StreetInsider.com Pre-Open Movers 06/27
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StreetInsider.com Pre-Open Movers:
Nuvelo (Nasdaq: NUVO) 22% LOWER; Nuvelo and Bayer HealthCare have agreed to terminate their collaboration. NUVO to resume development of Alfimeprase.
Guitar Center, Inc. (Nasdaq: GTRC) 20% HIGHER; signed a definitive agreement to be acquired by affiliates of Bain Capital Partners, LLC, a leading global private investment firm. The total transaction value, including assumed debt, is approximately $2.1 billion. Under the terms of the merger agreement, stockholders will receive $63.00 in cash in exchange for each share of Guitar Center common stock they own.
SurModics Inc. (Nasdaq: SRDX) 15.7% HIGHER; The company and Merck announced a License and Research Collaboration Agreement to pursue the joint development and commercialization of the I-vation sustained drug delivery system with TA and other products that combine Merck proprietary drug compounds with the I-vation system for the treatment of serious retinal diseases.
Trump Entertainment Resorts Inc. (Nasdaq: TRMP) 13% LOWER; Negative reports on possible buyout.
Andrew Corporation (Nasdaq: ANDW) 12.5% HIGHER; CommScope, Inc. (NYSE: CTV) and Andrew Corporation have entered into a definitive agreement, unanimously approved by their respective Boards of Directors, under which CommScope will acquire all of the outstanding shares of Andrew for $15.00 per share, at least 90% in cash.
Aspreva Pharmaceuticals Corporation (NASDAQ: ASPV) 11% LOWER; The company and Roche (OTC: RHHBY) released preliminary results for a clinical trial comparing CellCept to intravenous cyclophosphamide. Although response rates were similar in both arms, the trial did not meet its primary objective of demonstrating that MMF was superior to IVC in inducing treatment response in this disease.
Vasogen Inc. (NASDAQ: VSGN) 7% HIGHER; FDA has strongly recommended that Vasogen conduct a confirmatory study to support a Pre-market Approval filing of Celacade and also recommended that the Company consider utilizing a Bayesian statistical approach to designing a confirmatory trial
Jones Soda Co. (NASDAQ: JSDA) 7% HIGHER; entered into an agreement with Pharma Foods International Co., LTD., of Kyoto, Japan; Mitsubishi Corporation, of Tokyo, Japan; and Mitsubishi International Food Ingredients, Inc. , of Dublin, Ohio that grants the company exclusive rights to use PHARMA GABA in beverage applications.
Spectrum Control (Nasdaq: SPEC) 5.7% HIGHER; reports Q2 EPS of $0.20, 2 cents better than estimates. Revenues were $33.6 million vs. $33.1 million consensus. (NOTE - only 1 analyst). Sees Q3 revenues of $34.5 to $35.5 million versus the consensus of $35 million. Sees Q3 EPS of $0.22-$0.23, versus the consensus of $0.20.
GSI Commerce (Nasdaq: GSIC) 5.6% LOWER; to Offer $100 Million Senior Convertible Notes
HealthSpring (NYSE: HS) 5% HIGHER; In a 13D filing on HealthSpring this morning, Clinton Group disclosed a 5.05% stake (2,893,404 shares) in the company and a letter to the company suggesting they undertake a leveraged recapitalization and a Dutch tender offer. The firm sent a follow-up letter noting that they have not heard back from the CEO regarding its proposal.
Nike Inc. (NYSE: NKE) 4% HIGHER; reports Q4 EPS of $0.86, 1 cent better than estimates. Revenues came in at $4.4 billion versus the consensus of $4.36 billion.
ConAgra Foods, Inc. (NYSE: CAG) 3.2% HIGHER; reports Q4 EPS of $0.39 (ex-items) vs. consensus of $0.31. Revenues were $3.3 billion vs. $2.83 billion consensus.
EFD/eFunds Corporation (NYSE: EFD) 3% HIGHER; Fidelity National Information Services, Inc. (NYSE: FIS) and EFD/eFunds entered into a definitive agreement whereby FIS will acquire EFD in an all-cash transaction valued at approximately $1.8 billion.
Best Buy Co., Inc. (NYSE: BBY) 2.2% HIGHER; said its Board of Directors approved several shareholder value initiatives. Specifically, the company approved a new $5.5 billion share repurchase program, which terminates and replaces the current share repurchase program, and increased its dividend by 30 percent.
F5 Networks Inc. (Nasdaq: FFIV) 1.9% LOWER; Robert Baird downgrade
Chittenden Corporation (NYSE: CHZ): INDICATD HIGHER; People\'s United Financial, Inc. (Nasdaq: PBCT) announced a definitive agreement to acquire Chittenden in a stock and cash transaction valued at $1.9 billion.
