Pre-Open Stock Movers 9/3: (ISNS) (INFI) (BTH) Higher; (END) (DGLY) (HELE) Lower (more...)

September 3, 2014 9:26 AM EDT
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Image Sensing Systems, Inc. (NASDAQ: ISNS) 34.8% HIGHER; continued momentum on on-officer camera theme.

Infinity Pharmaceuticals, Inc. (Nasdaq: INFI) 34.2% HIGHER; Infinity Pharmaceuticals and AbbVie Inc. (NYSE: ABBV) announced that they have entered into a global collaboration to develop and commercialize duvelisib (IPI-145), Infinity's oral inhibitor of phosphoinositide-3-kinase (PI3K)-delta and PI3K-gamma, for the treatment of patients with cancer. Duvelisib has shown clinical activity across a broad range of blood cancers, including indolent non-Hodgkin lymphoma (iNHL) and chronic lymphocytic leukemia (CLL). Infinity is conducting registration-focused trials evaluating the safety and efficacy of duvelisib, including DYNAMOTM, a Phase 2 study in patients with iNHL, and DUOTM, a Phase 3 study in patients with CLL. Under the terms of the agreement, Infinity will receive an upfront payment of $275 million and is eligible to receive up to $530 million in additional payments for the achievement of development, regulatory and commercial milestones, including up to $405 million for the achievement of milestones through the first commercial sale of duvelisib. In the U.S., the companies will jointly commercialize duvelisib and will share equally in any potential profits. Outside the U.S., AbbVie will be responsible for the conduct and funding of commercialization of duvelisib, and Infinity is eligible to receive tiered double-digit royalties on net product sales.

Endeavour International Corporation (NYSE: END) 30.7% LOWER; announced that it has decided not to pay approximately $33.5 million in interest due on September 2, 2014 on its 12% First Priority Notes due March 2018, 12% Second Priority Notes due June 2018 and 6.5% Convertible Senior Notes due November 2017 ("collectively, the Notes"). Under the term of the indentures for the Notes, there is a 30-day grace period during which the Company may elect to make the interest payment and cure any potential event of default for non-payment.

Vicon Industries (NYSE: VII) 27.4% HIGHER; continued momentum on on-officer camera theme.

Blyth, Inc. (NYSE: BTH) 21.4% HIGHER; announced that it and the Founders and certain other preferred stockholders of its ViSalus network marketing subsidiary have reached an agreement in principle whereby the Founders and those other preferred stockholders will exchange their shares of Redeemable Convertible Preferred Stock of ViSalus for shares of ViSalus Common Stock. Presently, Blyth has an 80.9% ownership interest in ViSalus and ViSalus's Founders and its other preferred stockholders own the remaining 19.1%. The exchange of ViSalus Redeemable Convertible Preferred Stock for ViSalus Common Stock will dilute Blyth's ownership of ViSalus to approximately 10% and increase the ownership interest of ViSalus's Founders and other stockholders to approximately 90%. In addition, the transaction will extinguish the obligation of ViSalus to redeem the ViSalus Redeemable Convertible Preferred Stock on December 31, 2017 for an aggregate price of $143.2 million which obligation is presently guaranteed by Blyth.

Helen Of Troy Ltd (NASDAQ: HELE) 12.3% LOWER; sees FY 2015 non-GAAP EPS of $3.70 to $3.80, which compares to the prior diluted EPS outlook of $4.30 to $4.40 and the consensus of $4.33. For the second quarter, the Company currently expects net sales revenue excluding Healthy Directions in the range of $291 to $294 million, and non-GAAP excluding Healthy Directions EPS of $0.79 to $0.82, versus the consensus of $317.6 million and $0.85

Concur Technologies, Inc. (NASDAQ: CNQR) 11% HIGHER; said to explore sale of software maker, according to Bloomberg headlines.

Digital Ally Inc. (NASDAQ: DGLY) 10.2% LOWER; gives back some of Tuesday's 79% gain.

Tetraphase Pharmaceuticals, Inc. (NASDAQ: TTPH) 9.3% HIGHER; announced that positive top-line results from the lead-in portion of its IGNITE 2 clinical trial, a two-part Phase 3 clinical trial studying the efficacy and safety of intravenous (IV) and oral formulations of eravacycline for the treatment of complicated urinary tract infections (cUTI), support advancement of the trial into its pivotal portion.

