StreetInsider.com Pre-Open Movers 6/14: (RH) (GRPN) (ELN) Higher; (CEMP) (HIMX) (RBCN) Lower (more...)
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Restoration Hardware Holdings (NYSE: RH) 12.5% HIGHER; reported Q1 EPS of $0.06, $0.02 better than the analyst estimate of $0.04. Revenue for the quarter came in at $301 million versus the consensus estimate of $299.13 million. Q1 Comparable Store Sales Increased 41%. Restoration Hardware Holdings sees Q2 2013 EPS of $0.40-0.42, versus the consensus of $0.38. Restoration Hardware Holdings sees Q2 2013 revenue of $375-380 million, versus the consensus of $351 million. Restoration Hardware Holdings sees FY2013 EPS of $1.41-1.47, versus prior guidance of $1.29-1.37 and the consensus of $1.40. Restoration Hardware Holdings sees FY2013 revenue of $1.47-1.51 billion, versus prior guidance of $1.42-1.45 billion and the consensus of $1.48 billion.
Cempra, Inc. (Nasdaq: CEMP) 12.5% LOWER; announced its intention to offer and sell shares of its common stock in an underwritten public offering pursuant to its existing shelf registration statement. The company also intends to grant to the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock sold in the public offering to cover over-allotments, if any. The company intends to use the net proceeds from the offering to fund its planned IV-to-oral Phase 3 clinical trial of solithromycin in community acquired bacterial pneumonia (CABP), working capital and general corporate and administrative expenses. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Himax Technologies, Inc. (Nasdaq: HIMX) 7.5% LOWER; announced the pricing of an offering by selling shareholder Innolux Corporation ("Innolux") of 22,086,742 American Depositary Shares ("ADSs"), each representing two ordinary shares of the Company, at a public offering price of $5.25 per ADS. Innolux has granted the underwriters a 30-day option to purchase up to 3,313,011 additional ADSs solely to cover over-allotments, if any. The offering is expected to close on June 19, 2013.
Groupon, Inc. (NASDAQ: GRPN) 8% HIGHER; Deutsche Bank upgraded from Hold to Buy with a price target of $10.00 (from $6.00).
Elan Corporation, plc (NYSE: ELN) 7.5% HIGHER; to proceed with formal sales process
SolarCity (NASDAQ: SCTY) 7.4% HIGHER; Credit Suisse upgraded from Neutral to Outperform with a price target of $52 (from $28
Inovio Pharmaceuticals, Inc. (NYSE: INO) 7% HIGHER; announced today that in a preclinical study of its influenza DNA vaccine against the newly emergent, virulent H7N9 flu virus it achieved immune response levels exceeding what are considered protective levels in other common influenza subtypes.
Rubicon Technology, Inc. (NASDAQ: RBCN) 4.6% LOWER; downgraded to Sell at Goldman Sachs
Myriad Genetics Inc. (NASDAQ: MYGN) 4.6% LOWER; multiple downgrades after Supreme Court ruling on DNA
Smith & Wesson Holding Corporation (Nasdaq: SWHC) 4.8% HIGHER; announced preliminary net sales and earnings per share results for its fiscal 2013 fourth quarter and full year periods ended April 30, 2013. Preliminary net sales for the fiscal fourth quarter were $179 million, an approximate increase of 38% over the comparable quarter last year. Preliminary GAAP net income from continuing operations is expected to be approximately $0.44 per diluted share compared with net income of $0.27 per diluted share from continuing operations for the comparable quarter last year. The company ended the fiscal year with a cash balance of $100.5 million. *** The Street sees Q4 sales of $170.7 million and EPS of $0.40. Preliminary net sales for fiscal 2013 year were $588 million, an approximate increase of 43% over fiscal 2012. Preliminary GAAP net income from continuing operations is expected to be approximately $1.22 per diluted share compared with net income of $0.40 per diluted share from continuing operations for the prior year. *** The Street was looking for revs of $579.6 million and EPS of $1.19. Also, $100 million stock buyback plan.
Capstone Turbine Corp (NASDAQ: CPST) 4.6% LOWER; reported Q4 EPS of ($0.01), in-line with the analyst estimate of ($0.01). Revenue for the quarter came in at $35.4 million versus the consensus estimate of $36.3 million.
Avanir Pharmaceuticals (NASDAQ: AVNR) 4.7% HIGHER; Mizuho Securities initiates coverage with a Buy. PT $10.00.
