Morning Movers 05/31: (YONG) (CV) (AGYS) (ELTK) Higher; (LAS) (NOK) (CBLI) Lower
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Yongye (Nasdaq: YONG) 41.6% HIGHER; reports agreement on $50 million equity investment by Morgan Stanley Private Equity Asia. CEO Zishen Wu plans to acquire up to $3 million of Yongye common stock.
Central Vermont Public Service Corporation (NYSE: CV) 40.4% HIGHER; Fortis Inc. reports that it entered into an agreement to acquire the company for $35.10 per share in cash, or total consideration of $700 million, which includes the assumption of $230 million of debt.
Agilysys (Nasdaq: AGYS) 38.8% HIGHER; announces agreement to sell Technology Solutions Business to OnX Enterprise Solutions for $64 million in cash. The company plans to focus on its higher-margin hospitality and retail solutions businesses. The company's current president and CEO Martin Ellis will step down and James Dennedy will assume role of interim president and CEO.
Eltek Ltd (Nasdaq: ELTK) 28.2% HIGHER; reported Q1 EPS of $0.12, versus ($0.10) reported last year. Revenue for the quarter came in at $11.8 million, versus $9.6 million reported last year.
Fibertower Corp. (Nasdaq: FTWR) 28% HIGHER; shares are continuing an impressive run which started late last week. After closing nearly 37 percent higher last Friday, and ending the week 90 percent stronger, the stock is up again today. As noted last Friday, the stock has made a strong move above the $1.00 mark.
FuelCell Energy, Inc. (Nasdaq: FCEL) 21.8% HIGHER; reports that POSCO Power has ordered 70-MW of fuel cell kits. The total value of the order and other commitments for services is estimated to be at least $129 million with delivery of fuel cell kits beginning in October 2011 and occurring monthly through October 2013.
Lentuo International (NYSE: LAS) 17.4% LOWER; reported Q1 EPS of $0.16, $0.07 better than the analyst estimate of $0.09. Revenue for the quarter came in at $91.3 million versus the consensus estimate of $98.11 million.
Nokia (NYSE: NOK) 16.1% LOWER; has lowered its Q2 Devices & Services outlook to "substantially" below its previous outlook range of €6.1-€6.6 billion. The company cites lower than expected average selling prices and mobile device volumes. The company expects to see Devices & Services non-IFRS operating margin substantially below previously expected range of 6-9%. "Given the unexpected change in our outlook for the second quarter, Nokia believes it is no longer appropriate to provide annual targets for 2011."
Cleveland BioLabs, Inc. (Nasdaq: CBLI) 14.6% LOWER; and the Biomedical Advanced Research and Development Authority of the Department of Health and Human Services have recently concluded advanced stages of contract negotiations for funding of certain CBLB502 development activities included in the Company's 2010 Proposal to BARDA.
Magellan Petroleum Corporation (Nasdaq: MPET) 14.3% LOWER; updates on Evans Shoal transaction. From the release: "Magellan's Board of Directors met this week and reviewed recent developments in connection with the Evans Shoal transaction. In light of this review, the Board of Directors instructed management of the Company not to complete the Evans Shoal transaction, at this point. Their decision was necessary due to concerns the Company has regarding recent substantial modifications to the Evans Shoal work program. As a consequence of the above matters, the conditions to be satisfied in order to bring about the completion of the Evans Shoal transaction will not be met by 31st May.
Transition Therapeutics (Nasdaq: TTHI) 13.9% LOWER; correcting this week following a 20 percent rise last week.
Funtalk China Holdings Limited (Nasdaq: FTLK) 13.6% HIGHER; has entered into a definitive agreement with Fortress Group Limited and Fortress Merger Sub Limited pursuant to which Parent will acquire Funtalk for $7.20 per share. The Transaction values Funtalk's equity at approximately US$443 million on a fully diluted basis.
China Biologic Products (Nasdaq: CBPO) 12.4% LOWER; the stock does not appear to be holding the $16 level this week.
RealD (NYSE: RLD) 12.3% LOWER; falling below a support level around $30.
Ashland Inc. (NYSE: ASH) 9.3% HIGHER; reports that it has entered into an agreement to acquire International Specialty Products Inc. in $3.2 billion deal.
Yingli (NYSE: YGE) 8% HIGHER; solar stocks are extremely strong today as Germany has announced it will end nuclear by 2022.
