StreetInsider.com Pre-Open Movers 6/12: (CTB) (CYTK) (HMA) Higher; (CLSN) (FSLR) (IEP) Lower (more...)
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Cooper Tire & Rubber Company (NYSE: CTB) 40% HIGHER; Apollo Tyres will acquire Cooper in an all-cash transaction valued at approximately $2.5 billion. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Cooper stockholders will receive $35.00 per share in cash. The transaction represents a 40% premium to Coopers 30-day volume-weighted average price
Cytokinetics (Nasdaq: CYTK) 15% HIGHER;
Amgen (Nasdaq: AMGN) and Cytokinetics announced an expansion of their strategic collaboration to include Japan. In 2006, Cytokinetics and Amgen entered into a collaboration to discover, develop and commercialize novel small-molecule therapeutics that activate cardiac muscle contractility for potential applications in the treatment of heart failure. Omecamtiv mecarbil is the most advanced drug candidate in this collaboration. Initially, Cytokinetics' license to Amgen for omecamtiv mecarbil excluded Japan. Under the amendment to the collaboration announced today, the companies have agreed on terms expanding Amgen's license for omecamtiv mecarbil and related compounds to include Japan.
Celsion Corporation (NASDAQ: CLSN) 13.2% LOWER; negative SeekingAlpha blog post suggesting 50% downside. The writer said while hopes of the Phase III ThermoDox HEAT study have driven the stock 100% higher recent the fact is it "was a total failure."
Health Management (NYSE: HMA) 11.7% HIGHER; In play after Glenview urged the company redeem the poison pill, or at a minimum, amend the poison pill to increase the percentage of stock a person would be permitted to own without triggering the poison pill to a 25% threshold. Also upgraded at Deutsche Bank
Ulta Salon (NASDAQ: ULTA) 9.4% HIGHER; reported Q1 EPS of $0.65, $0.03 better than the analyst estimate of $0.62. Revenue for the quarter came in at $582.7 million versus the consensus estimate of $576.3 million. Comparable store sales (sales for stores open at least 14 months) increased 6.7 percent. Sees Q2 2013 EPS of $0.64-0.67, versus the consensus of $0.68. Also sees Q2 2013 revenue of $579-589 million, versus the consensus of $590.3 million.
Spectra Energy Corp (NYSE: SE) 8.8% HIGHER; announced its intention to drop down all of its remaining U.S. Transmission and Storage assets to Spectra Energy Partners (NYSE: SEP) by the end of the year, subject to market conditions. Upgraded at Deutsche Bank
Rambus, Inc. (NASDAQ: RMBS) 7.8% HIGHER; The company and SK Hynix announced they have signed a five-year patent license agreement for the use of Rambus memory-related patented innovations in SK Hynix semiconductor products and have also settled all outstanding claims. The agreement includes a license to certain DRAM products for payments of $12 million per quarter for the next five years. Other terms of the agreement are confidential.
Icahn Enterprises L.P. (Nasdaq: IEP) 6.2% LOWER; announced that its registered public offering of 1.6 million depositary units representing limited partner interests in Icahn Enterprises, has been priced for total gross proceeds (before underwriters' discounts and commissions and estimated offering expenses) of approximately $120.9 million. Icahn Enterprises has also granted the underwriters an option for 30 days to purchase up to an additional 240,000 depositary units. The underwriters have offered the depositary units at prevailing market prices or otherwise from time to time through The NASDAQ Global Select Market, in the over-the-counter-market, through negotiated transactions or otherwise. The offering is expected to close on June 17, 2013. The proceeds from the offering will be used solely to effect the recapitalization of Federal-Mogul (Nasdaq: FDML), which may include the purchase of Icahn Enterprises' pro rata share of the common stock to be issued by Federal-Mogul pursuant to its rights offering launched on June 7, 2013, if consummated, or any other use of capital that results in the proceeds of the offering being used to recapitalize Federal-Mogul.
Goodyear Tire & Rubber Co. (NYSE: GT) 5.1% HIGHER; up on Cooper Tire takeover.
