StreetInsider.com Pre-Open Movers 09/04
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StreetInsider.com Pre-Open Movers:
ASE Test Ltd. (NASDAQ: ASTSF) 25% HIGHER; Advanced Semiconductor Engineering, Inc. and ASE Test Limited, a majority-owned subsidiary of ASE Inc., today jointly announced that the two companies have signed the Scheme Implementation Agreement for ASE Inc. to acquire the remaining ASE Test ordinary shares which ASE Inc. does not directly or indirectly own. Under the terms of the proposed acquisition, the all cash acquisition consideration consists of US$14.78 for each ASE Test ordinary share listed on Nasdaq and the NT$ equivalent of US$0.185 (based on the prevailing exchange rate) for each ASE Test TDS.
Leap Wireless International, Inc. (NASDAQ: LEAP) 18.7% HIGHER; MetroPCS Communications, Inc. (NYSE: PCS) sent a letter to Leap Wireless proposing a strategic stock-for-stock tax-free merger that will create a fifth national wireless carrier. Under the terms of the proposal, each outstanding share of Leap common stock would be exchanged for 2.7500 shares of MetroPCS common stock.
Local.com Corp. (NASDAQ: LOCM) 16% HIGHER; announced that it has renewed a multi-year agreement in which Yahoo! will continue to deliver its sponsored search results to Local.com, including Local.com's recently expanded local search network.
Cree Inc. (NASDAQ: CREE) 10% HIGHER; Continued upside on takeover chatter
Hoku Scientific, Inc. (NASDAQ: HOKU) 4.5% HIGHER; Piper Jaffray upgrades Hoku Scientific from Underperform to Market Perform and raises their price target from $8 to $10.
MEMC Electronic Materials, Inc. (NYSE: WFR) 4% LOWER; is revising Q3 guidance. The company said it is now targeting revenues to be approximately 5% below the previously targeted level of $500 million and margins to be approximately flat sequentially from second quarter 2007 levels due to the associated costs. The Wall Street consensus is $504.1 million.
Yahoo! (Nasdaq: YHOO) 2.2% HIGHER; In a note on Yahoo! (this morning, Bear Stearns named the stock a 'Top Pick' and said Microsoft (Nasdaq: MSFT) may still be interested in the company. The firm also said Yahoo! may gain $0.78 per share from the Alibaba IPO.
Bristol-Myers Squibb Co. (NYSE: BMY) 2% LOWER; Goldman Sachs downgrades to Sell
Research In Motion (Nasdaq: RIMM) 1.5% LOWER; Bear Stearns downgrades Research In Motion to Peer Perform from Outperform
NeurogesX, Inc. (Nasdaq: NGSX) INDICATED HIGHER; announced positive top-line results from its second pivotal study of NGX-4010, the Company's dermal patch containing the TRPV1 agonist -- synthetic capsaicin -- in patients with postherpetic neuralgia (PHN). The study, a multi-center, double-blind, controlled Phase 3 trial, met its pre-specified primary endpoint: the reduction in pain from baseline to study weeks 2-8 (p=0.01)
ASE Test Ltd. (NASDAQ: ASTSF) 25% HIGHER; Advanced Semiconductor Engineering, Inc. and ASE Test Limited, a majority-owned subsidiary of ASE Inc., today jointly announced that the two companies have signed the Scheme Implementation Agreement for ASE Inc. to acquire the remaining ASE Test ordinary shares which ASE Inc. does not directly or indirectly own. Under the terms of the proposed acquisition, the all cash acquisition consideration consists of US$14.78 for each ASE Test ordinary share listed on Nasdaq and the NT$ equivalent of US$0.185 (based on the prevailing exchange rate) for each ASE Test TDS.
Leap Wireless International, Inc. (NASDAQ: LEAP) 18.7% HIGHER; MetroPCS Communications, Inc. (NYSE: PCS) sent a letter to Leap Wireless proposing a strategic stock-for-stock tax-free merger that will create a fifth national wireless carrier. Under the terms of the proposal, each outstanding share of Leap common stock would be exchanged for 2.7500 shares of MetroPCS common stock.
Local.com Corp. (NASDAQ: LOCM) 16% HIGHER; announced that it has renewed a multi-year agreement in which Yahoo! will continue to deliver its sponsored search results to Local.com, including Local.com's recently expanded local search network.
Cree Inc. (NASDAQ: CREE) 10% HIGHER; Continued upside on takeover chatter
Hoku Scientific, Inc. (NASDAQ: HOKU) 4.5% HIGHER; Piper Jaffray upgrades Hoku Scientific from Underperform to Market Perform and raises their price target from $8 to $10.
MEMC Electronic Materials, Inc. (NYSE: WFR) 4% LOWER; is revising Q3 guidance. The company said it is now targeting revenues to be approximately 5% below the previously targeted level of $500 million and margins to be approximately flat sequentially from second quarter 2007 levels due to the associated costs. The Wall Street consensus is $504.1 million.
Yahoo! (Nasdaq: YHOO) 2.2% HIGHER; In a note on Yahoo! (this morning, Bear Stearns named the stock a 'Top Pick' and said Microsoft (Nasdaq: MSFT) may still be interested in the company. The firm also said Yahoo! may gain $0.78 per share from the Alibaba IPO.
Bristol-Myers Squibb Co. (NYSE: BMY) 2% LOWER; Goldman Sachs downgrades to Sell
Research In Motion (Nasdaq: RIMM) 1.5% LOWER; Bear Stearns downgrades Research In Motion to Peer Perform from Outperform
NeurogesX, Inc. (Nasdaq: NGSX) INDICATED HIGHER; announced positive top-line results from its second pivotal study of NGX-4010, the Company's dermal patch containing the TRPV1 agonist -- synthetic capsaicin -- in patients with postherpetic neuralgia (PHN). The study, a multi-center, double-blind, controlled Phase 3 trial, met its pre-specified primary endpoint: the reduction in pain from baseline to study weeks 2-8 (p=0.01)
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