Pre-Open Stock Movers 10/12: (IPCI) (VOXX) (CUDA) Higher; (ERIC) (FTNT) (FEYE) Lower (more...)

October 12, 2016 8:58 AM EDT

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Today's Pre-Open Stock Movers:

Intellipharmaceutics International Inc. (Nasdaq: IPCI) 17.7% HIGHER; announced that it has entered into a license and commercial supply agreement with Mallinckrodt LLC (NYSE: MNK), by which the Company has granted Mallinckrodt an exclusive license to market, sell and distribute in the United States the following extended release drug product candidates (the "licensed products") for which Intellipharmaceutics has abbreviated new drug applications ("ANDAs") filed with the U.S. Food and Drug Administration ("FDA").

Ericsson (Nasdaq: ERIC) 17% LOWER; announced that the business result for the third quarter 2016 will be significantly lower than company expectations. The negative industry trends from the first half of 2016 have further accelerated, impacting Q3, 2016 numbers primarily in Segment Networks. The sales decline was mainly driven by markets with weak macro-economic environment such as Brazil, Russia and the Middle East, impacting both coverage and capacity sales in those markets. In addition, capacity sales in Europe were lower following completion of mobile broadband projects in 2015.

Fortinet (NASDAQ: FTNT) 14.6% LOWER; expects total billings to be in the range of $343 million to $348 million compared to our previously announced guidance of $372 million to $376 million. Fortinet also expects to report total revenue for the third quarter of 2016 in the range of $311 million to $316 million compared to our previously announced guidance of $319 million to $324 million. Non-GAAP diluted net income1 per share is expected to be $0.15 to $0.16 compared to our previously announced guidance of $0.17 to $0.18. Third quarter 2016 preliminary results are subject to change based on the completion of the Company's quarter-end review process. (Street sees Q3 EPS of 18c on revenue of $322.44 million).

VOXX Int'l (NASDAQ: VOXX) 13.7% HIGHER; reported Q2 EPS of $0.12, $0.13 better than the analyst estimate of ($0.01). Revenue for the quarter came in at $159.3 million versus the consensus estimate of $161 million.

Nova Lifestyle Inc. (NASDAQ: NVFY) 8.5% HIGHER; adds to recent gains.

Barracuda Networks (NYSE: CUDA) 7% HIGHER; reported Q2 EPS of $0.21, $0.08 better than the analyst estimate of $0.13. Revenue for the quarter came in at $87.9 million versus the consensus estimate of $85.27 million.

Idera Pharmaceuticals, Inc. (NASDAQ: IDRA) 4.4% HIGHER; BAKER BROS ADVISORS LLC disclosed a 7.2%, or 10,487,314 share, stake in the company.

FireEye Inc (NASDAQ: FEYE) 3.2% LOWER; down on FTNT's warning.

Proofpoint Inc (NASDAQ: PFPT) 2.9% LOWER; down on FTNT's warning.

Palo Alto Networks (NYSE: PANW) 2.9% LOWER; down on FTNT's warning.

Check Point Software (NASDAQ: CHKP) 2% LOWER; down on FTNT's warning.

Stanley Black & Decker (NYSE: SWK) 2% HIGHER; Newell Brands Inc. (NYSE: NWL) announced it has entered into a definitive agreement to sell its Tools business, including the Irwin®, Lenox® and Hilmor® brands, to Stanley Black & Decker. This agreement has been reached in the context of a series of strategic changes announced last week related to the companys new corporate strategy.

Newell Brands Inc. (NYSE: NWL) 1.5% HIGHER; announced it has entered into a definitive agreement to sell its Tools business, including the Irwin®, Lenox® and Hilmor® brands, to Stanley Black & Decker. This agreement has been reached in the context of a series of strategic changes announced last week related to the companys new corporate strategy.

Sprint Corporation (NYSE: S) 1% HIGHER; announced that three wholly owned special purpose subsidiaries (the Issuers) have commenced an offer of up to $3.5 billion of wireless spectrum-backed notes in three series with varying maturities (the Notes) in a private transaction,

Marvell (NASDAQ: MRVL) 1% HIGHER; Credit Suisse upgraded from Neutral to Outperform with a price target of $17.50 (from $13.50).

Expedia Inc. (NASDAQ: EXPE) 0.9% HIGHER; hedge fund Lone Pine Capital disclosed a 5.21%

AMD (NASDAQ: AMD) 0.8% HIGHER; Credit Suisse upgraded from Underperform to Neutral with a price target of $7.00 (from $5.50).

Apple (NASDAQ: AAPL) 0.7% HIGHER; upgraded at OTR Global, PT raised at Mizuho



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