Nuvelo (Nasdaq: NUVO) 22% LOWER; Nuvelo and Bayer HealthCare have agreed to terminate their collaboration. NUVO to resume development of Alfimeprase.
Guitar Center, Inc. (Nasdaq: GTRC) 20% HIGHER; signed a definitive agreement to be acquired by affiliates of Bain Capital Partners, LLC, a leading global private investment firm. The total transaction value, including assumed debt, is approximately $2.1 billion. Under the terms of the merger agreement, stockholders will receive $63.00 in cash in exchange for each share of Guitar Center common stock they own.
SurModics Inc. (Nasdaq: SRDX) 15.7% HIGHER; The company and Merck announced a License and Research Collaboration Agreement to pursue the joint development and commercialization of the I-vation sustained drug delivery system with TA and other products that combine Merck proprietary drug compounds with the I-vation system for the treatment of serious retinal diseases.
Trump Entertainment Resorts Inc. (Nasdaq: TRMP) 13% LOWER; Negative reports on possible buyout.
Andrew Corporation (Nasdaq: ANDW) 12.5% HIGHER; CommScope, Inc. (NYSE: CTV) and Andrew Corporation have entered into a definitive agreement, unanimously approved by their respective Boards of Directors, under which CommScope will acquire all of the outstanding shares of Andrew for $15.00 per share, at least 90% in cash.
Aspreva Pharmaceuticals Corporation (NASDAQ: ASPV) 11% LOWER; The company and Roche (OTC: RHHBY) released preliminary results for a clinical trial comparing CellCept to intravenous cyclophosphamide. Although response rates were similar in both arms, the trial did not meet its primary objective of demonstrating that MMF was superior to IVC in inducing treatment response in this disease.
Vasogen Inc. (NASDAQ: VSGN) 7% HIGHER; FDA has strongly recommended that Vasogen conduct a confirmatory study to support a Pre-market Approval filing of Celacade and also recommended that the Company consider utilizing a Bayesian statistical approach to designing a confirmatory trial
Jones Soda Co. (NASDAQ: JSDA) 7% HIGHER; entered into an agreement with Pharma Foods International Co., LTD., of Kyoto, Japan; Mitsubishi Corporation, of Tokyo, Japan; and Mitsubishi International Food Ingredients, Inc. , of Dublin, Ohio that grants the company exclusive rights to use PHARMA GABA in beverage applications.
Spectrum Control (Nasdaq: SPEC) 5.7% HIGHER; reports Q2 EPS of $0.20, 2 cents better than estimates. Revenues were $33.6 million vs. $33.1 million consensus. (NOTE - only 1 analyst). Sees Q3 revenues of $34.5 to $35.5 million versus the consensus of $35 million. Sees Q3 EPS of $0.22-$0.23, versus the consensus of $0.20.
GSI Commerce (Nasdaq: GSIC) 5.6% LOWER; to Offer $100 Million Senior Convertible Notes
HealthSpring (NYSE: HS) 5% HIGHER; In a 13D filing on HealthSpring this morning, Clinton Group disclosed a 5.05% stake (2,893,404 shares) in the company and a letter to the company suggesting they undertake a leveraged recapitalization and a Dutch tender offer. The firm sent a follow-up letter noting that they have not heard back from the CEO regarding its proposal.
Nike Inc. (NYSE: NKE) 4% HIGHER; reports Q4 EPS of $0.86, 1 cent better than estimates. Revenues came in at $4.4 billion versus the consensus of $4.36 billion.
ConAgra Foods, Inc. (NYSE: CAG) 3.2% HIGHER; reports Q4 EPS of $0.39 (ex-items) vs. consensus of $0.31. Revenues were $3.3 billion vs. $2.83 billion consensus.
EFD/eFunds Corporation (NYSE: EFD) 3% HIGHER; Fidelity National Information Services, Inc. (NYSE: FIS) and EFD/eFunds entered into a definitive agreement whereby FIS will acquire EFD in an all-cash transaction valued at approximately $1.8 billion.
Best Buy Co., Inc. (NYSE: BBY) 2.2% HIGHER; said its Board of Directors approved several shareholder value initiatives. Specifically, the company approved a new $5.5 billion share repurchase program, which terminates and replaces the current share repurchase program, and increased its dividend by 30 percent.
F5 Networks Inc. (Nasdaq: FFIV) 1.9% LOWER; Robert Baird downgrade
Chittenden Corporation (NYSE: CHZ): INDICATD HIGHER; People\'s United Financial, Inc. (Nasdaq: PBCT) announced a definitive agreement to acquire Chittenden in a stock and cash transaction valued at $1.9 billion.
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