Pre-Open Stock Movers 10/1: (EDG) (MYGN) (MRK) Higher; (WD) (OLED) (DMND) Lower (more...)

October 1, 2013 9:30 AM EDT Send to a Friend
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Edgen Group Inc. (NYSE: EDG) 56% HIGHER; entered into an Agreement and Plan of Merger, by and among the Company, Sumitomo Corporation of America, a New York corporation, and Lochinvar Corporation, a Delaware corporation and a wholly-owned subsidiary of Parent, will acquire the company for $12 per share in cash.

Myriad Genetics (NASDAQ: MYGN) 10.6% HIGHER; Monday's decline tied to clerical error.

Hyperdynamics Corporation (NYSE: HDY) 9.1% LOWER; announced that in September 2013 it received a subpoena from the United States Department of Justice (DOJ) requesting that the Company produce documents relating to its business in Guinea.

Walker & Dunlop (NYSE: WD) 8.9% LOWER; expects third quarter 2013 loan originations to be in the range of $1.7 - $1.9 billion, below the Company's third quarter guidance of $2.0 - $2.5 billion due to rising interest rates and a slowdown in lending activity by Fannie Mae and Freddie Mac to stay under their FHFA-imposed 2013 lending caps.

Universal Display Corp. (NASDAQ: OLED) 7.6% LOWER; Canaccord Genuity downgraded Universal Display From Hold to Sell with a price target of $19 (from $30). Analyst Jonathan Dorsheimer made note of increased Asia competition and TV pushouts.

Ballantyne Strong, Inc. (AMEX: BTN) 5.4% HIGHER; announced the acquisition of Convergent Corporation and its wholly owned subsidiary, Convergent Media Systems, a leading player in digital signage and content creation and distribution systems. Convergent Corporation was a subsidiary of Sony Electronics Inc.

Diamond Foods, Inc. (Nasdaq: DMND) 5% LOWER; reported Q4 EPS of $0.09, $0.12 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $199.8 million versus the consensus estimate of $192.53 million. Numbers compare with EPS of $0.05 and revs of $223.99 million reported in the same period last year. In the first quarter, the Company expects to face significant sales and contribution headwinds including costs associated with the Emerald re-launch and lower walnut supply. Despite expected increases in tree nut costs, fiscal 2014 is expected to be a year of earnings improvement as additional benefits from the execution of the multi-year turnaround strategy are realized.

Cree (NASDAQ: CREE) 4.5% HIGHER; Canaccord Genuity upgraded from Hold to Buy.

Aixtron (NASDAQ: AIXG) 4% LOWER; Canaccord Genuity downgraded from Hold to Sell.

Restoration Hardware Holdings (NYSE: RH) 3.2% LOWER; holder CP Home Holdings filed a Form 144 with the U.S. SEC to sell up to 3,978,731 shares of Restoration Hardware common stock.

Merck & Co. Inc. (NYSE: MRK) 2.7% HIGHER; cutting 8,500 jobs

BGC Partners, Inc. (Nasdaq: BGCP) 2.5% LOWER; announced that it has updated its outlook for the quarter ending September 30, 2013. The Company expects its financial results for the third quarter of 2013 to be towards the low-end of the range of its previously stated guidance for revenues and earnings.

HCI Group Inc. (NYSE: HCI) 2.5% HIGHER; will replace Maidenform Brands Inc. (NYSE: MFB) in the S&P SmallCap 600 after the close of trading on Friday, October 4.

Finish Line (NASDAQ: FINL) 1.9% HIGHER; Goldman Sachs downgraded from Neutral to Sell with a price target of $22.00 (from $20.00). Analyst Taposh Bari noted the stock premium to Foot Locker, Inc. (NYSE: FL).

Netflix, Inc. (NASDAQ: NFLX) 1.7% HIGHER; price target raised to $370 at MKM

Cepheid (NASDAQ: CPHD) 1.5% LOWER; BofA/Merrill Lynch downgraded from Buy to Neutral.

Buffalo Wild Wings, Inc. (NASDAQ: BWLD) 1.3% LOWER; Raymond James downgraded from Strong Buy to Outperform.

Paychex, Inc. (NASDAQ: PAYX) 1.2% LOWER; reported Q1 EPS of $0.44, $0.01 better than the analyst estimate of $0.43. Revenue for the quarter came in at $597.9 million versus the consensus estimate of $605.56 million.

J.C. Penney Co., Inc. (NYSE: JCP) 0.5% LOWER; Just one month after disclosing it raised its stake in J.C. Penney, Richard Perry's hedge fund Perry Corp disclosed a 3.28%, or 10,000,000 share, stake in the company. This is down 47.37% from the 19,000,000 shares held as of a August 30, 2013 filing.


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