Unusual 11 Midday Movers 01/17: (CNVO) (VQ) (PVX) Higher; (CBRX) (KGC) (RRD) Lower
Columbia Labs' (Nasdaq: CBRX) 53.3% LOWER; shares are lower after the FDA announced the company’s preterm birth gel product is not effective. Shares have experienced several halts on the news.
Convio, Inc. (NASDAQ: CNVO) 48% HIGHER;entered into a definitive agreement to be acquired by Blackbaud, Inc. (NASDAQ: BLKB) for $16 per share in cash.
Venoco, Inc. (NYSE: VQ) 35.9% HIGHER;has entered into a definitive merger agreement under which Timothy M. Marquez, Venoco's Chairman and CEO, who, together with affiliated trusts and foundations, holds 50.3% of Venoco's common stock, will acquire Venoco through a wholly owned entity, Denver Parent Corporation. Under the agreement, Venoco shareholders, excluding Mr. Marquez and his affiliated entities, will receive $12.50 per share in cash upon completion of the transaction.
Provident Energy (NYSE: PVX) 22.3% HIGHER; Pembina Pipeline Corporation and Provident announced they have entered into an agreement for Pembina to acquire all of the issued and outstanding common shares of Provident. Under the terms of the Arrangement Agreement, Provident shareholders will receive 0.425 of a Pembina share for each Provident share held.
BroadVision (Nasdaq: BVSN) 21.5% HIGHER; continuing to breakout this week as news the company's Clearvale was selected to provide the social business platform for London's Digital Summit. Shares have doubled so far in 2012.
USEC Inc. (NYSE: USU) 19.2% HIGHER; announced today that it continues to work on the American Centrifuge project and that USEC and the Department of Energy (DOE) have identified a path to provide interim funding for the initial phase of a research, development and demonstration (RD&D) program for the project.
K-V Pharmaceutical Company (NYSE: KV-A) 19.1% HIGHER; responding to news the FDA has said Columbia Labs' preterm birth gel is not effective.
Kinross Gold (NYSE: KGC) 16.9% LOWER; yesterday offered worse-than-expected 2011 and 2012 production results. The Company anticipates capital expenditures in 2012 of approximately $1.3 billion related to growth projects, primarily for Tasiast. The 2012 forecast for exploration and business development expenses is approximately $255 million, of which $185 million is forecast for exploration. Capitalized exploration is forecast to be $35 million, for total 2012 forecast exploration expenditures of $220 million. Click hereto view the full report.
R.R. Donnelley & Sons Company (Nasdaq: RRD) 15.2% LOWER; reports expected full-year 2011 free cash flow (cash flow from operations less capital expenditures) to be in the range of $650 million to $700 million, an increase from the previous guidance that called for free cash flow of approximately $600 million. Revenue is expected to be $10.6 billion, non-GAAP operating margin is expected to be 6.6% to 6.7%, non-GAAP effective tax rate is expected to be 23% to 24% and fully-diluted weighted average share count is expected to be 196 million to 197 million. The Street sees revs of $10.61 billion.
North American Palladium Ltd. (NYSE: PAL) 14.6% LOWER; released its operating guidance for palladium and gold production as well as its capital expenditure and exploration budget for 2012. Click hereto view the company’s 2012 guidance.
Carnival (NYSE: CCL) 14.1% LOWER; lower following this weekend's tragic Costa Concordia cruise shipwreck that killed at least 6 people with 29 more missing. Click hereto view the company’s expectations due to the incident.
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Convio, Inc. (NASDAQ: CNVO) 48% HIGHER;entered into a definitive agreement to be acquired by Blackbaud, Inc. (NASDAQ: BLKB) for $16 per share in cash.
Venoco, Inc. (NYSE: VQ) 35.9% HIGHER;has entered into a definitive merger agreement under which Timothy M. Marquez, Venoco's Chairman and CEO, who, together with affiliated trusts and foundations, holds 50.3% of Venoco's common stock, will acquire Venoco through a wholly owned entity, Denver Parent Corporation. Under the agreement, Venoco shareholders, excluding Mr. Marquez and his affiliated entities, will receive $12.50 per share in cash upon completion of the transaction.
Provident Energy (NYSE: PVX) 22.3% HIGHER; Pembina Pipeline Corporation and Provident announced they have entered into an agreement for Pembina to acquire all of the issued and outstanding common shares of Provident. Under the terms of the Arrangement Agreement, Provident shareholders will receive 0.425 of a Pembina share for each Provident share held.
BroadVision (Nasdaq: BVSN) 21.5% HIGHER; continuing to breakout this week as news the company's Clearvale was selected to provide the social business platform for London's Digital Summit. Shares have doubled so far in 2012.
USEC Inc. (NYSE: USU) 19.2% HIGHER; announced today that it continues to work on the American Centrifuge project and that USEC and the Department of Energy (DOE) have identified a path to provide interim funding for the initial phase of a research, development and demonstration (RD&D) program for the project.
K-V Pharmaceutical Company (NYSE: KV-A) 19.1% HIGHER; responding to news the FDA has said Columbia Labs' preterm birth gel is not effective.
Kinross Gold (NYSE: KGC) 16.9% LOWER; yesterday offered worse-than-expected 2011 and 2012 production results. The Company anticipates capital expenditures in 2012 of approximately $1.3 billion related to growth projects, primarily for Tasiast. The 2012 forecast for exploration and business development expenses is approximately $255 million, of which $185 million is forecast for exploration. Capitalized exploration is forecast to be $35 million, for total 2012 forecast exploration expenditures of $220 million. Click hereto view the full report.
R.R. Donnelley & Sons Company (Nasdaq: RRD) 15.2% LOWER; reports expected full-year 2011 free cash flow (cash flow from operations less capital expenditures) to be in the range of $650 million to $700 million, an increase from the previous guidance that called for free cash flow of approximately $600 million. Revenue is expected to be $10.6 billion, non-GAAP operating margin is expected to be 6.6% to 6.7%, non-GAAP effective tax rate is expected to be 23% to 24% and fully-diluted weighted average share count is expected to be 196 million to 197 million. The Street sees revs of $10.61 billion.
North American Palladium Ltd. (NYSE: PAL) 14.6% LOWER; released its operating guidance for palladium and gold production as well as its capital expenditure and exploration budget for 2012. Click hereto view the company’s 2012 guidance.
Carnival (NYSE: CCL) 14.1% LOWER; lower following this weekend's tragic Costa Concordia cruise shipwreck that killed at least 6 people with 29 more missing. Click hereto view the company’s expectations due to the incident.
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