Capital Product Partners L.P. (Nasdaq: CPLP) 5% LOWER; announced that it plans to offer 15,000,000 common units representing limited partnership interests in a public offering. The Partnership expects to grant the underwriters a 30-day option to purchase an additional 2,250,000 common units to cover overallotments, if any

Depomed, Inc. (Nasdaq: DEPO) 4.6% LOWER; announced that it intends to offer, subject to market and other conditions, $230 million aggregate principal amount of Convertible Senior Notes due 2021 (the "Notes"). Depomed, Inc. ("Depomed") expects to grant the underwriters in the offering a 30-day option to purchase up to an additional $34.5 million aggregate principal amount of the Notes. Morgan Stanley & Co. LLC and RBC Capital Markets, LLC will act as joint book-running managers for the offering. Depomed intends to use the net proceeds of the offering for working capital and other general corporate purposes and potential acquisitions and strategic transactions. There are currently no agreements or understandings with respect to any such acquisition or strategic transaction..

Guidewire Software (NYSE: GWRE) 4.1% LOWER; Reported Q4 EPS of $0.37, $0.09 better than the analyst estimate of $0.28. Revenue for the quarter came in at $118.2 million versus the consensus estimate of $112.66 million. Sees FY15 revenue of $364.2-$381.9 vs the consensus of $386.20 million. 2015 EPS is seen at $0.35-$0.40 vs consensus of $0.55. Q1 revenue is seen at $71.5-$78.5 vs consensus of $74.80. Q1 EPS is seen at $0.01-$0.05 vs consensus of flat.

Lumber Liquidators (NYSE: LL) 3.9% HIGHER; Wedbush upgraded from Neutral to Outperform with a price target of $73.00 (from $62.00). Analyst Seth Basham thinks supply chain issues are receding and competitive pressures are behind the company.

CDW (NASDAQ: CDW) 3.7% LOWER; announced the commencement of a public offering of 15,000,000 shares of its common stock held by the selling stockholders pursuant to a registration statement filed with the Securities and Exchange Commission. The underwriter will have a 30-day option to purchase up to an additional 2,250,000 shares of common stock from the selling stockholders. CDW Corporation will not receive any of the proceeds from the sale of the shares of common stock.

Vince Holding (NYSE: VNCE) 3.7% LOWER; reported Q2 EPS of $0.28, $0.04 better than the analyst estimate of $0.24. Revenue for the quarter came in at $89.3 million versus the consensus estimate of $83.92 million. Vince Holding sees FY2014 EPS of $0.90 - $0.94, versus prior guidance of $0.88 - $0.92 and the consensus of $0.92. Vince Holding sees FY2014 revenue of $335 - $345 million, versus the consensus of $338.7 million.

Flextronics (NASDAQ: FLEX) 3.6% HIGHER; received shareholder approval to purchase up to 20% of its outstanding shares. Additionally, the Company's Board of Directors authorized management to purchase the Company's shares in an aggregate amount of up to $500 million. The Company continues to return value to its shareholders as it has purchased approximately $1.7 billion or 247 million of its shares over the last four years.

Ellington Financial (NYSE: EFC) 3.2% LOWER; announced that it has commenced a public offering of 8,000,000 common shares representing limited liability company interests. The Company expects to grant the underwriters an option for 30 days to purchase up to an additional 1,200,000 common shares. BofA Merrill Lynch, Deutsche Bank Securities, Morgan Stanley, UBS Investment Bank, Credit Suisse, Barclays and Keefe, Bruyette & Woods, A Stifel Company are acting as joint book-running managers for the offering.

United States Steel Corp. (NYSE: X) 2.8% HIGHER; positive comments from Morgan Stanley

Aviat Networks (NASDAQ: AVNW) 2.6% HIGHER; Needham & Company upgraded from Hold to Buy with a price target of $2.20.

Achillion Pharmaceuticals, Inc. (Nasdaq: ACHN) 2.6% HIGHER; In a 13G filing, hedge fund RA Capital Management disclosed a 18.1%, or 17,704,362 share, stake in the company. This is down 4.51% from the 18,539,655 shares held as of August 25, 2014.

Boulder Brands (NASDAQ: BDBD) 2.3% HIGHER; ​Longbow Research upgraded from Neutral to Buy with a price target of $18.00.

Frontier Communications (NASDAQ: FTR) 1.9% LOWER; ​Morgan Stanley downgraded from Equalweight to Underweight.

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