LDK Solar (NYSE: LDK) 8% HIGHER; solar stocks are extremely strong today as Germany has announced it will end nuclear by 2022.
To get this movers report daily, visit http://www.streetinsider.com/entities/Morning+Movers.
Central Vermont Public Service Corporation (NYSE: CV) 40.4% HIGHER; Fortis Inc. reports that it entered into an agreement to acquire the company for $35.10 per share in cash, or total consideration of $700 million, which includes the assumption of $230 million of debt.
Agilysys (Nasdaq: AGYS) 38.8% HIGHER; announces agreement to sell Technology Solutions Business to OnX Enterprise Solutions for $64 million in cash. The company plans to focus on its higher-margin hospitality and retail solutions businesses. The company's current president and CEO Martin Ellis will step down and James Dennedy will assume role of interim president and CEO.
Eltek Ltd (Nasdaq: ELTK) 28.2% HIGHER; reported Q1 EPS of $0.12, versus ($0.10) reported last year. Revenue for the quarter came in at $11.8 million, versus $9.6 million reported last year.
Fibertower Corp. (Nasdaq: FTWR) 28% HIGHER; shares are continuing an impressive run which started late last week. After closing nearly 37 percent higher last Friday, and ending the week 90 percent stronger, the stock is up again today. As noted last Friday, the stock has made a strong move above the $1.00 mark.
FuelCell Energy, Inc. (Nasdaq: FCEL) 21.8% HIGHER; reports that POSCO Power has ordered 70-MW of fuel cell kits. The total value of the order and other commitments for services is estimated to be at least $129 million with delivery of fuel cell kits beginning in October 2011 and occurring monthly through October 2013.
Lentuo International (NYSE: LAS) 17.4% LOWER; reported Q1 EPS of $0.16, $0.07 better than the analyst estimate of $0.09. Revenue for the quarter came in at $91.3 million versus the consensus estimate of $98.11 million.
Nokia (NYSE: NOK) 16.1% LOWER; has lowered its Q2 Devices & Services outlook to "substantially" below its previous outlook range of €6.1-€6.6 billion. The company cites lower than expected average selling prices and mobile device volumes. The company expects to see Devices & Services non-IFRS operating margin substantially below previously expected range of 6-9%. "Given the unexpected change in our outlook for the second quarter, Nokia believes it is no longer appropriate to provide annual targets for 2011."
Cleveland BioLabs, Inc. (Nasdaq: CBLI) 14.6% LOWER; and the Biomedical Advanced Research and Development Authority of the Department of Health and Human Services have recently concluded advanced stages of contract negotiations for funding of certain CBLB502 development activities included in the Company's 2010 Proposal to BARDA.
Magellan Petroleum Corporation (Nasdaq: MPET) 14.3% LOWER; updates on Evans Shoal transaction. From the release: "Magellan's Board of Directors met this week and reviewed recent developments in connection with the Evans Shoal transaction. In light of this review, the Board of Directors instructed management of the Company not to complete the Evans Shoal transaction, at this point. Their decision was necessary due to concerns the Company has regarding recent substantial modifications to the Evans Shoal work program. As a consequence of the above matters, the conditions to be satisfied in order to bring about the completion of the Evans Shoal transaction will not be met by 31st May.
Transition Therapeutics (Nasdaq: TTHI) 13.9% LOWER; correcting this week following a 20 percent rise last week.
Funtalk China Holdings Limited (Nasdaq: FTLK) 13.6% HIGHER; has entered into a definitive agreement with Fortress Group Limited and Fortress Merger Sub Limited pursuant to which Parent will acquire Funtalk for $7.20 per share. The Transaction values Funtalk's equity at approximately US$443 million on a fully diluted basis.
China Biologic Products (Nasdaq: CBPO) 12.4% LOWER; the stock does not appear to be holding the $16 level this week.
RealD (NYSE: RLD) 12.3% LOWER; falling below a support level around $30.
Ashland Inc. (NYSE: ASH) 9.3% HIGHER; reports that it has entered into an agreement to acquire International Specialty Products Inc. in $3.2 billion deal.
Yingli (NYSE: YGE) 8% HIGHER; solar stocks are extremely strong today as Germany has announced it will end nuclear by 2022.
LDK Solar (NYSE: LDK) 8% HIGHER; solar stocks are extremely strong today as Germany has announced it will end nuclear by 2022.
To get this movers report daily, visit http://www.streetinsider.com/entities/Morning+Movers.
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