Unusual 11 Mid-Day Movers 12/18: IHR, SENO, SMOD, AIRV Higher; RPTP, PALM, LDK, ZLC Lower
Interstate Hotels & Resorts (NYSE: IHR) 73.2% HIGHER; today announced that it has signed a definitive merger agreement to be acquired by Hotel Acquisition Company, LLC, a 50/50 joint venture between subsidiaries of Thayer Hotel Investors V-A LP, a private equity fund sponsored by Thayer Lodging Group, and Shanghai Jin Jiang International Hotels (Group) Company Limited in a transaction valued at approximately $307 million. Under the agreement, Hotel Acquisition Company, LLC would acquire all of the outstanding common stock and operating partnership units of Interstate for $2.25 per share in an all cash transaction.
SenoRx, Inc. (NASDAQ: SENO) 34% HIGHER; today announced that a jury delivered a verdict in favor of SenoRx in a lawsuit brought by Hologic, Inc., Cytyc Corp., and Hologic L.P. in the U.S. District Court for the Northern District of California. Hologic had alleged that SenoRx infringed claims of Hologic's 6,413,204 and 6,482,142 patents. SenoRx claimed that both patents were invalid, and that the '204 patent was not infringed.
SMART Modular Technologies (Nasdaq: SMOD) 25.7% HIGHER; reports Q1 adj-EPS of $0.08, 3 cents better than the analyst estimate of $0.05. Revenue for the quarter was $123.1 million, which compares to the estimate of $115.74 million. Sees Q2 adj-EPS of $0.09-$0.11, versus the consensus of $0.01, on sales of $125-$135 million, versus the consensus of $105.46 million.
Raptor Pharmaceutical Corp. (NASDAQ: RPTP) 23.3% LOWER; today announced that it has entered into definitive agreements with institutional investors to purchase 3,747,558 units for gross proceeds of approximately $7.5 million, before placement agent fees and offering expenses.
Airvana, Inc. (NASDAQ: AIRV) 20.4% HIGHER; today announced that it has entered into a definitive agreement with a newly formed company to be owned by affiliates of S.A.C. Private Capital Group, LLC, GSO Capital Partners LP, Sankaty Advisors LLC and ZelnickMedia, in a transaction valued at approximately $530 million. Under the terms of the agreement, at closing, each share of Airvana common stock will be exchanged for $7.65 cash.
Neuralstem, Inc. (NYSE Amex: CUR) 18.5% HIGHER; today announced that its Phase I trial to treat Amyotrophic Lateral Sclerosis (ALS or Lou Gehrig's disease) with its spinal cord stem cells has been approved by the Institutional Review Board at Emory University in Atlanta, GA.
Palm, Inc. (Nasdaq: PALM) 18% LOWER; reports Q2 adj-loss of $0.37, 5 cents worse than the analyst estimate of ($0.32). Revenue for the quarter was $302 million, which compares to the estimate of $266.17 million.
LDK Solar (NYSE: LDK) 13.4% LOWER; shares are falling after-hours following the filing of a Form 8-K with the SEC. In the filing, LDK announced that it has signed an indicative term sheet with VMS Investment Group Ltd. and its affiliates, pursuant to which VMS has agreed to subscribe between $50-$80 million aggregate amount of redeemable and convertible preference shares of the Cayman Islands subsidiary, which is to be created to hold and operate LDK Solar’s polysilicon business, valuing the entity at $1.30 billion to $1.65 billion. Click here to see the full report.
Zale Corp. (NYSE: ZLC) 12.7% LOWER; are falling once again today as an executive from the jeweler told the WSJ this morning that it was forced to cancel and delay numerous orders with suppliers as sales continue to decline. Although Zale admitted that it refused to accept millions of dollars in inventory at the end of last month, an exec could not give a number as "we are in the process of reviewing and canceling certain orders."
American Oil & Gas Inc. (NYSE Amex: AEZ) 12.7% LOWER; today announced that it has agreed to sell nine million shares of common stock to certain purchasers through a registered direct offering priced at $3.50 per share, resulting in gross proceeds of $31.5 million. C. K. Cooper & Company acted as lead placement agent on the transaction and Ladenburg Thalman & Co., Inc. acted as co-placement agent.
