Morning Movers 12/13: (SYNO) (CCMP) (SSW) Higher; (ECYT) (IVN) (CMED) (IDT) Lower
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Endocyte (Nasdaq: ECYT) 61.9% LOWER; an independent review of the PRECEDENT trial showed a decrease in the benefit compared to the original analysis. An RBC analyst said the results increase Phase 3 clinical timing and regulatory EU risk. Baird downgraded the stock to Neutral.
Synovis Life Technologies, Inc. (Nasdaq: SYNO) 50.9% HIGHER; Baxter International Inc. (NYSE: BAX) and Synovis entered a definitive agreement for Baxter to acquire Synovis for $28 per share.
Cabot Microelectronics Corporation (Nasdaq: CCMP) 17.9% HIGHER; the company intends to pay a special cash dividend of $15 per share, or approximately $345 million in aggregate, to its shareholders during the first quarter of calendar year 2012. In addition, the Board has authorized an increase in the company’s existing share repurchase program to $150 million, from the previous available authorization of approximately $83 million.
Seaspan Corporation (NYSE: SSW) 17.6% HIGHER; announced it will acquire Seaspan Management in a $54 million deal. Also announced today the commencement of a tender offer to purchase up to 10,000,000 of its Class A common shares at a price of $15.00 per share, representing a 43.5% premium to the December 12, 2011 closing price of $10.45 per share for Seaspan's shares on the New York Stock Exchange.
Ivanhoe Mines (NYSE: IVN) 16% LOWER; an arbitrator ruled Rio Tinto (NYSE: RIO) did not breach a placement pact with Ivanhoe. The arbitrator dismissed Ivanhoe's counterclaim. Rio Tinto said it "has no intention of making a full takeover bid" for the company.
China Medical Technologies, Inc. (Nasdaq: CMED) 14.2% LOWER; today announced that the Company intends to implement a debt restructuring plan to improve its balance sheet. The plan may include, without limitation, a debt-for-debt exchange with existing holders of the Company's convertible notes maturing in August 2013 and December 2016, which may potentially involve holders receiving new debts with different interest rates, maturities and principal amounts compared to the existing debts or other alternatives to be agreed.
IDT Corp. (NYSE: IDT) 14.1% LOWER; reported Q1 EPS of ($0.21), versus $0.70 reported last year. Revenue for the quarter came in at $376.8 million, versus $309.8 million reported last year.
Best Buy Co., Inc. (NYSE: BBY) 11.7% LOWER; reported Q3 EPS of $0.47, $0.04 worse than the analyst estimate of $0.51. Revenue for the quarter came in at $12.1 billion versus the consensus estimate of $12.14 billion. Same-store sales rose 0.3 percent. Domestic comps were up almost 1 percent.
Fuelcell Energy, Inc. (NASDAQ: FCEL) 11.2% LOWER; reported Q4 EPS of ($0.06), $0.01 better than the analyst estimate of ($0.07). Revenue for the quarter came in at $34.7 million versus the consensus estimate of $31.53 million. Sees revs of $31-$34 million per quarter in FY12, versus the consensus of $34.55 million for the first quarter.
AuthenTec (Nasdaq: AUTH) 11.2% LOWER; today announced that it has filed a shelf registration statement with the Securities and Exchange Commission (SEC). Once declared effective by the SEC, the new registration statement would allow AuthenTec to sell, from time to time, one or more placements of up to $100 million in shares of its common stock and preferred stock, debt securities and other securities in one or more public offerings.
The Pantry, Inc. (NASDAQ: PTRY) 11.1% LOWER; reported Q4 EPS of $0.37, $0.18 worse than the analyst estimate of $0.55. Revenue for the quarter came in at $2.18 billion versus the consensus estimate of $2.29 billion. Comparable store merchandise revenue decreased 0.8%.
K12 (NYSE: LRN) 10.5% LOWER; following nine straight days of closing in positive territory, the stock is below $26 today. A report for Inside Higher Ed this morning suggests the student loan grace period may be eliminated.
