Pre-Open Stock Movers 08/08: (MFRM) (MEIP) (ALR) Higher; (DGLY) (FRED) (SM) Lower (more...)

August 8, 2016 9:31 AM EDT

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Today's Pre-Open Stock Movers

Mattress Firm Holding Corp. (Nasdaq: MFRM) 114.6% HIGHER; announced that the Company and Steinhoff International Holdings N.V. have entered into a definitive merger agreement under which Steinhoff will, subject to the successful consummation of a cash tender offer and satisfaction of other customary closing conditions, acquire Mattress Firm for $64.00 per share in cash, which represents a premium of 115% over the Companys closing stock price of $29.74 on Friday, August 5, 2016. This represents a total equity value of approximately $2.4 billion and an enterprise value of approximately $3.8 billion, including net debt. The merger agreement, which has been unanimously approved by the Mattress Firm board of directors and the management and supervisory boards of Steinhoff, will create the worlds largest multi-brand mattress retail distribution network.

MEI Pharma, Inc. (Nasdaq: MEIP) 50.3% HIGHER; Helsinn, a Swiss pharmaceutical group focused on building quality cancer care products, and MEI Pharma, Inc. (Nasdaq: MEIP), an oncology company focused on the clinical development of novel therapies for cancer, today announced that they have entered into an exclusive licensing, development and commercialization agreement for Pracinostat, a Phase III-ready drug candidate for the treatment of acute myeloid leukemia (AML) and other potential indications. The deal provides the complementary resources from both organizations to rapidly advance Pracinostat into Phase III clinical development and expand into additional indications, including high-risk myelodysplastic syndrome (MDS).

Digital Ally (NASDAQ: DGLY) 9.5% LOWER; reported Q2 EPS of ($0.45), $0.38 worse than the analyst estimate of ($0.07). Revenue for the quarter came in at $4.4 million versus the consensus estimate of $6.58 million.

Alere (NYSE: ALR) 8.7% HIGHER; reported Q4 EPS of ($0.28), versus ($0.43) reported last year. Revenue for the quarter came in at $623 million, versus $662.04 million reported last year. The Company also announced that it concluded the analysis of certain aspects of revenue recognition for the years ended December 31, 2015, 2014, and 2013 (and each of the quarters in those annual periods). As a result of the review, the Company has revised its financial statements for the interim periods of 2015 and the years ended December 31, 2014 and 2013 to correct immaterial errors in its previously issued financial statements.

Fred's Inc. (NASDAQ: FRED) 8.6% LOWER; Deutsche Bank downgraded from Hold to Sell with a price target of $12.00 (from $15.00). Analyst Paul Trussell thinks same-store-sales recovery could be slow, and he said margin pressure is likely to persist.

Horizon Pharma (NASDAQ: HZNP) 8.5% HIGHER; reported Q2 EPS of $0.62, $0.12 better than the analyst estimate of $0.50. Revenue for the quarter came in at $257.4 million versus the consensus estimate of $234.88 million.

ON Semiconductor (NASDAQ: ON) 7% HIGHER; reported Q2 EPS of $0.21, $0.02 better than the analyst estimate of $0.19. Revenue for the quarter came in at $877.8 million versus the consensus estimate of $854.55 million. GUIDANCE: ON Semiconductor sees Q3 2016 revenue of $885-925 million, versus the consensus of $917.2 million.

Select Comfort (NASDAQ: SCSS) mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin;color:darkgreen"> 6% HIGHER; up on MFRM takeover news

Sotheby's (NYSE: BID) 5.3% HIGHER; reported Q2 EPS of $1.51, $0.46 better than the analyst estimate of $1.05. Revenue for the quarter came in at $298.67 million versus the consensus estimate of $291.22 million.

SM Energy Company (NYSE: SM) 5.3% LOWER; announced that it has entered into a definitive purchase agreement to acquire 24,783 net acres in Howard County, West Texas, expanding the Company’s Midland Basin footprint to approximately 46,750 net acres. The acquired acreage position is largely contiguous and includes approximately 4,900 Boe per day net production (with two new wells coming on-line August 2016) and 6 MMBoe of proved developed producing reserves. The purchase price is $980 million and the seller is Rock Oil Holdings LLC. Also announces public offering of 15,000,000 shares of its common stock and $100 million in notes.

Intrexon Corporation (NYSE: XON) 4.9% HIGHER; continued Zika fears and announced the appointment of Andrew J. Last, Ph.D., as Chief Operating Officer

Lantheus Holdings (Nasdaq: LNTH) 4.2% LOWER; filed a registration with the U.S. SEC to sell up to $50 million of mixed securities and up to 17,793,599 shares of common stock on behalf of selling shareholders.

Tempur Sealy International Inc. (NYSE: TPX) Calibri;mso-fareast-theme-font:minor-latin;color:darkgreen"> 4.1% HIGHER; up on MFRM takeover news.

Hortonworks (NASDAQ: HDP) 3.8% HIGHER; Rosenblatt initiates coverage with a Buy rating and a price target of $20

Dean Foods (NYSE: DF) 3.6% LOWER; reported Q2 EPS of $0.38, $0.02 worse than the analyst estimate of $0.40. Revenue for the quarter came in at $1.85 billion versus the consensus estimate of $1.85 billion. GUIDANCE: Dean Foods sees Q3 2016 EPS of $0.32-$0.40, versus the consensus of $0.37.

EverBank (NYSE: EVER) 2.6% HIGHER; TIAA announced today an agreement to acquire EverBank (NYSE: EVER), a nationwide consumer and commercial bank with $27.4 billion in total assets. This acquisition significantly expands TIAA’s banking and lending products and complements the company’s full suite of retirement, investment and advisory services available to help customers achieve financial well-being. Under the terms of the agreement, EverBank stockholders will receive $19.50 per share in cash, or an approximate total of $2.5 billion. The combination of TIAA’s existing banking operations and EverBank will significantly bolster TIAA’s banking capabilities and form a full-service banking company uniquely positioned to help both companies’ customers succeed.

Tyson Foods (NYSE: TSN) 2.3% HIGHER; reported Q3 EPS of $1.21, $0.15 better than the analyst estimate of $1.06. Revenue for the quarter came in at $9.4 billion versus the consensus estimate of $9.33 billion. Tyson Foods sees FY2016 EPS of $4.47-$4.57, versus prior guidance of $4.40-$4.50 and the consensus of $4.36.



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