Generac Holdings Inc. (NYSE: GNRC) 2.6% LOWER; announced an underwritten secondary offering of 6,500,000 shares of its common stock by funds affiliated with CCMP Capital pursuant to the Company’s shelf registration statement previously filed with the Securities and Exchange Commission. The Selling Stockholders will receive all of the proceeds from this offering. The underwriter of the offering will have an option to purchase up to 975,000 additional shares.
Ocwen Financial Corp. (NYSE: OCN) 2.5% HIGHER; Ocwen Loan Servicing, LLC (“OLS”), a Delaware limited liability company and an indirect, wholly owned subsidiary of Ocwen Financial Corporation (“Ocwen”), entered into a mortgage servicing rights purchase and sale agreement (the “Purchase Agreement”) with OneWest Bank, FSB, a federal savings bank (the “Seller”), pursuant to which OLS agreed to purchase approximately $78 billion in unpaid principal balance of mortgage servicing rights (“MSRs”) and related servicing advance receivables, in each case, measured as of April 30, 2013. No operations or other assets are being purchased in the transaction. The aggregate purchase price will be approximately $2.53 billion, with $446 million of the aggregate purchase price paid in respect of the MSRs and approximately $2.1 billion to be paid in respect of the servicing advances, in each case, subject to adjustment for changes in the unpaid principal balance of the related assets as of the date of closing and other customary post-closing adjustments. Contemporaneously with the execution of the Purchase Agreement, Ocwen executed a guarantee (the “Parent Guarantee”), pursuant to which Ocwen agreed to guarantee the obligations and performance of OLS under the Purchase Agreement. The transactions described in this paragraph are referred to herein as the “Transaction.”
Tesla Motors, Inc. (NASDAQ: TSLA) 2.1% HIGHER; up on Solar City upgrade
BlackBerry (NASDAQ: BBRY) 2.1% HIGHER; positive analyst comments at Wells Fargo
Casey's General Stores (NASDAQ: CASY) 1% LOWER; reported Q4 EPS of $0.60, $0.02 worse than the analyst estimate of $0.62. Revenue for the quarter came in at $1.81 billion versus the consensus estimate of $1.83 billion.
Strategic Hotels & Resorts, Inc. (NYSE: BEE) 0.8% HIGHER; continues higher on potential sale
Eli Lilly and Company (NYSE: LLY) 0.7% LOWER; announced it has stopped its Phase II study (BACC) for LY2886721, a beta secretase (BACE) inhibitor being investigated as a once daily treatment for its potential to slow the progression of Alzheimer's disease. The decision to terminate the study was due to abnormal liver biochemical tests. Clinical study investigators have been notified.
Cempra, Inc. (Nasdaq: CEMP) 12.5% LOWER; announced its intention to offer and sell shares of its common stock in an underwritten public offering pursuant to its existing shelf registration statement. The company also intends to grant to the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock sold in the public offering to cover over-allotments, if any. The company intends to use the net proceeds from the offering to fund its planned IV-to-oral Phase 3 clinical trial of solithromycin in community acquired bacterial pneumonia (CABP), working capital and general corporate and administrative expenses. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Himax Technologies, Inc. (Nasdaq: HIMX) 7.5% LOWER; announced the pricing of an offering by selling shareholder Innolux Corporation ("Innolux") of 22,086,742 American Depositary Shares ("ADSs"), each representing two ordinary shares of the Company, at a public offering price of $5.25 per ADS. Innolux has granted the underwriters a 30-day option to purchase up to 3,313,011 additional ADSs solely to cover over-allotments, if any. The offering is expected to close on June 19, 2013.
Groupon, Inc. (NASDAQ: GRPN) 8% HIGHER; Deutsche Bank upgraded from Hold to Buy with a price target of $10.00 (from $6.00).
Elan Corporation, plc (NYSE: ELN) 7.5% HIGHER; to proceed with formal sales process
SolarCity (NASDAQ: SCTY) 7.4% HIGHER; Credit Suisse upgraded from Neutral to Outperform with a price target of $52 (from $28
Inovio Pharmaceuticals, Inc. (NYSE: INO) 7% HIGHER; announced today that in a preclinical study of its influenza DNA vaccine against the newly emergent, virulent H7N9 flu virus it achieved immune response levels exceeding what are considered protective levels in other common influenza subtypes.
