Pre-Open Stock Movers 10/31: (TMH) (BHI) (LVLT) Higher; (PSG) (MEMP) (ZBH) Lower (more...)

October 31, 2016 9:20 AM EDT

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Today's Pre-Open Stock Movers

Performance Sports Group Ltd. (NYSE: PSG) 50% LOWER; announced that, in order to facilitate a financial and corporate restructuring through a going-concern sale of substantially all of the Company's assets, it has filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the District of Delaware and commenced proceedings under the Companies' Creditors Arrangement Act (the "CCAA") in the Ontario Superior Court of Justice.

Memorial Production Partners LP (Nasdaq: MEMP) 28.3% LOWER; announced that the board of directors of its general partner has elected to suspend MEMP’s quarterly cash distributions to unitholders, effective immediately. The board believes the suspension is in the best interest of the Partnership. The Partnership also announced a reduction of its borrowing base under MEMP’s credit facility from $925 million to $740 million, effective October 28, 2016, which will be further reduced to $720 million, effective December 1, 2016. These reductions are part of the Partnership’s semi-annual borrowing base redetermination process. As of October 28, 2016, MEMP had approximately $714 million outstanding under its revolving credit facility.

TeamHealth Holdings, Inc. (NYSE: TMH) 15.6% HIGHER; announced that it has entered into a definitive agreement to be acquired by funds affiliated with Blackstone, a leading global asset manager, and certain co-investors in a transaction valued at approximately $6.1 billion. Under the terms of the agreement, which has been unanimously approved by TeamHealth's Board of Directors, Blackstone and its co-investors will acquire all of the outstanding shares of TeamHealth common stock for $43.50 per share in cash.

Zimmer Biomet Holdings (NYSE: ZBH) 13.8% LOWER; reported Q3 EPS of $1.79, in-line with the analyst estimate of $1.79. Revenue for the quarter came in at $1.83 billion versus the consensus estimate of $1.84 billion. The Company now expects its full-year 2016 diluted earnings per share to be in a range of $1.50 to $1.60, and $7.90 to $7.95 on an adjusted basis. Previously, the Company estimated diluted earnings per share to be in a range of $1.50 to $1.75 on a reported basis, and $7.90 to $8.00 on an adjusted basis.

CenturyLink (NYSE: CTL) 10% LOWER; CenturyLink and Level 3 Communications, Inc. (NYSE: LVLT) today announced that their Boards of Directors have unanimously approved a definitive merger agreement under which CenturyLink will acquire Level 3 in a cash and stock transaction valued at approximately $34 billion, including the assumption of debt. Under terms of the agreement, Level 3 shareholders will receive $26.50 per share in cash and a fixed exchange ratio of 1.4286 shares of CenturyLink stock for each Level 3 share they own, which implies a purchase price of $66.50 per Level 3 share (based on a CenturyLink $28.00 per share reference price) and a premium of approximately 42 percent based on Level 3's unaffected closing share price of $46.92 on October 26, 2016, the last trading day prior to market speculation about a potential transaction.

InvenSense Inc. (NYSE: INVN) 6.2% HIGHER; announced that in response to significant interest in the Company, it will consider a number of options to further enhance stockholder value. The Company’s Board of Directors has hired a financial advisor to evaluate these indications of interest while continuing to explore other options that would advance InvenSense’s strategy.

Baker Hughes (NYSE: BHI) 6.1% HIGHER; GE (NYSE: GE) and Baker Hughes (NYSE: BHI) today announced that the companies have entered into an agreement to combine GEs oil and gas business and Baker Hughes to create a world-leading oilfield technology provider with a unique mix of service and equipment capabilities. The New Baker Hughes will be a leading equipment, technology and services provider in the oil and gas industry with $32 billion of combined revenue1 and operations in more than 120 countries. By drawing from GE technology expertise and Baker Hughes capabilities in oilfield services, the new company will provide best-in-class physical and digital technology solutions for customer productivity.

Level 3 Communications, Inc. (NYSE: LVLT) 5.4% HIGHER; CenturyLink (NYSE: CTL) and Level 3 Communications, Inc. (NYSE: LVLT) today announced that their Boards of Directors have unanimously approved a definitive merger agreement under which CenturyLink will acquire Level 3 in a cash and stock transaction valued at approximately $34 billion, including the assumption of debt. Under terms of the agreement, Level 3 shareholders will receive $26.50 per share in cash and a fixed exchange ratio of 1.4286 shares of CenturyLink stock for each Level 3 share they own, which implies a purchase price of $66.50 per Level 3 share (based on a CenturyLink $28.00 per share reference price) and a premium of approximately 42 percent based on Level 3's unaffected closing share price of $46.92 on October 26, 2016, the last trading day prior to market speculation about a potential transaction.

ARIAD Pharmaceuticals, Inc. (Nasdaq: ARIA) 3% HIGHER; announced that the U.S. Food and Drug Administration (FDA) has accepted for review the New Drug Application (NDA) for ARIAD’s investigational oral anaplastic lymphoma kinase (ALK) inhibitor, brigatinib, in patients with metastatic ALK-positive (ALK+) non-small cell lung cancer (NSCLC) who have progressed on crizotinib. The FDA granted ARIAD’s request for Priority Review and has set an action date of April 29, 2017 under the Prescription Drug User Fee Act (PDUFA).

Nike (NYSE: NKE) 2% LOWER; BofAMerrill Lynch downgraded from Neutral to Underperform with a price target of $46.00.

Macy's (NYSE: M) 1.8% HIGHER; Deutsche Bank upgraded from Hold to Buy with a price target of $45.00 (prior $40.00)

GE (NYSE: GE) 1.3% HIGHER; GE and Baker Hughes (NYSE: BHI) today announced that the companies have entered into an agreement to combine GEs oil and gas business and Baker Hughes to create a world-leading oilfield technology provider with a unique mix of service and equipment capabilities. The New Baker Hughes will be a leading equipment, technology and services provider in the oil and gas industry with $32 billion of combined revenue1 and operations in more than 120 countries. By drawing from GE technology expertise and Baker Hughes capabilities in oilfield services, the new company will provide best-in-class physical and digital technology solutions for customer productivity.

Ultimate Software (NASDAQ: ULTI) 1.2% HIGHER; Wedbush upgraded from Neutral to Outperform with a price target of $242.00 (from $212.00)

ExxonMobil (NYSE: XOM) 1% LOWER; Goldman Sachs downgraded from Conviction Buy to Neutral with a price target of $93.00 (prior $98.00)

Deere (NYSE: DE) 1% HIGHER; Baird upgraded from Neutral to Outperform with a price target of $100.

Range Resources (NYSE: RRC) 1% HIGHER; Goldman Sachs upgraded from Neutral to Conviction Buy with a price target of $47, implying upside of 36%

Qualcomm (NASDAQ: QCOM) 0.6% HIGHER; Nomura Securities upgraded from Neutral to Buy with a price target of $80.00 (from $55.00).

Chevron (NYSE: CVX) 0.5% HIGHER; Goldman Sachs upgraded from Neutral to Conviction Buy with a price target of $118, implying upside of 14%.



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