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Pre-Open Stock Movers 1/10: (ICPT) (SWS) (HLF) Higher; (YRCW) (FIVE) (AA) Lower (more...)

January 10, 2014 9:36 AM EST Send to a Friend
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Intercept Pharmaceuticals, Inc. (Nasdaq: ICPT) 25% HIGHER; continues higher after Thursday's 281% surge after its FLINT trial of obeticholic acid (OCA) for the treatment of nonalcoholic steatohepatitis (NASH) was stopped early for efficacy based on a planned interim analysis showing that the primary endpoint of the trial has been met. One analyst raised his price target to $872.

Retrophin, Inc. (Nasdaq: RTRX) 25% HIGHER; announced the pricing of an underwritten public offering of 4,705,882 shares of its common stock, offered at a price of $8.50 per share.

Galectin Therapeutics, Inc. (NASDAQ: GALT) 25% HIGHER; up in sympathy with Intercept Pharmaceuticals (ICPT). Also, prices 2.39 million shares at $9.99.

Shares of SWS Group, Inc. (NYSE: SWS) 19% HIGHER; after 24% shareholder Hilltop Holdings offered to acquire the company for $7 per share.

Immunomedics, Inc. (Nasdaq: IMMU) 18% HIGHER; announced first patient dosing in the Company's Phase III registration study of its pancreatic cancer drug, yttrium-90 (90Y)-clivatuzumab tetraxetan. The PANcreatic Cancer RadioImmunotherapy Trial-1 (PANCRIT-1) is a double-blind, randomized study aimed to evaluate the safety and efficacy of 90Y-clivatuzumab tetraxetan combined with low-dose gemcitabine and best supportive care in patients with metastatic pancreatic cancer who have received at least two prior therapies, one of which must have been a gemcitabine-containing regimen. The primary endpoint of this study is overall survival (OS).

YRC Worldwide (NASDAQ: YRCW) 16.7% LOWER; union rejects labor contract extension, union says. Headlines come from Bloomberg Thursday night.

Five Below, Inc. (Nasdaq: FIVE) 14.8% LOWER; announced that net sales for this nine week period increased by 25.4% to $185.3 million while comparable store sales for this period decreased by 0.5%. Based on this quarter-to-date performance, the Company now expects net sales for the fourth quarter of fiscal 2013 to be in the range of $208 million to $210 million, comparable store sales to be in the range of -1.5% to -0.5% and GAAP net income to be in the range of $23.3 million to $24.3 million, with a GAAP diluted income per common share range of $0.43 to $0.45 on approximately 54.0 million estimated weighted average shares outstanding. Excluding $0.9 million, or $0.02 per adjusted diluted share in tax-effected expenses related to the founders' transaction(1), adjusted net income is expected to be approximately $24.2 million to $25.2 million, or $0.44 to $0.46 per diluted share based on estimated adjusted diluted weighted average shares outstanding of approximately 54.6 million. *** The consensus is $217.6 million and $0.51, respectively.

Aegerion Pharmaceuticals, Inc. (Nasdaq: AEGR) 14.6% LOWER; Aegerion reported the following today: Preliminary, unaudited 2013 net product sales of between $48 and $49 million, exceeding the Company's initial 2013 revenue guidance of between $15 and $25 million, and in line with the Company's most recent guidance of between $45 and $50 million. Receipt of Rare Disease Drug Designation for lomitapide from Taiwan's Ministry of Health and Welfare which allows sales in Taiwan under a named patient program.

Abercrombie & Fitch Co. (NYSE: ANF) 14.1% HIGHER; reported on the Company's performance for the nine-week period ended January 4, 2014. Total comparable sales for the nine weeks ended January 4, 2014, including direct-to-consumer sales, decreased 6% with comparable U.S. sales decreasing 4% and comparable international sales decreasing 10%. Total direct-to-consumer comparable sales increased 25%. Comparable sales are compared to the nine-week period ended January 5, 2013. Based on higher than expected sales for the fourth quarter-to-date and ongoing cost reduction efforts, the Company now expects full year adjusted non-GAAP earnings per diluted share to be in the range of $1.55 to $1.65, compared to prior guidance of $1.40 to $1.50. This updated projection assumes January comparable sales below the quarter-to-date trend reflecting a stronger prior year comparable sales base. *** The Street sees Q4 EPS of $0.89 and FY13 EPS of $1.47.