Kandi Technologies (Nasdaq: KNDI) 8.9% HIGHER; stock breaking above $3 level today. Volume is very heavy.
St. Joe (NYSE: JOE) 8.1% HIGHER; not hearing any news today. The stock appears to be holding above the 200-day SMA this morning.
Synovis Life Technologies, Inc. (Nasdaq: SYNO) 50.9% HIGHER; Baxter International Inc. (NYSE: BAX) and Synovis entered a definitive agreement for Baxter to acquire Synovis for $28 per share.
Cabot Microelectronics Corporation (Nasdaq: CCMP) 17.9% HIGHER; the company intends to pay a special cash dividend of $15 per share, or approximately $345 million in aggregate, to its shareholders during the first quarter of calendar year 2012. In addition, the Board has authorized an increase in the company’s existing share repurchase program to $150 million, from the previous available authorization of approximately $83 million.
Seaspan Corporation (NYSE: SSW) 17.6% HIGHER; announced it will acquire Seaspan Management in a $54 million deal. Also announced today the commencement of a tender offer to purchase up to 10,000,000 of its Class A common shares at a price of $15.00 per share, representing a 43.5% premium to the December 12, 2011 closing price of $10.45 per share for Seaspan's shares on the New York Stock Exchange.
Ivanhoe Mines (NYSE: IVN) 16% LOWER; an arbitrator ruled Rio Tinto (NYSE: RIO) did not breach a placement pact with Ivanhoe. The arbitrator dismissed Ivanhoe's counterclaim. Rio Tinto said it "has no intention of making a full takeover bid" for the company.
China Medical Technologies, Inc. (Nasdaq: CMED) 14.2% LOWER; today announced that the Company intends to implement a debt restructuring plan to improve its balance sheet. The plan may include, without limitation, a debt-for-debt exchange with existing holders of the Company's convertible notes maturing in August 2013 and December 2016, which may potentially involve holders receiving new debts with different interest rates, maturities and principal amounts compared to the existing debts or other alternatives to be agreed.
IDT Corp. (NYSE: IDT) 14.1% LOWER; reported Q1 EPS of ($0.21), versus $0.70 reported last year. Revenue for the quarter came in at $376.8 million, versus $309.8 million reported last year.
Best Buy Co., Inc. (NYSE: BBY) 11.7% LOWER; reported Q3 EPS of $0.47, $0.04 worse than the analyst estimate of $0.51. Revenue for the quarter came in at $12.1 billion versus the consensus estimate of $12.14 billion. Same-store sales rose 0.3 percent. Domestic comps were up almost 1 percent.
Fuelcell Energy, Inc. (NASDAQ: FCEL) 11.2% LOWER; reported Q4 EPS of ($0.06), $0.01 better than the analyst estimate of ($0.07). Revenue for the quarter came in at $34.7 million versus the consensus estimate of $31.53 million. Sees revs of $31-$34 million per quarter in FY12, versus the consensus of $34.55 million for the first quarter.
AuthenTec (Nasdaq: AUTH) 11.2% LOWER; today announced that it has filed a shelf registration statement with the Securities and Exchange Commission (SEC). Once declared effective by the SEC, the new registration statement would allow AuthenTec to sell, from time to time, one or more placements of up to $100 million in shares of its common stock and preferred stock, debt securities and other securities in one or more public offerings.
The Pantry, Inc. (NASDAQ: PTRY) 11.1% LOWER; reported Q4 EPS of $0.37, $0.18 worse than the analyst estimate of $0.55. Revenue for the quarter came in at $2.18 billion versus the consensus estimate of $2.29 billion. Comparable store merchandise revenue decreased 0.8%.
K12 (NYSE: LRN) 10.5% LOWER; following nine straight days of closing in positive territory, the stock is below $26 today. A report for Inside Higher Ed this morning suggests the student loan grace period may be eliminated.
Kandi Technologies (Nasdaq: KNDI) 8.9% HIGHER; stock breaking above $3 level today. Volume is very heavy.
St. Joe (NYSE: JOE) 8.1% HIGHER; not hearing any news today. The stock appears to be holding above the 200-day SMA this morning.
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