Pre-Open Stock Movers 10/21: (ALKS) (RAI) (PFPT) (MSFT) Higher; (SGY) (TWLO) (RRGB) Lower (more...)
- Wall St. edges higher, supported by banks, telecoms
- Equinix (EQIX) Announces $3.6B Acquisition of Data Center Portfolio from Verzion (VZ)
- Deal Progress Said to Slow as Johnson & Johnson (JNJ) Puts Actelion (ALIOY) Under Microscope - Source
- Trump Wants to Cancel New Air Force One Order with Boeing (BA)
- Roper Industries (ROP) to acquire Deltek in $2.8B Deal
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Today's Pre-Open Movers
Stone Energy (NYSE: SGY) 46.3% LOWER; On October 20, 2016, the Company entered into a restructuring support agreement (the RSA) with certain (i) holders of the Company’s 1 3/4% Senior Convertible Notes due 2017 (the “Convertible Notes”) and (ii) holders of the Company’s 7 1/2% Senior Notes due 2022 (together with the Convertible Notes, the “Notes” and the holders thereof, the “Noteholders”), to support a restructuring on the terms of a pre-packaged plan of reorganization as described therein (the “Plan”). The RSA contemplates that the Company will file for voluntary relief under chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in a United States Bankruptcy Court (the “Bankruptcy Court”) on or before December 9, 2016 to implement the Plan in accordance with the term sheet annexed to the RSA (the “Term Sheet”).
Cerecor (NASDAQ: CERC) 31.3% HIGHER; surges on Alkermes positive trial results.
Alkermes plc (NASDAQ: ALKS) 29.9% HIGHER; announced positive topline results from FORWARD-5, the third phase 3 efficacy study to read out from the FORWARD pivotal program for ALKS 5461, a once-daily, oral investigational medicine with a novel mechanism of action for the adjunctive treatment of major depressive disorder (MDD) in patients with an inadequate response to standard antidepressant therapies. The study met its prespecified primary endpoint showing treatment with ALKS 5461 significantly reduced symptoms of depression in patients with MDD compared to placebo. ALKS 5461 was generally well tolerated. The most common adverse events observed for ALKS 5461 were nausea, dizziness and fatigue. Based on these results, along with the substantial data collected to date on the efficacy and safety of ALKS 5461 for the treatment of MDD, the company plans to request a meeting with the U.S. Food and Drug Administrations (FDA) Division of Psychiatric Products to discuss the filing strategy for this Fast Track designated medicine.
Reynolds American Inc. (NYSE: RAI) 20% HIGHER; British American Tobacco p.l.c. (NYSE: BTI), which owns 42.2% of Reynolds American Inc. (NYSE: RAI), has made a proposal to merge with Reynolds through the acquisition of the remaining 57.8% in the company. US securities laws require BAT to announce its merger proposal promptly after it was made to the Board of Reynolds. As a result, BAT has been unable to have prior negotiations with Reynolds regarding the proposal. BATs proposal to merge with Reynolds: Values Reynolds at $56.50 per share, of which $24.13 would be in cash and $32.37 would be in BAT shares.1
Represents a premium of 20% over the closing price of Reynolds common stock on 20 October 2016
Skechers USA (NYSE: SKX) 15.3% LOWER; reported Q3 EPS of $0.42, $0.05 worse than the analyst estimate of $0.47. Revenue for the quarter came in at $942.4 million versus the consensus estimate of $954.38 million. GUIDANCE: Skechers USA sees Q4 2016 revenue of $710-735 million, versus the consensus of $799.9 million.
Proofpoint (NASDAQ: PFPT) 9.7% HIGHER; reported Q3 EPS of $0.19, $0.14 better than the analyst estimate of $0.05. Revenue for the quarter came in at $99.8 million versus the consensus estimate of $94.27 million. GUIDANCE: Proofpoint sees Q4 2016 EPS of $0.10-$0.14, versus the consensus of $0.06. Proofpoint sees Q4 2016 revenue of $103-105 million, versus the consensus of $99.85 million. Proofpoint sees FY2016 EPS of $0.28-$0.33, versus the consensus of $0.09. Proofpoint sees FY2016 revenue of $371.7-373.7 million, versus the consensus of $363.06 million.
Twilio Inc. (NYSE: TWLO) 8% LOWER; announced the pricing of its public offering of 7,000,000 shares of Class A common stock at a price of $40.00 per share.
