StreetInsider.com Pre-Open Movers 12/13: (BBY) (CLWR) (SAM) Higher; (HRG) (LXK) (RBC) Lower (more...)
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Harbinger Group Inc. (NYSE: HRG) 26% LOWER; ced an offering of 20 million shares at $7.50/share, a 27% discount to Wednesday's closing price of $10.22.
Best Buy (NYSE: BBY) 14% HIGHER; founder Richard Schulze is expected to renew efforts to purchase the big box retailer this week, with an offer that is said to be at least $5 to $6 billion, according to reports in the StarTribune. Citing sources, the paper said Schulze will submit a formal proposal to the board before Sunday.
Clearwire (Nasdaq: CLWR) 13% HIGHER; Sprint Nextel (NYSE: S) seeks to buy rest of Clearwire for $2.90 per share.
The Boston Beer Company, Inc. (NYSE: SAM) 13% HIGHER; expects its 2012 earnings per diluted share range to be between $4.30 and $4.60, an increase from the previously communicated range of $3.80 to $4.20 and the consensus of $4.21.
Oncolytics Biotech, Inc. (Nasdaq: ONCY) 12% HIGHER; announced initial positive top line data from the first endpoint in its double-blinded randomized Phase III clinical study examining REOLYSIN in combination with carboplatin and paclitaxel in second-line patients with platinum-refractory, taxane-naive head and neck cancers (REO 018).
RF Micro Devices (NASDAQ: RFMD) 6% HIGHER; Barclays upgraded from Equalweight to Overweight with a price target of $6.00 (from $5.00).
Lexmark International Inc. (NYSE: LXK) 7% LOWER; Deutsche Bank downgraded Lexmark from Hold to Sell with a price target of $18.00.
CVS Caremark (NYSE: CVS) 4% HIGHER; Reaffirmed the company's guidance for 2012 and outlined CVS Caremark's guidance for 2013. The company expects to deliver adjusted diluted earnings per share from continuing operations of $3.84 to $3.98 in 2013, an increase of 13.25% to 17.25%, and GAAP diluted earnings per share from continuing operations of $3.59 to $3.73 per share. The Street sees FY13 EPS of $3.82.
Keryx Biopharmaceuticals (NASDAQ: KERX) 4% HIGHER; Maxim Group initiates coverage with a Buy. PT $4.00.
Sarepta Therapeutics, Inc. (NASDAQ: SRPT) 1% HIGHER; confirmed it priced an underwritten public offering of an aggregate of 4,950,495 shares of its common stock at a price to the public of $25.25 per share.
Endo Health Solutions Inc. (Nasdaq: ENDP) 3% LOWER; announced today David P. Holveck, 67, President and Chief Executive Officer, will retire in 2013. He will continue to serve in his present positions until the earlier of his successor being in place or the May 2013 annual meeting of Endo shareholders. Holveck will also leave the Board at such time
Juniper Networks, Inc. (NYSE: JNPR) 2% LOWER; entered into an acquisition agreement to acquire Contrail Networks Inc. in a cash and stock transaction for approximately $176 million.
Regal-Beloit Corp. (NYSE: RBC) 2% LOWER; has commenced a public offering of 2,750,000 shares of common stock. Regal Beloit will grant the underwriters in the offering an option to purchase up to 412,500 additional shares to cover any over-allotments.
Francesca's (Nasdaq: FRAN) 1% HIGHER; insider buying
Cerner Corporation (Nasdaq: CERN) 1% HIGHER; announced that its board of directors has approved a stock repurchase program, authorizing the repurchase of up to $170 million of its common stock. The company plans to repurchase shares from time to time in the open market, by block purchase, or possibly through other transactions managed by broker-dealers. No time limit was set for completion of the program.
Yum! Brands (NYSE: YUM) 1% HIGHER; Goldman Sachs upgraded from Neutral to Buy with a price target of $77.00 (from $67.00) saying the China related sell-off creates a buying opportunity.