Rubicon Technology, Inc. (NASDAQ: RBCN) 4.6% LOWER; downgraded to Sell at Goldman Sachs
Myriad Genetics Inc. (NASDAQ: MYGN) 4.6% LOWER; multiple downgrades after Supreme Court ruling on DNA
Smith & Wesson Holding Corporation (Nasdaq: SWHC) 4.8% HIGHER; announced preliminary net sales and earnings per share results for its fiscal 2013 fourth quarter and full year periods ended April 30, 2013. Preliminary net sales for the fiscal fourth quarter were $179 million, an approximate increase of 38% over the comparable quarter last year. Preliminary GAAP net income from continuing operations is expected to be approximately $0.44 per diluted share compared with net income of $0.27 per diluted share from continuing operations for the comparable quarter last year. The company ended the fiscal year with a cash balance of $100.5 million. *** The Street sees Q4 sales of $170.7 million and EPS of $0.40. Preliminary net sales for fiscal 2013 year were $588 million, an approximate increase of 43% over fiscal 2012. Preliminary GAAP net income from continuing operations is expected to be approximately $1.22 per diluted share compared with net income of $0.40 per diluted share from continuing operations for the prior year. *** The Street was looking for revs of $579.6 million and EPS of $1.19. Also, $100 million stock buyback plan.
Capstone Turbine Corp (NASDAQ: CPST) 4.6% LOWER; reported Q4 EPS of ($0.01), in-line with the analyst estimate of ($0.01). Revenue for the quarter came in at $35.4 million versus the consensus estimate of $36.3 million.
Avanir Pharmaceuticals (NASDAQ: AVNR) 4.7% HIGHER; Mizuho Securities initiates coverage with a Buy. PT $10.00.
Generac Holdings Inc. (NYSE: GNRC) 2.6% LOWER; announced an underwritten secondary offering of 6,500,000 shares of its common stock by funds affiliated with CCMP Capital pursuant to the Company’s shelf registration statement previously filed with the Securities and Exchange Commission. The Selling Stockholders will receive all of the proceeds from this offering. The underwriter of the offering will have an option to purchase up to 975,000 additional shares.
Ocwen Financial Corp. (NYSE: OCN) 2.5% HIGHER; Ocwen Loan Servicing, LLC (“OLS”), a Delaware limited liability company and an indirect, wholly owned subsidiary of Ocwen Financial Corporation (“Ocwen”), entered into a mortgage servicing rights purchase and sale agreement (the “Purchase Agreement”) with OneWest Bank, FSB, a federal savings bank (the “Seller”), pursuant to which OLS agreed to purchase approximately $78 billion in unpaid principal balance of mortgage servicing rights (“MSRs”) and related servicing advance receivables, in each case, measured as of April 30, 2013. No operations or other assets are being purchased in the transaction. The aggregate purchase price will be approximately $2.53 billion, with $446 million of the aggregate purchase price paid in respect of the MSRs and approximately $2.1 billion to be paid in respect of the servicing advances, in each case, subject to adjustment for changes in the unpaid principal balance of the related assets as of the date of closing and other customary post-closing adjustments. Contemporaneously with the execution of the Purchase Agreement, Ocwen executed a guarantee (the “Parent Guarantee”), pursuant to which Ocwen agreed to guarantee the obligations and performance of OLS under the Purchase Agreement. The transactions described in this paragraph are referred to herein as the “Transaction.”
Tesla Motors, Inc. (NASDAQ: TSLA) 2.1% HIGHER; up on Solar City upgrade
BlackBerry (NASDAQ: BBRY) 2.1% HIGHER; positive analyst comments at Wells Fargo
Casey's General Stores (NASDAQ: CASY) 1% LOWER; reported Q4 EPS of $0.60, $0.02 worse than the analyst estimate of $0.62. Revenue for the quarter came in at $1.81 billion versus the consensus estimate of $1.83 billion.
Strategic Hotels & Resorts, Inc. (NYSE: BEE) 0.8% HIGHER; continues higher on potential sale
Eli Lilly and Company (NYSE: LLY) 0.7% LOWER; announced it has stopped its Phase II study (BACC) for LY2886721, a beta secretase (BACE) inhibitor being investigated as a once daily treatment for its potential to slow the progression of Alzheimer's disease. The decision to terminate the study was due to abnormal liver biochemical tests. Clinical study investigators have been notified.
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