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Today's Pre-Open Stock Movers
Basic Energy Services, Inc. (NYSE: BAS) 45% LOWER; announced that the Company entered into a restructuring support agreement on October 23, 2016, with its secured term loan lenders and certain holders of its 7.75% senior notes due 2019 and 7.75% senior notes due 2022 to effectuate a proposed prepackaged plan of reorganization that will significantly deleverage the Company's balance sheet and provide the Company with $125 million of additional liquidity. Under the terms of the RSA, the Company and certain of its subsidiaries must file chapter 11 cases to implement the Plan on or before October 25, 2016.
B/E Aerospace (NASDAQ: BEAV) 16.3% HIGHER; Rockwell Collins (NYSE: COL) and B/E Aerospace (NASDAQ: BEAV) announced that they have entered into a definitive agreement under which Rockwell Collins will acquire B/E Aerospace for approximately $6.4 billion in cash and stock, plus the assumption of $1.9 billion in net debt. Under the terms of the agreement, each B/E Aerospace shareowner will receive total consideration of $62.00 per share, comprised of $34.10 per share in cash and $27.90 in shares of Rockwell Collins common stock, subject to a 7.5% collar. This represents a premium of 22.5% to the closing price of B/E Aerospace common stock on Friday, October 21, 2016.
Inovio Pharmaceuticals, Inc. (Nasdaq: INO) 16.1% LOWER; announced that the U.S. Food and Drug Administration (FDA) has placed a clinical hold on its proposed phase III clinical program for VGX-3100. A clinical hold is a notification issued by the FDA to a trial sponsor to delay a proposed clinical trial or suspend an ongoing clinical trial. This study has not yet been initiated and has not enrolled or dosed subjects. Additionally, the hold does not pertain to any of Inovio’s other ongoing clinical studies.
JP Energy Partners LP (NYSE: JPEP) 12.6% HIGHER; American Midstream Partners, LP (NYSE: AMID) and JP Energy Partners LP (NYSE: JPEP) announced their execution of a merger agreement to create a combined midstream platform. American Midstream will acquire 100% of JP Energy in a unit-for-unit merger which is anticipated to have minimal, if any, tax recognition for the unitholders. In conjunction with the transaction, ArcLight Capital Partners, LLC (ArcLight), the sponsor of both American Midstream and JP Energy, will combine the general partners of the two companies. Upon closing, the combined entity is expected to generate pro-forma Adjusted EBITDA of approximately $185 million, assuming 2016 mid-point guidance from each respective company and including run-rate synergies of approximately $10 million.
Aduro Biotech, Inc. (Nasdaq: ADRO) 11.5% LOWER; has received notice from the U.S. Food and Drug Administration (FDA) that trials with investigational agents based on its LADD (Listeria-based immunotherapy construct) platform have been placed on partial clinical hold to pause new patient enrollment. Patients currently receiving a LADD-based agent (except one currently identified patient, due to the presence of a pacemaker) are continuing to receive treatment, with several of these patients having been on study drug for six months or longer. The partial hold was initiated following notification to the FDA that a blood culture sample from an indwelling port of a metastatic pancreatic cancer patient who presented with gastrointestinal symptoms tested positive for Listeria, which is suspected to be CRS-207. The patient was administered intravenous antibiotics, subsequent blood cultures tested negative for Listeria, and the patient was reported to be doing well.
DragonWave Inc. (Nasdaq: DRWI) 7.3% HIGHER; announced Australia's leading telecommunications and information services company is deploying DragonWave Harmony Radio links and Hub 800 adaptable, multi-service nodal switches as part of an ongoing upgrade to its mission critical services network. DragonWave is working directly with its local partner, CommTel Network Solutions, to supply higher modulated Ethernet radios, bringing increased capacity, reliability and enhanced Ethernet capabilities.
Hilton Worldwide Holdings Inc. (NYSE: HLT) 5% HIGHER: Hilton, HNA Group and Blackstone (NYSE: BX) announced today that HNA will acquire an approximate 25 percent equity interest in Hilton from affiliates of Blackstone, establishing a long-term strategic investment in Hilton and Hiltons planned spin-offs of Park Hotels & Resorts and Hilton Grand Vacations.
ARIAD Pharmaceuticals (NASDAQ: ARIA) 4.2% LOWER; JPMorgan downgraded from Neutral to Underweight with a price target of $7.00.
T-Mobile (NASDAQ: TMUS) 3.5% HIGHER; reported Q3 EPS of $0.27, ex-spectrum gains, $0.04 better than the analyst estimate of $0.23. Revenue for the quarter came in at $9.2 billion versus the consensus estimate of $9.42 billion.
Kimberly-Clark (NYSE: KMB) 2.8% LOWER; reported Q3 EPS of $1.52, $0.02 worse than the analyst estimate of $1.54. Revenue for the quarter came in at $4.6 billion versus the consensus estimate of $4.73 billion. GUIDANCE: Kimberly-Clark sees FY2016 EPS of $5.95 - $6.05, versus prior guidance of $5.95 - $6.15 and the consensus of $6.08. Full-year 2016 organic sales growth is expected to be 2 percent compared to the company's prior expectation for growth at the low end of the 3 to 5 percent range.
V.F. Corp. (NYSE: VFC) 2.6% LOWER; reported Q3 EPS of $1.20, $0.05 better than the analyst estimate of $1.15. Revenue for the quarter came in at $3.5 billion versus the consensus estimate of $3.63 billion. GUIDANCE: V.F. Corp. sees FY2016 EPS of $3.13, versus the consensus of $3.20. V.F. Corp. sees FY2016 revenue of $12.2 billion, versus the consensus of $12.43 billion.
Genworth Financial, Inc. (NYSE: GNW) 2.3% LOWER; China Oceanwide Holdings Group Co., Ltd. and Genworth Financial, Inc. (NYSE: GNW) announced that they have entered into a definitive agreement under which China Oceanwide has agreed to acquire all of the outstanding shares of Genworth for a total transaction value of approximately $2.7 billion, or $5.43 per share in cash.
Hertz Global (NYSE: HTZ) 2.1% LOWER; Goldman Sachs initiated coverage with a Sell rating and a price target of $29,
Restaurant Brands (NYSE: QSR) 2.1% HIGHER; reported Q3 EPS of $0.36, $0.05 worse than the analyst estimate of $0.41. Revenue for the quarter came in at $1.08 billion versus the consensus estimate of $1.06 billion.
Jack In The Box (NASDAQ: JACK) 2% LOWER; Goldman Sachs initiated coverage with a Sell rating and a price target of $88
Time Warner Inc. (NYSE: TWX) 1.3% LOWER; AT&T Inc. (NYSE: T) and Time Warner Inc. (NYSE: TWX) announced they have entered into a definitive agreement under which AT&T will acquire Time Warner in a stock-and-cash transaction valued at $107.50 per share, confirming rumors earlier in the week. The agreement has been approved unanimously by the boards of directors of both companies.
Baidu (NASDAQ: BIDU) 1.4% HIGHER; OTR Global upgraded from Negative to Mixed.
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