Pacific Sunwear Of California (Nasdaq: PSUN) 14% LOWER; that its fourth fiscal quarter comparable store sales through January 4, 2014 (the "Holiday Period") were flat on a continuing operations basis, excluding online sales. The Company stated that with the growing relevance of online sales in the marketplace, it will hereafter include online sales in its comparable store sales. Including online sales, comparable store sales during the Holiday Period increased 1% compared to the same period a year ago, on a continuing operations basis. "After a strong start to the holiday season in November, the first three weeks of December were significantly below our expectations primarily due to a decrease in traffic and softness in denim. Business picked up in the final few days prior to Christmas and then finished the month strong as self-shoppers came back to the mall. Overall, it has been a choppy holiday season and we now expect fourth quarter comparable store sales to be flat to 1%, compared to last year," said Gary H. Schoenfeld, President and Chief Executive Officer. Based on these recent trends, the Company now expects non-GAAP loss per diluted share from continuing operations for the fourth quarter of fiscal 2013 to be in the range of $(0.21) to $(0.18), which after adjusting for the 53rd week retail calendar shift, compares to $(0.20) last year. The Street sees Q4 loss of $0.13 per share.

Sears Holdings Corporation (NASDAQ: SHLD) 13.1% LOWER; Q4 Domestic Comps Down 7.4%; Issues Q4, FY13 Update

Francesca's Holdings Corporation (Nasdaq: FRAN) 11.7% HIGHER; now expects sales for the fourth quarter ending February 1, 2014 to be between $93.0 million and $95.0 million, including a mid to low single digit decrease in comparable sales. This compares to previous guidance provided on December 5, 2013 of sales between $90.0 million and $95.0 million, including a decrease of 8% to 3% in comparable sales. Earnings per diluted share for the quarter are expected to be in the range of $0.27 to $0.29 for the fourth quarter ending February 1, 2014, at the high end of the Company's previous guidance of $0.25 to $0.29. *** The Street sees Q4 revs of $92.9 million and EPS of $0.27.

Progress Software Corp (NASDAQ: PRGS) 10.5% LOWER; reported Q4 EPS of $0.43, $0.02 better than the analyst estimate of $0.41. Revenue for the quarter came in at $91 million versus the consensus estimate of $90.84 million. Progress Software Corp sees FY2014 EPS of $1.40-$1.50, versus the consensus of $1.56. Progress Software Corp sees FY2014 revenue of $340-350 million, versus the consensus of $349.10 million. Progress Software Corp sees Q1 2014 EPS of $0.29-$0.31, versus prior guidance of $80-$82 and the consensus of $0.38. Progress Software Corp sees Q1 2014 revenue of $86.44 million.

Barracuda Networks, Inc. (NYSE: CUDA) 10.3% LOWER; reported Q3 EPS of $0.01, $0.02 better than the analyst estimate of ($0.01). Revenue for the quarter came in at $59.4 million versus the consensus estimate of $57.68 million.

Ballard Power Systems (Nasdaq: BLDP) 9% HIGHER; announced the sale of approximately 400 kilowatts (kW) of the Company's FCgen-1300 fuel cell stack product to M-Field Energy Ltd. (www.m-field.com.tw), a Taiwan-based leader in the development of stationary fuel cell power systems.

