Unusual 11 Mid-Day Movers 11/1: (NSPR) (OCLS) (IFMI) Higher; (NVCN) (INST) (GLT) Lower
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Neovasc Inc. (Nasdaq: NVCN) 28.1% LOWER; reported the findings of the Federal District Court regarding several post-trial motions stemming from a trial jury's verdict in May 2016. CardiAQ filed suit against Neovasc in the United States District Court for the District of Massachusetts in 2014. In the order, Judge Allison D. Burroughs ruled in favor of CardiAQ on the issue of inventorship of Neovasc's '964 Patent. At the same time, the judge denied CardiAQ's motion for an injunction that would have shut down the development of Tiara™, thus allowing Neovasc to continue development and commercialization of Tiara™, while also denying Neovasc's motions for a new trial.
Instructure (NYSE: INST) 25.0% LOWER; reported Q3 EPS of ($0.34), $0.08 better than the analyst estimate of ($0.42). Revenue for the quarter came in at $30.1 million versus the consensus estimate of $30.28 million. Instructure sees Q4 2016 EPS of ($0.42)-($0.44), versus the consensus of ($0.45). Instructure sees Q4 2016 revenue of $30.4-31 million, versus the consensus of $32.2 million.
Oculus Innovative Sciences, Inc. (Nasdaq: OCLS) 20.6% HIGHER; announced the sale of the company’s Latin American-related assets to Invekra S.A.P.I. de C.V. of Mexico for $19.5 million in cash. Additionally, Invekra will pay Oculus a three percent payment on all Latin American revenues outside of Mexico, with a minimum payment of $250,000 per year for the next ten years, to be paid quarterly in Mexican pesos.
Glatfelter (NYSE: GLT) 19.4% LOWER; reported Q3 EPS of $0.54, $0.01 worse than the analyst estimate of $0.55. Revenue for the quarter came in at $405.3 million versus the consensus estimate of $426.09 million.
Brookdale Senior Living Inc. (NYSE: BKD) 19.3% LOWER; announced that it has entered into a definitive agreement with affiliates of Blackstone Real Estate Partners VIII L.P. to acquire a 15% ownership interest in a joint venture that intends to acquire a portfolio of 64 communities currently leased to Brookdale by HCP, Inc. Upon completion of the acquisition of the assets, Brookdale will manage the communities on behalf of the joint venture. Additionally, the Company announced that it has entered into a definitive agreement with HCP for a multi-part transaction involving, among other things, the termination of leases for 29 communities, the contribution of four communities currently leased to Brookdale by HCP into an existing RIDEA joint venture with HCP, and the financing of certain communities owned by the entry fee CCRC Joint Venture between HCP and Brookdale.
Pitney-Bowes (NYSE: PBI) 17.8% LOWER; reported Q3 EPS of $0.44, $0.02 worse than the analyst estimate of $0.46. Revenue for the quarter came in at $839 million versus the consensus estimate of $851.82 million. The Company expects to be at the low-end of its annual guidance range for revenue and adjusted earnings per share.
Institutional Financial Markets, Inc. (NYSE: IFMI) 17.3% HIGHER; reported Q3 results. Revenue was $14.1 million for the three months ended September 30, 2016, compared to $14.4 million for the three months ended June 30, 2016 and $12.9 million for the three months ended September 30, 2015. Net income was $1.5 million, or $0.09 per diluted share, for the three months ended September 30, 2016, compared to net income of $1.2 million, or $0.07 per diluted share, for the three months ended June 30, 2016 and net loss of $0.6 million, or $0.03 per diluted share, for the three months ended September 30, 2015.
John B. Sanfilippo & Son (Nasdaq: JBSS) 15.3% HIGHER; reported Q1 EPS of $0.89, $0.05 worse than the analyst estimate of $0.94. Revenue for the quarter came in at $222.3 million versus the consensus estimate of $216.3 million.
Heska (Nasdaq: HSKA) 15.3% HIGHER; reported Q3 EPS of $0.45, $0.20 better than the analyst estimate of $0.25. Revenue for the quarter came in at $33.4 million versus the consensus estimate of $31.36 million.
Intrepid Potash, Inc. (NYSE: IPI) 14.0% HIGHER; announced it has reached an agreement with its noteholders to amend the terms of its senior notes. Concurrently, Intrepid entered into a new revolving credit agreement with Bank of Montreal, which provides additional borrowing capacity of up to $35 million, subject to a borrowing base limitation.
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