Red Robin Gourmet Burgers, Inc., (Nasdaq: RRGB) 7% LOWER; announced preliminary results for its fiscal third quarter ended October 2, 2016. The Company also revised its outlook for fiscal year 2016. The Company expects to report the following estimated financial results for the fiscal third quarter 2016: Total revenues of approximately $297 million (The Street sees revenue of $301.2 million.) Comparable restaurant revenue decrease of 3.6% Net loss of approximately $3.0 million or $0.23 per diluted share Adjusted net income of approximately $5.1 million or $0.38 per diluted share (excluding restaurant impairment and closure costs of $8.1 million, net of tax, or $0.61 per diluted share) (Consensus estimates called for EPS of $0.49.
Verisign Inc. (NASDAQ: VRSN) 7% HIGHER; Reports Amendments to Agreements with DOC, ICANN
Microsoft (NASDAQ: MSFT) 5.8% HIGHER; reported Q1 EPS of $0.76, $0.08 better than the analyst estimate of $0.68. Revenue for the quarter came in at $22.3 billion versus the consensus estimate of $21.71 billion.
Advanced Micro Devices (NASDAQ: AMD) 5.5% LOWER; reported Q3 operating EPS of $0.03, $0.03 better than the analyst estimate of $0.00. Revenue for the quarter came in at $1.31 billion versus the consensus estimate of $1.21 billion. Guidance: For Q4 2016, AMD expects revenue to decrease 18 percent sequentially, plus or minus 3 percent. The midpoint of guidance would result in Q4 2016 revenue increasing approximately 12 percent year-over-year and 2016 revenue increasing 6 percent from 2015.
PTC Therapeutics, Inc. (Nasdq: PTCT) 5.4% HIGHER; announced that its joint development program in Spinal Muscular Atrophy (SMA) with Roche (OTC: RHHBY) and the SMA Foundation (SMAF) initiated a Phase 2 study in pediatric and adult Type 2/3 SMA patients. The study, named SUNFISH, is a two-part study investigating the safety, tolerability and efficacy of RG7916, an oral small molecule survival motor neuron 2 (SMN2) splicing modifier. The first part of the study will evaluate safety and tolerability through escalating doses of RG7916. After dose selection, the study will transition into the pivotal second part evaluating the efficacy of RG7916. Initiation of the pivotal second part of the study is expected to begin in 2017 and will trigger a $20 million milestone payment to PTC from Roche. A similarly designed two-part study to evaluate RG7916 in Type I SMA patients is expected to begin in the coming months. SMA is a rare genetic disorder that results in neuromuscular disability beginning in infancy and is the leading genetic cause of mortality in infants and young children.
DXP Enterprises, Inc. (Nasdaq: DXPE) 4.4% LOWER; announced the commencement of a primary public offering of 2,700,000 shares of its common stock. In connection with the offering, DXP intends to grant the underwriters a 30-day option to purchase an additional 405,000 shares of its common stock.
PayPal (NASDAQ: PYPL) 4.3% HIGHER; reported Q3 EPS of $0.35, in-line with the analyst estimate of $0.35. Revenue for the quarter came in at $2.67 billion versus the consensus estimate of $2.65 billion. GUIDANCE: PayPal sees Q4 2016 EPS of $0.40-$0.42, versus the consensus of $0.42. PayPal sees Q4 2016 revenue of $2.92-2.99 billion, versus the consensus of $2.97 billion. PayPal sees FY2016 EPS of $1.48-$1.50, versus the consensus of $1.50. PayPal sees FY2016 revenue of $10.78-10.85 billion, versus the consensus of $10.82 billion.
athenahealth (NASDAQ: ATHN) 3.7% LOWER; reported Q3 EPS of $0.60, $0.13 better than the analyst estimate of $0.47. Revenue for the quarter came in at $276.7 million versus the consensus estimate of $280.72 million. GUIDANCE: athenahealth sees FY2016 EPS of $1.65-$1.85, versus the consensus of $1.77. athenahealth sees FY2016 revenue of $1.085-1.115 billion, versus the consensus of $1.1 billion.
Apollo Education Group (NASDAQ: APOL) 3.2% HIGHER; reported Q4 EPS of $0.21, $0.26 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $492.5 million versus the consensus estimate of $471.57 million.
KLA-Tencor (NASDAQ: KLAC) 2.8% HIGHER; reported Q1 EPS of $1.16, $0.13 better than the analyst estimate of $1.03. Revenue for the quarter came in at $751 million versus the consensus estimate of $733.8 million.
E*TRADE Financial (NASDAQ: ETFC) 2% HIGHER; reported Q3 EPS of $0.51, $0.11 better than the analyst estimate of $0.40. Revenue for the quarter came in at $486 million versus the consensus estimate of $470.96 million.
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