MannKind Corporation (Nasdaq: MNKD) 9% LOWER; announced that the Endocrinologic and Metabolic Drugs Advisory Committee of the U.S. Food and Drug Administration (FDA) is tentatively scheduled on April 1, 2014 to review MannKind's New Drug Application (NDA) for AFREZZA® (insulin human [rDNA origin]) Inhalation Powder. The date and details of the meeting are subject to confirmation by the FDA in a Federal Register notice. MannKind resubmitted the NDA on October 13, 2013 seeking approval to market AFREZZA in the United States with an indication to improve glycemic control in adults with type 1 or type 2 diabetes. The target date for the FDA to complete its review of the AFREZZA NDA is April 15, 2014.

E2open (NASDAQ: EOPN) 8.3% LOWER; reported Q3 EPS of ($0.16), $0.03 better than the analyst estimate of ($0.19). Revenue for the quarter came in at $18.3 million versus the consensus estimate of $18.41 million.

ImmunoCellular (NYSE: IMUC) 8.3% LOWER; ICT-107 Missed OS Primary Endpoint; Confident in PFS Endpoint

Alcoa, Inc. (NYSE: AA) 6.5% LOWER; reported Q4 EPS of $0.04, $0.02 worse than the analyst estimate of $0.06. Revenue for the quarter came in at $5.59 billion versus the consensus estimate of $5.43 billion.

Synta Pharmaceuticals Corp. (NASDAQ: SNTA) 4.8% HIGHER; today announced the launch of GANNET53, a pan-European randomized trial evaluating the combination of ganetespib and paclitaxel vs. paclitaxel alone in over 200 patients with metastatic, predominantly p53 mutant, platinum-resistant ovarian cancer. Centers in Austria, Belgium, France, and Germany will participate in the clinical trial, which is expected to begin enrollment in mid-2014. Ganetespib, Syntas lead anti-cancer drug candidate, inhibits the heat shock protein 90 (Hsp90) chaperone protein and is being studied in over 25 clinical trials, including an ongoing Phase 3 trial in advanced non-small cell lung cancer.

Fifth & Pacific Companies (NYSE: FNP) 3.5% LOWER; to change name to Kate Spade, CEO to step down. Projections below expectations.

Meritage Homes Corporation (NYSE: MTH) 3.2% LOWER; commenced an underwritten registered public offering of 2,200,000 shares of its common stock.

Splunk (NASDAQ: SPLK) 3% LOWER; Barclays downgraded from Overweight to Equalweight with a price target of $72.00 (unchanged).

Ambarella (NASDAQ: AMBA) 3% LOWER; Deutsche Bank downgraded from Buy to Hold with a price target of $32.00 (from $28.00) saying wearable hope is exceeding reality in the near-term.

Orexigen Therapeutics (NASDAQ: OREX) 2.5% HIGHER; WallachBeth Capital initiated coverage with a Buy. PT $9.00.

BlackBerry (NASDAQ: BBRY) 2.5% HIGHER; RBC Capital upgraded from Underperform to Sector Perform with a price target of $10.00 (from $6.00).

Gap, Inc. (NYSE: GPS) 2.5% HIGHER; announced positive 1 percent comparable sales and positive 2 percent net sales growth for the November and December 2013 holiday shopping season, compared with last year.

Synnex Corp. (NYSE: SNX) 2% LOWER; reported Q4 EPS of $1.20, $0.02 better than the analyst estimate of $1.18. Revenue for the quarter came in at $3.06 billion versus the consensus estimate of $2.98 billion. Synnex Corp. sees Q1 2014 EPS of $0.91-$0.95 vs est. $1.03. Synnex Corp. sees Q1 2014 revenue of $2.68-2.78 million, versus the consensus of $2.7 million.

KiOR, Inc. (NASDAQ: KIOR) 2% LOWER; Raymond James downgraded KiOR from Outperform to Market Perform and removed its price target (prior $6.00). Analyst Pavel Molchanov said its ops update leaves many open questions.

Tiffany & Co. (NYSE: TIF) 1.3% HIGHER; reported that its worldwide net sales in the two-months ended December 31st rose 4% to $1.03 billion. On a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars (see Non-GAAP Measures), worldwide net sales increased 8% due to growth in all regions, and comparable store sales increased 6%. In addition, management commented on its financial outlook.




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