prior guidance of $505 million and the consensus of $504.50 million.
Cyberonics (NASDAQ: CYBX) 9% HIGHER ; reported Q1 EPS of $0.38, $0.02 better than the analyst estimate of $0.36. Revenue for the quarter came in at $60.3 million versus the consensus estimate of $58.45 million. Cyberonics reaffirmed FY2012 guidance of revenue of $241 to $244 and EPS of $1.49 to $1.59.
Perfect World Co. Ltd. (NASDAQ: PWRD) 8% LOWER ; reported Q2 EPS of RMB3.64, RMB0.03 better than the analyst estimate of RMB3.61. Revenue for the quarter came in at RMB676.4 million versus the consensus estimate of RMB685.85 million. Based on the Company's current operations, total revenues for the third quarter of 2012 are expected to be between RMB643 million and RMB676 million, representing a flat to slight decline from the second quarter of 2012.
Depomed, Inc. (Nasdaq: DEPO) 6% HIGHER ; Janssen Pharmaceuticals, Inc., has licensed rights to Depomed's Acuform gastric retentive drug delivery technology. Under the terms of the agreement Janssen received a non-exclusive license and other rights to certain Acuform patents. In exchange, Depomed will receive an upfront payment of $10 million and will receive a low single digit royalty on net sales of NUCYNTA® ER (tapentadol extended-release tablets) in the U.S., Canada and Japan from and after July 2, 2012 through December 31, 2021.
Molycorp, Inc. (NYSE: MCP) 6% HIGHER ; today announced the start-up of its new Project Phoenix heavy rare earth concentrate facilities at Mountain Pass, California, which will produce heavy rare earth concentrate from freshly mined Mountain Pass ore that will then be processed into high-purity, custom-engineered heavy rare earth products in Molycorp's globally integrated production facilities.
PVH Corp. (NYSE: PVH) 5% HIGHER ; reported Q2 EPS of $1.25, $0.05 better than the analyst estimate of $1.20. Revenue for the quarter came in at $1.34 billion versus the consensus estimate of $1.34 billion. PVH Corp. sees Q3 2012 EPS of $2.20-2.25, versus the consensus of $2.21. PVH Corp. sees FY2012 EPS of $6.25-6.32, versus prior guidance of $6.15-6.25 and the consensus of $6.22.
AK Steel (NYSE: AKS) 4% LOWER ; UBS downgraded from Neutral to Sell.
Sequenom, Inc. (Nasdaq: SQNM) 4% HIGHER ; announced that its wholly-owned subsidiary, the Sequenom Center for Molecular Medicine (Sequenom CMM), has completed several international distribution agreements that will expand access to the MaterniT21 PLUS testing service outside the United States. Agreements in Asia cover Japan and Hong Kong; in Europe cover the Czech Republic and Slovakia, and the Netherlands; and in the Middle East, cover Israel.
Schnitzer Steel Industries, Inc. (Nasdaq: SCHN) 3% LOWER ; Cuts Q4 Outlook; Cites Weaker Metal, Commodity Prices
KLA-Tencor (NASDAQ: KLAC) 3% LOWER ; Deutsche Bank downgraded from Hold to Sell with a price target of $44.00 (from $56.00).
ASML Inc. (NASDAQ: ASML) 2% LOWER ; Deutsche Bank downgraded from Hold to Sell.
Sally Beauty Holdings, Inc. (NYSE: SBH) 1% HIGHER ; today announced that its Board of Directors has approved a new stock repurchase program authorizing the Company to repurchase up to $300 million of its common stock over an 18-month period beginning October 1, 2012.
Gilead Sciences Inc. (NASDAQ: GILD) 1% HIGHER ; The U.S. Food and Drug Administration today approved Stribild (elvitegravir, cobicistat, emtricitabine, tenofovir disoproxil fumarate), a new once-a-day combination pill to treat HIV-1 infection in adults who have never been treated for HIV infection.
Lexmark International, Inc. (NYSE: LXK) 1% LOWER ; announced restructuring actions, including the exiting of the development and manufacturing of the company's remaining inkjet hardware, which are expected to result in annualized savings of $95 million once fully implemented. Lexmark will continue to provide service, support and aftermarket supplies for its inkjet installed base.
GlaxoSmithKline (NYSE: GSK) 1% LOWER ; UBS downgraded from Buy to Neutral.
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