Pre-Open 10/14: (ACM) (VNET) (JAG) Higher (PE) (CRWD) (FLXN) Lower (more...)

October 14, 2019 9:22 AM EDT

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Today's Pre-Open Movers

Parsley Energy, Inc. (NYSE: PE) 8.7% LOWER; Parsley Energy and Jagged Peak Energy Inc. (NYSE: JAG) announced they have entered into a definitive merger agreement under which Parsley will acquire Jagged Peak in an all-stock transaction valued at approximately $2.27 billion, including Jagged Peak's net debt of approximately $625 million as of June 30, 2019. Under the terms of the agreement, Jagged Peak shareholders will receive a fixed exchange ratio of 0.447 shares of Parsley Class A common stock for each share of Jagged Peak common stock they own. This represents $7.59 per Jagged Peak share based on Parsley's closing price on October 11, 2019, and a premium of 1.5% compared to Jagged Peak's 30-day volume weighted average price and 11.2% compared to Jagged Peak's closing price on October 11, 2019.

AECOM (NYSE: ACM) 7.5% HIGHER; entered into a definitive agreement for the sale of its Management Services (MS) business to affiliates of American Securities LLC and Lindsay Goldberg for a purchase price of $2.405 billion, which reflects an 11.6x multiple on expected fiscal 2019 adjusted EBITDA1 and a premium to AECOMs overall valuation. Included in the purchase price is contingent purchase price of approximately $150 million. The sale of the MS business marks the completion of a robust dual-track process that began with the Companys June 17th separation announcement.

CrowdStrike Holdings (NASDAQ: CRWD) 7.2% LOWER; Cit initiates coverage on C with a Sell rating and a price target of $43.00.

21Vianet Group, Inc. (Nasdaq: VNET) 6.2% HIGHER; signed a memorandum of understanding (the MoU) with Alibaba to deploy IDC services. Located in Eastern China, this project will be deployed in two phases. The first phase expects to complete construction and delivers by the first half of 2020. During the term of the project contract, the first phase is expected to generate revenue of RMB1.6 billion.

Flexion Therapeutics, Inc. (Nasdaq: FLXN) 4.9% LOWER; announced that the U.S. Food and Drug Administration (FDA) has informed the company it needs additional time to complete the review of the supplemental New Drug Application (sNDA) for ZILRETTA (triamcinolone acetonide extended-release injectable suspension). The anticipated Prescription Drug User Fee Act (PDUFA) action date was today, October 14, 2019.

Jagged Peak Energy Inc. (NYSE: JAG) 2.7% HIGHER; Parsley Energy and Jagged Peak Energy Inc. (NYSE: JAG) announced they have entered into a definitive merger agreement under which Parsley will acquire Jagged Peak in an all-stock transaction valued at approximately $2.27 billion, including Jagged Peak's net debt of approximately $625 million as of June 30, 2019. Under the terms of the agreement, Jagged Peak shareholders will receive a fixed exchange ratio of 0.447 shares of Parsley Class A common stock for each share of Jagged Peak common stock they own. This represents $7.59 per Jagged Peak share based on Parsley's closing price on October 11, 2019, and a premium of 1.5% compared to Jagged Peak's 30-day volume weighted average price and 11.2% compared to Jagged Peak's closing price on October 11, 2019.

Beyond Meat Inc. (NASDAQ: BYND) 2.7% LOWER; Wells Fargo initiates coverage on with a Market Perform rating and a price target of $125.00.

TD Ameritrade (NASDAQ: AMTD) 2.1% LOWER; Citi downgraded from Neutral to Sell with a price target of $27.00 (from $35.50).

Xilinx (NASDAQ: XLNX) 2% HIGHER; Nomura/Instinet upgraded from Neutral to Buy with a price target of $115.00.

Ping Identity (NYSE: PING) 1.8% HIGHER; The quiet period has ended for recent IPO and the firm has received at least 12 'Buy' or equivalent ratings so far, with no 'Neutral' or 'Sell' ratings.



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