Pre-Open Stock Movers 10/03: (VHC) (FVE) (CAB) Higher; (MACK) (TASR) (HRTX) Lower (more...)

October 3, 2016 9:20 AM EDT
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VirnetX Holding Corporation (NYSE: VHC) 55.6% HIGHER; announced today that on September 31, 2016, a Jury in the United States Court for the Eastern District of Texas, Tyler Division, in the case VirnetX Inc., et al. v. Apple Inc., No. 6:10-cv-00417-RWS ("Apple I"), has awarded VirnetX $302.4 million in a verdict against Apple Corporation for infringing four VirnetX patents, marking the third time a federal jury has found Apple liable for infringing VirnetX's patented technology.

Five Star Quality Care, Inc. (Nasdaq: FVE) 20% HIGHER; ABP Acquisition LLC today announced that it intends to make a cash tender offer for up to 10,000,000 shares of common stock of Five Star Quality Care, Inc. (Nasdaq: FVE) at a price of $3.00 per share. The offer price represents a 57% premium over FVE’s closing price of $1.91 per share on September 30, 2016, the last trading day prior to today's announcement, and represents a 34% premium over the average year to date closing trading prices of FVE shares of $2.24 per share. The number of shares ABP Acquisition LLC intends to offer to purchase in the tender offer represents approximately 20% of the outstanding shares of FVE common stock. The tender offer will be open to all FVE stockholders.

Cabela’s (NYSE: CAB) 14.6% HIGHER; Bass Pro Shops and Cabela's Incorporated (NYSE: CAB) announced that they have entered into a definitive agreement under which Bass Pro Shops will acquire Cabela’s for $65.50 per share in cash, representing an aggregate transaction value of approximately $5.5 billion.

VIVUS, Inc. (Nasdaq: VVUS) 14% HIGHER; announced an agreement providing Metuchen a fully-paid, perpetual license for exclusive rights to commercialize STENDRA® (avanafil) in the U.S., Canada, South America and India. The parties simultaneously signed a commercial supply agreement pursuant to which VIVUS will be responsible for the manufacture and supply of STENDRA to Metuchen for a mutually agreed term. For a period of 180 days, Metuchen has the option to assume the manufacturing and supply rights of STENDRA for its territories. Under the license agreement, VIVUS received $70 million. Additionally, Metuchen will be responsible for royalties due to Mitsubishi Tanabe Pharma Corporation based on net sales.

Dynavax Technologies (NASDAQ: DVAX) 12.5% HIGHER received anticipated requests for information from the U.S. Food and Drug Administrations (FDA) review team in connection with the pending Biologics License Application for HEPLISAV-B [Hepatitis B Vaccine, Recombinant (Adjuvanted)]. The review teams questions are in line with the companys expectations.

Janus Capital Group Inc. (NYSE: JNS) 12.1% HIGHER; Henderson Group plc and Janus Capital Group Inc. (NYSE: JNS) announce that their respective Boards of Directors have unanimously agreed to an all-stock merger of equals. The combined company will be named Janus Henderson Global Investors plc.

Merrimack Pharmaceuticals, Inc. (Nasdaq: MACK) 8.6% LOWER; announced a major corporate restructuring with the objective of prioritizing its research and development on a focused set of systems biology-derived oncology products and strengthening its financial runway. As part of this move, Merrimack is immediately implementing a 22% reduction in headcount and eliminating more than $200 million in expected costs over the next two years. In line with this restructuring, the Board of Directors has accepted the resignation of President and CEO Robert Mulroy, effective immediately.

TASER International (NASDAQ: TASR) 8% LOWER; Ladenburg Thalmann downgraded from Buy to Neutral and removed its price target (prior $31.00). NYC contract was disappointing.

Heron Therapeutics, Inc. (NASDAQ: HRTX) 4.2% LOWER; CMO Neil Clendeninn, Senior VP and President of Technical Operations Paul Marshall, and CFO Brian Drazba. Mr. Clendeninn and Mr. Marshall’s resig

Tesla (NASDAQ: TSLA) 4% HIGHER; delivered approximately 24,500 vehicles in Q3, of which 15,800 were Model S and 8,700 were Model X. This was an increase of just over 70% from last quarter's deliveries of 14,402. Tesla said its Q3 delivery count should be viewed as slightly conservative, as they only count a car as delivered if it is transferred to the customer and all paperwork is correct.

Melco Crown (NASDAQ: MPEL) 3.7% HIGHER; September GGR in Macau increased 7.4% to MOP18.4b, which beat expectations of 5%.

Wynn Resorts (NASDAQ: WYNN) 3.5% HIGHER; September GGR in Macau increased 7.4% to MOP18.4b, which beat expectations of 5%.

eBay (NASDAQ: EBAY) 3.2% LOWER; falls on Facebook's new Marketplace.

Las Vegas Sands (NYSE: LVS) 2.7% HIGHER; September GGR in Macau increased 7.4% to MOP18.4b, which beat expectations of 5%.

Robert Half (NYSE: RHI) 2.4% LOWER; Credit Suisse downgraded from Neutral to Underperform with a price target of $33.00 (from $37.00)

Nutanix (NASDAQ: NTNX) 2% HIGHER; adds to Friday's IPO gains

MGM Resorts (NYSE: MGM) 1.4% HIGHER; September GGR in Macau increased 7.4% to MOP18.4b, which beat expectations of 5%.

Citrix Systems (NASDAQ: CTXS) 1% LOWER; UBS downgraded from Neutral to Sell with a price target of $81.00,

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