First Solar, Inc. (NASDAQ: FSLR) 4.7% LOWER; announced the commencement of an underwritten public offering of 8,500,000 shares of its common stock. In addition, First Solar will grant the underwriters a 30-day option to purchase up to 1,275,000 shares of common stock. First Solar intends to use the net proceeds from the offering for general corporate purposes, which may include acquisitions of under development photovoltaic solar power system projects, investments in photovoltaic solar power system projects that will be jointly developed with strategic partners and capital expenditures or strategic investments to develop certain business units and expand in new geographies. J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Merrill Lynch and Citigroup Global Markets Inc. are acting as joint book-running managers for the offering. Credit Suisse, HSBC, Credit Agricole CIB and Goldman, Sachs & Co. are also acting as book-running managers for the offering.
Celgene (NASDAQ: CELG) 3.7% HIGHER; adds $3 billion to buyback plan
Tesla Motors (NASDAQ: TSLA) 3.1% HIGHER; Baird raised its price target on Outperform-rated from $70 to $118 on increased confidence in next generation vehicle goals.
Applied Materials (NASDAQ: AMAT) 3.1% HIGHER; Citi upgraded from Neutral to Buy
Newcastle Investment Corp. (NYSE: NCT) 2.9% LOWER; plans to make a public offering of 30,000,000 shares of its common stock. In connection with the offering, the Company intends to grant the underwriters an option for 30 days to purchase up to an additional 4,500,000 shares of common stock.
Real Goods Solar, Inc. (NASDAQ: RSOL) 1.8% LOWER; announced after the close that Gaiam, Inc. (NASDAQ: GAIA) sold approximately six million shares of Real Goods Solar, Inc. for net proceeds of $16.4 million. Following these transactions, Gaiam continues to own approximately 4.1 million shares of Real Goods Solar's common stock.
Riverbed Technology (Nasdaq: RVBD) 1.8% HIGHER; from Neutral to Buy at Lazard, while setting a $21 price target
Lennar Corporation (NYSE: LEN) 1.8% HIGHER; Keefe, Bruyette & Woods upgraded Lennar (NYSE: LEN) from Market Perform to Outperform with a price target of $43.00 (from $40.00).
Dean Foods (NYSE: DF) 1.5% LOWER; Bernstein downgraded from Outperform to Market Perform.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) 0.7% LOWER; entered into a settlement agreement with Wyeth/Pfizer (NYSE: PFE) and Altana/Nycomed to resolve all claims relating to Teva’s sales, commencing in December 2007, of its 20 mg and 40 mg generic Protonix (pantoprazole sodium) tablets. As part of the settlement, which provides for the release of all claims against Teva and its subsidiaries, Teva agreed to pay $1.6 billion to Wyeth/Pfizer and Altana/Nycomed.
Cytokinetics (Nasdaq: CYTK) 15% HIGHER;
Amgen (Nasdaq: AMGN) and Cytokinetics announced an expansion of their strategic collaboration to include Japan. In 2006, Cytokinetics and Amgen entered into a collaboration to discover, develop and commercialize novel small-molecule therapeutics that activate cardiac muscle contractility for potential applications in the treatment of heart failure. Omecamtiv mecarbil is the most advanced drug candidate in this collaboration. Initially, Cytokinetics' license to Amgen for omecamtiv mecarbil excluded Japan. Under the amendment to the collaboration announced today, the companies have agreed on terms expanding Amgen's license for omecamtiv mecarbil and related compounds to include Japan.
Celsion Corporation (NASDAQ: CLSN) 13.2% LOWER; negative SeekingAlpha blog post suggesting 50% downside. The writer said while hopes of the Phase III ThermoDox HEAT study have driven the stock 100% higher recent the fact is it "was a total failure."
Health Management (NYSE: HMA) 11.7% HIGHER; In play after Glenview urged the company redeem the poison pill, or at a minimum, amend the poison pill to increase the percentage of stock a person would be permitted to own without triggering the poison pill to a 25% threshold. Also upgraded at Deutsche Bank
Ulta Salon (NASDAQ: ULTA) 9.4% HIGHER; reported Q1 EPS of $0.65, $0.03 better than the analyst estimate of $0.62. Revenue for the quarter came in at $582.7 million versus the consensus estimate of $576.3 million. Comparable store sales (sales for stores open at least 14 months) increased 6.7 percent. Sees Q2 2013 EPS of $0.64-0.67, versus the consensus of $0.68. Also sees Q2 2013 revenue of $579-589 million, versus the consensus of $590.3 million.
