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Today's Pre-Open Stock Movers
Violin Memory (NYSE: VMEM) 35% LOWER; reported Q2 EPS of ($0.59), $0.03 worse than the analyst estimate of ($0.56). Revenue for the quarter came in at $7.5 million versus the consensus estimate of $11 million.
Lantheus Holdings, Inc. (NASDAQ: LNTH) 18.6% LOWER; announced an agreement to sell 5,200,000 shares of its common stock to Credit Suisse and Jefferies LLC as underwriters in an underwritten public offering pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”) on Form S-3. The Company intends to use a combination of net proceeds from this offering, together with cash on hand, to pay down approximately $55 million of the outstanding principal balance under its senior secured credit facilities. Credit Suisse and Jefferies LLC will act as underwriters for the offering.
Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) 17.7% HIGHER; announced that the pivotal inTandem1 Phase 3 clinical trial of sotagliflozin met its primary endpoint, showing a statistically significant reduction in A1C at 24 weeks in patients with type 1 diabetes on a background of optimized insulin.
Finisar (NASDAQ: FNSR) 14.3% HIGHER; reported Q1 EPS of $0.38, $0.08 better than the analyst estimate of $0.30. Revenue for the quarter came in at $341.3 million versus the consensus estimate of $332.75 million. Finisar sees Q2 2017 EPS of $0.44-$0.50, versus the consensus of $0.32. Finisar sees Q2 2017 revenue of $355-375 million, versus the consensus of $342.9 million.
Restoration Hardware (NYSE: RH) 12% HIGHER; reported Q2 EPS of $0.44, $0.15 better than the analyst estimate of $0.29. Revenue for the quarter came in at $543.4 million versus the consensus estimate of $511.4 million. Comparable brand revenues declined 3% compared to a 16% increase last year. GUIDANCE: Restoration Hardware sees Q3 2016 EPS of $0.13-$0.18, versus the consensus of $0.40. Restoration Hardware sees Q3 2016 revenue of $520-530 million, versus the consensus of $539.6 million.
Seadrill Partners LLC (NYSE: SDLP) 9% LOWER; Wells Fargo downgraded from Market Perform to Underperform.
Vince Holding (NYSE: VNCE) 7.4% LOWER; reported Q2 EPS of ($0.04), $0.02 better than the analyst estimate of ($0.06). Revenue for the quarter came in at $60.7 million versus the consensus estimate of $64.15 million.
Resonant Inc. (NASDAQ: RESN) 6.4% LOWER; announced that it is offering to sell shares of its common stock in an underwritten public offering. The offering is expected to price on or about Friday, September 9, 2016.
Swift Transportation Company (NYSE: SWFT) 6.4% HIGHER; announced the retirement of Founder and CEO Jerry Moyes, effective as of December 31, 2016. Richard Stocking, who joined Swift in 1992 and has served as Swifts President and Chief Operating Officer since 2010, has been unanimously appointed by the Board of Directors as President and Chief Executive Officer. During the transition period, until December 31, 2016, Mr. Moyes and Mr. Stocking will serve as Co-CEOs, although all day-to-day responsibilities will be immediately transitioned to Mr. Stocking. Commencing January 1, 2017, Mr. Moyes will serve as Founder and Chairman Emeritus and a member of the Board of Directors.
Energous Corp (NASDAQ: WATT) 4.7% LOWER; continues downward slump since the Apple event
Zumiez, Inc. (NASDAQ: ZUMZ) 4.2% HIGHER; reported Q2 EPS of ($0.03), $0.05 better than the analyst estimate of ($0.08). Revenue for the quarter came in at $178.3 million versus the consensus estimate of $177.45 million. Comps fell 1.1 percent, versus expectations for a 0.4 percent increase. The Company is introducing guidance for the three months ending October 29, 2016. Net sales are projected to be in the range of $209 to $213 million resulting in net income per diluted share of approximately $0.21 to $0.26. This guidance is based upon an anticipated comparable sales range of negative 2% to 0% for the third quarter of fiscal 2016. The Company currently intends to open approximately 29 new stores in fiscal 2016, including up to 6 stores in Canada and 7 stores in Europe. *** The Street sees Q3 EPS of $0.31 with revenue of $206 million.
Statoil (NYSE: STO) 3% LOWER; Morgan Stanley downgraded from Equalweight to Underweight.
CoLucid Pharmaceuticals, Inc. (Nasdaq: CLCD) 2.7% HIGHER; announced the pricing of an underwritten public offering of 3,250,000 shares of its common stock at a public offering price of $20.00 per share
The Williams Companies, Inc. (NYSE: WMB) 2.6% LOWER; Enterprise Products Partners L.P. (NYSE: EPD) generally does not comment on market rumors or speculation. However, due to recent news leaks, movements in the price of the partnership’s common units as well as questions from investors, Enterprise announced that it has withdrawn its indication of interest in The Williams Companies, Inc. (NYSE: WMB) regarding the possible combination of Enterprise and Williams.
Seagate Technology plc (NASDAQ: STX) 2.5% HIGHER; announced a secondary block trade transaction of approximately 12.5 million ordinary and existing shares. Participating in this transaction are ValueAct Capital and Seagate Technology, as a result of which ValueAct Capital will become one of Seagate’s largest shareholders with approximately 9.5 million ordinary shares upon transaction closing. In connection with the transaction, ValueAct has been invited to serve as an observer on Seagate’s Board of Directors. The transaction is conditioned on customary regulatory approval which is expected by the end of September.
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