Take-Two Interactive Software Inc. (NASDAQ: TTWO) 12% HIGHER; reports Q4 EPS of $0.09, even with the analyst estimate of ($0.09). Revenue for the quarter was $343.4 million, which compares to the estimate of $340.4 million. Also, probably affecting the stock more this evening, Carl Ichn disclosed an 11.3% stake in the stock.
To get this report daily, visit http://www.streetinsider.com/entities/Morning+Movers.
SenoRx, Inc. (NASDAQ: SENO) 34% HIGHER; today announced that a jury delivered a verdict in favor of SenoRx in a lawsuit brought by Hologic, Inc., Cytyc Corp., and Hologic L.P. in the U.S. District Court for the Northern District of California. Hologic had alleged that SenoRx infringed claims of Hologic's 6,413,204 and 6,482,142 patents. SenoRx claimed that both patents were invalid, and that the '204 patent was not infringed.
SMART Modular Technologies (Nasdaq: SMOD) 25.7% HIGHER; reports Q1 adj-EPS of $0.08, 3 cents better than the analyst estimate of $0.05. Revenue for the quarter was $123.1 million, which compares to the estimate of $115.74 million. Sees Q2 adj-EPS of $0.09-$0.11, versus the consensus of $0.01, on sales of $125-$135 million, versus the consensus of $105.46 million.
Raptor Pharmaceutical Corp. (NASDAQ: RPTP) 23.3% LOWER; today announced that it has entered into definitive agreements with institutional investors to purchase 3,747,558 units for gross proceeds of approximately $7.5 million, before placement agent fees and offering expenses.
Airvana, Inc. (NASDAQ: AIRV) 20.4% HIGHER; today announced that it has entered into a definitive agreement with a newly formed company to be owned by affiliates of S.A.C. Private Capital Group, LLC, GSO Capital Partners LP, Sankaty Advisors LLC and ZelnickMedia, in a transaction valued at approximately $530 million. Under the terms of the agreement, at closing, each share of Airvana common stock will be exchanged for $7.65 cash.
Neuralstem, Inc. (NYSE Amex: CUR) 18.5% HIGHER; today announced that its Phase I trial to treat Amyotrophic Lateral Sclerosis (ALS or Lou Gehrig's disease) with its spinal cord stem cells has been approved by the Institutional Review Board at Emory University in Atlanta, GA.
Palm, Inc. (Nasdaq: PALM) 18% LOWER; reports Q2 adj-loss of $0.37, 5 cents worse than the analyst estimate of ($0.32). Revenue for the quarter was $302 million, which compares to the estimate of $266.17 million.
LDK Solar (NYSE: LDK) 13.4% LOWER; shares are falling after-hours following the filing of a Form 8-K with the SEC. In the filing, LDK announced that it has signed an indicative term sheet with VMS Investment Group Ltd. and its affiliates, pursuant to which VMS has agreed to subscribe between $50-$80 million aggregate amount of redeemable and convertible preference shares of the Cayman Islands subsidiary, which is to be created to hold and operate LDK Solar’s polysilicon business, valuing the entity at $1.30 billion to $1.65 billion. Click here to see the full report.
Zale Corp. (NYSE: ZLC) 12.7% LOWER; are falling once again today as an executive from the jeweler told the WSJ this morning that it was forced to cancel and delay numerous orders with suppliers as sales continue to decline. Although Zale admitted that it refused to accept millions of dollars in inventory at the end of last month, an exec could not give a number as "we are in the process of reviewing and canceling certain orders."
American Oil & Gas Inc. (NYSE Amex: AEZ) 12.7% LOWER; today announced that it has agreed to sell nine million shares of common stock to certain purchasers through a registered direct offering priced at $3.50 per share, resulting in gross proceeds of $31.5 million. C. K. Cooper & Company acted as lead placement agent on the transaction and Ladenburg Thalman & Co., Inc. acted as co-placement agent.
Take-Two Interactive Software Inc. (NASDAQ: TTWO) 12% HIGHER; reports Q4 EPS of $0.09, even with the analyst estimate of ($0.09). Revenue for the quarter was $343.4 million, which compares to the estimate of $340.4 million. Also, probably affecting the stock more this evening, Carl Ichn disclosed an 11.3% stake in the stock.
To get this report daily, visit http://www.streetinsider.com/entities/Morning+Movers.
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