Spectra Energy Corp (NYSE: SE) 8.8% HIGHER; announced its intention to drop down all of its remaining U.S. Transmission and Storage assets to Spectra Energy Partners (NYSE: SEP) by the end of the year, subject to market conditions. Upgraded at Deutsche Bank
Rambus, Inc. (NASDAQ: RMBS) 7.8% HIGHER; The company and SK Hynix announced they have signed a five-year patent license agreement for the use of Rambus memory-related patented innovations in SK Hynix semiconductor products and have also settled all outstanding claims. The agreement includes a license to certain DRAM products for payments of $12 million per quarter for the next five years. Other terms of the agreement are confidential.
Icahn Enterprises L.P. (Nasdaq: IEP) 6.2% LOWER; announced that its registered public offering of 1.6 million depositary units representing limited partner interests in Icahn Enterprises, has been priced for total gross proceeds (before underwriters' discounts and commissions and estimated offering expenses) of approximately $120.9 million. Icahn Enterprises has also granted the underwriters an option for 30 days to purchase up to an additional 240,000 depositary units. The underwriters have offered the depositary units at prevailing market prices or otherwise from time to time through The NASDAQ Global Select Market, in the over-the-counter-market, through negotiated transactions or otherwise. The offering is expected to close on June 17, 2013. The proceeds from the offering will be used solely to effect the recapitalization of Federal-Mogul (Nasdaq: FDML), which may include the purchase of Icahn Enterprises' pro rata share of the common stock to be issued by Federal-Mogul pursuant to its rights offering launched on June 7, 2013, if consummated, or any other use of capital that results in the proceeds of the offering being used to recapitalize Federal-Mogul.
Goodyear Tire & Rubber Co. (NYSE: GT) 5.1% HIGHER; up on Cooper Tire takeover.
First Solar, Inc. (NASDAQ: FSLR) 4.7% LOWER; announced the commencement of an underwritten public offering of 8,500,000 shares of its common stock. In addition, First Solar will grant the underwriters a 30-day option to purchase up to 1,275,000 shares of common stock. First Solar intends to use the net proceeds from the offering for general corporate purposes, which may include acquisitions of under development photovoltaic solar power system projects, investments in photovoltaic solar power system projects that will be jointly developed with strategic partners and capital expenditures or strategic investments to develop certain business units and expand in new geographies. J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BofA Merrill Lynch and Citigroup Global Markets Inc. are acting as joint book-running managers for the offering. Credit Suisse, HSBC, Credit Agricole CIB and Goldman, Sachs & Co. are also acting as book-running managers for the offering.
Celgene (NASDAQ: CELG) 3.7% HIGHER; adds $3 billion to buyback plan
Tesla Motors (NASDAQ: TSLA) 3.1% HIGHER; Baird raised its price target on Outperform-rated from $70 to $118 on increased confidence in next generation vehicle goals.
Applied Materials (NASDAQ: AMAT) 3.1% HIGHER; Citi upgraded from Neutral to Buy
Newcastle Investment Corp. (NYSE: NCT) 2.9% LOWER; plans to make a public offering of 30,000,000 shares of its common stock. In connection with the offering, the Company intends to grant the underwriters an option for 30 days to purchase up to an additional 4,500,000 shares of common stock.
Real Goods Solar, Inc. (NASDAQ: RSOL) 1.8% LOWER; announced after the close that Gaiam, Inc. (NASDAQ: GAIA) sold approximately six million shares of Real Goods Solar, Inc. for net proceeds of $16.4 million. Following these transactions, Gaiam continues to own approximately 4.1 million shares of Real Goods Solar's common stock.
Riverbed Technology (Nasdaq: RVBD) 1.8% HIGHER; from Neutral to Buy at Lazard, while setting a $21 price target
Lennar Corporation (NYSE: LEN) 1.8% HIGHER; Keefe, Bruyette & Woods upgraded Lennar (NYSE: LEN) from Market Perform to Outperform with a price target of $43.00 (from $40.00).
Dean Foods (NYSE: DF) 1.5% LOWER; Bernstein downgraded from Outperform to Market Perform.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) 0.7% LOWER; entered into a settlement agreement with Wyeth/Pfizer (NYSE: PFE) and Altana/Nycomed to resolve all claims relating to Teva’s sales, commencing in December 2007, of its 20 mg and 40 mg generic Protonix (pantoprazole sodium) tablets. As part of the settlement, which provides for the release of all claims against Teva and its subsidiaries, Teva agreed to pay $1.6 billion to Wyeth/Pfizer and Altana/Nycomed.
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