Pre-Open Stock Movers 09/27: (MARK) (CASC) (TWLO) Higher; (KRNT) (WLKP) (ITCI) Lower (more...)
Today's Pre-Open Moves
Remark Holdings, Inc. (NASDAQ: MARK) 40.9% HIGHER; announced its KanKan subsidiary has been awarded a seven-figure contract by one of the largest state-owned enterprises in China to provide a facial and object recognition technology to a Shanghai municipal health agency, which will use the product to ensure that restaurants comply with local food safety laws.
Kornit Digital Ltd. (NASDAQ: KRNT) 20% LOWER; reported preliminary results for the third quarter of 2017. The Company now expects third quarter 2017 non-GAAP revenue to be in a range of $27.0 million to $28.5 million, compared with its previous guidance of $34.0 million to $38.0 million. The revenue shortfall is attributable to a single customer, who is unable to take delivery as scheduled of a large number of systems due to unforeseen protracted delays in the receipt of regulatory permits for their site, which postponed commencement of operations of a new facility intended for the systems. (Street sees Q3 revenue of $36.13 million)
Cascadian Therapeutics, Inc. (NASDAQ: CASC) 8.5% HIGHER; announced that the U.S. Food and Drug Administration ("FDA") has granted orphan drug designation to tucatinib for the treatment of HER2-positive (HER2+) metastatic colorectal cancer. Tucatinib is an investigational oral, small molecule kinase inhibitor that is highly selective for HER2 and is the Companys lead product in development.
Westlake Chemical Partners LP (NYSE: WLKP) 8.3% LOWER; agreed to acquire an additional 5.0% limited partner interest in Westlake Chemical OpCo LP for approximately $229.2 million. The transaction, which is expected to close in connection with the concurrently announced equity offering by the Partnership, is expected to be immediately accretive to the Partnerships MLP distributable cash flow. Also announced the commencement of an underwritten public offering of 4,500,000 common units representing limited partner interests in the Partnership.
Intra-Cellular Therapies, Inc. (Nasdaq: ITCI) 7.2% LOWER; commenced an underwritten public offering of $150 million of shares of its common stock.
Twilio (NYSE: TWLO) 7.2% HIGHER; bounces on analyst defense after falling 7% Tuesday on Amazon concerns.
CareDx, Inc (NASDAQ: CDNA) 6.3% HIGHER; Raymond James upgraded from Market Perform to Outperform.
Ambarella (NASDAQ: AMBA) 4.6% HIGHER; Morgan Stanley analyst, Joseph Moore, reiterated his Overweight rating on shares of Ambarella (NASDAQ: AMBA) after spending 3 days with management on a road show, including CTO Les Kohn's first extended group of investor meetings since the initial IPO several years ago. Moore raised his bull case on the stock to $115, suggesting 152% upside.
SunPower (NASDAQ: SPWR) 4.3% LOWER; Morgan Stanley downgraded from Equalweight to Underweight with a price target of $6.00.
Ascendis Pharma A/S (Nasdaq: ASND) 4.3% LOWER; announced that it has commenced an underwritten public offering of $125,000,000 of American Depositary Shares (“ADSs”), each of which represents one ordinary share of Ascendis.
Nike (NYSE: NKE) 4.1% LOWER; reported Q1 EPS of $0.57, $0.09 better than the analyst estimate of $0.48. Revenue for the quarter came in at $9.1 billion versus the consensus estimate of $9.09 billion. Q2 sales expected to rise at low-single digit percentage.
Twitter (NYSE: TWTR) 3.6% HIGHER; in a blog post confirmed plans to lift its character limit from 140 to 280 with a small group in an effort to give users more opportunity to express themselves. CEO Jack Dorsey called the move "a small change, but a big move for us."
Lumentum (NASDAQ: LITE) 3.5% HIGHER; MKM Partners upgraded from Neutral to Buy with a price target of $66.00.
Micron Technology (NASDAQ: MU) 3.4% HIGHER; reported Q4 EPS of $2.02, $0.18 better than the analyst estimate of $1.84. Revenue for the quarter came in at $6.14 billion versus the consensus estimate of $5.96 billion. Micron sees Q1 EPS of $2.09-2.23 vs consensus of $1.84 on revenue of $6.10 to 6.50 billion vs consensus of $6.09 billion.
Editas Medicine, Inc. (NASDAQ: EDIT) 3.1% HIGHER; announced the European Medicines Agency (EMA) granted Orphan Medicinal Product designation to EDIT-101, a pre-clinical, CRISPR-based medicinal product to treat Leber Congenital Amaurosis type 10 (LCA10). LCA10 is a monogenic disorder caused by mutations in the CEP290 gene. LCA is the most common cause of inherited childhood blindness, with an incidence of two to three per 100,000 live births worldwide, and LCA10 is the most common form, accounting for 20-30 percent of all LCA patients.
Michael Kors (NYSE: KORS) 2.4% HIGHER; Canaccord Genuity upgraded from Hold to Buy with a price target of $58.00 (from $43.00).
JinkoSolar Holding Co., Ltd. (NYSE: JKS) 2.2% LOWER; filed a prospectus supplement to sell up to an aggregate of US$100,000,000 of its American depositary shares ("ADSs"), each representing four ordinary shares, through an at-the-market equity offering program. The ADSs will be offered through Credit Suisse and Barclays as sales agents.
Cintas Corp. (NASDAQ: CTAS) 2.2% HIGHER; reported Q1 EPS of $1.45, $0.15 better than the analyst estimate of $1.30. Revenue for the quarter came in at $1.6 billion versus the consensus estimate of $1.57 billion. GUIDANCE: Cintas Corp. sees FY2018 EPS of $5.30-$5.38, versus the consensus of $5.22. Cintas Corp. sees FY2018 revenue of $6.325-6.4 billion, versus the consensus of $6.33 billion.