Avago Technologies (NASDAQ: AVGO) 1% HIGHER; Goldman Sachs upgraded from Neutral to Buy with a price target of $44.00 (from $40.00) saying the stock and outperform again on cyclical and secular factors.
Best Buy (NYSE: BBY) 14% HIGHER; founder Richard Schulze is expected to renew efforts to purchase the big box retailer this week, with an offer that is said to be at least $5 to $6 billion, according to reports in the StarTribune. Citing sources, the paper said Schulze will submit a formal proposal to the board before Sunday.
Clearwire (Nasdaq: CLWR) 13% HIGHER; Sprint Nextel (NYSE: S) seeks to buy rest of Clearwire for $2.90 per share.
The Boston Beer Company, Inc. (NYSE: SAM) 13% HIGHER; expects its 2012 earnings per diluted share range to be between $4.30 and $4.60, an increase from the previously communicated range of $3.80 to $4.20 and the consensus of $4.21.
Oncolytics Biotech, Inc. (Nasdaq: ONCY) 12% HIGHER; announced initial positive top line data from the first endpoint in its double-blinded randomized Phase III clinical study examining REOLYSIN in combination with carboplatin and paclitaxel in second-line patients with platinum-refractory, taxane-naive head and neck cancers (REO 018).
RF Micro Devices (NASDAQ: RFMD) 6% HIGHER; Barclays upgraded from Equalweight to Overweight with a price target of $6.00 (from $5.00).
Lexmark International Inc. (NYSE: LXK) 7% LOWER; Deutsche Bank downgraded Lexmark from Hold to Sell with a price target of $18.00.
CVS Caremark (NYSE: CVS) 4% HIGHER; Reaffirmed the company's guidance for 2012 and outlined CVS Caremark's guidance for 2013. The company expects to deliver adjusted diluted earnings per share from continuing operations of $3.84 to $3.98 in 2013, an increase of 13.25% to 17.25%, and GAAP diluted earnings per share from continuing operations of $3.59 to $3.73 per share. The Street sees FY13 EPS of $3.82.
Keryx Biopharmaceuticals (NASDAQ: KERX) 4% HIGHER; Maxim Group initiates coverage with a Buy. PT $4.00.
Sarepta Therapeutics, Inc. (NASDAQ: SRPT) 1% HIGHER; confirmed it priced an underwritten public offering of an aggregate of 4,950,495 shares of its common stock at a price to the public of $25.25 per share.
Endo Health Solutions Inc. (Nasdaq: ENDP) 3% LOWER; announced today David P. Holveck, 67, President and Chief Executive Officer, will retire in 2013. He will continue to serve in his present positions until the earlier of his successor being in place or the May 2013 annual meeting of Endo shareholders. Holveck will also leave the Board at such time
Juniper Networks, Inc. (NYSE: JNPR) 2% LOWER; entered into an acquisition agreement to acquire Contrail Networks Inc. in a cash and stock transaction for approximately $176 million.
Regal-Beloit Corp. (NYSE: RBC) 2% LOWER; has commenced a public offering of 2,750,000 shares of common stock. Regal Beloit will grant the underwriters in the offering an option to purchase up to 412,500 additional shares to cover any over-allotments.
Francesca's (Nasdaq: FRAN) 1% HIGHER; insider buying
Cerner Corporation (Nasdaq: CERN) 1% HIGHER; announced that its board of directors has approved a stock repurchase program, authorizing the repurchase of up to $170 million of its common stock. The company plans to repurchase shares from time to time in the open market, by block purchase, or possibly through other transactions managed by broker-dealers. No time limit was set for completion of the program.
Yum! Brands (NYSE: YUM) 1% HIGHER; Goldman Sachs upgraded from Neutral to Buy with a price target of $77.00 (from $67.00) saying the China related sell-off creates a buying opportunity.
Avago Technologies (NASDAQ: AVGO) 1% HIGHER; Goldman Sachs upgraded from Neutral to Buy with a price target of $44.00 (from $40.00) saying the stock and outperform again on cyclical and secular factors.
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