Pre-Open Movers 04/15: (JBLU) (UEPS) (ATHX) Higher; (CVA) (IVZ) (ILMN) Lower (more...)

April 15, 2020 9:30 AM EDT

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Today's Pre-Open Stock Movers

Covanta Holding (NYSE: CVA) 12.1% LOWER; Withdraws 2020 Guidance. Stifel downgraded Covanta (NYSE: CVA) from Buy to Sell with a price target of $6.50 (from $17.50).

JetBlue Airways (NASDAQ: JBLU) 9% HIGHER; To particulate in Treasury payroll support program

Invesco (NYSE: IVZ) 7.5% LOWER; Citi downgraded from Neutral to Sell with a price target of $5.50 (from $10.00).

Net 1 UEPS Technologies, Inc. (NASDAQ: UEPS) 7% HIGHER; announced that it has cancelled the exercise of its option to acquire an additional 35% interest in Bank Frick & Co. AG (“Bank Frick”) from the Kuno Frick Familienstiftung (“KFS”), in order to maintain liquidity in the current uncertain and volatile macroeconomic environment, and to sharpen its short-term focus on opportunities in South Africa and Africa. Net1 agreed to pay KFS an option termination fee of CHF 17 million (USD 17.5 million at prevailing exchange rates), and intends to retain its remaining 35% interest.

Athersys, Inc. (NASDAQ: ATHX) 5.5% HIGHER; announced today that the U.S. Food and Drug Administration (FDA) has authorized an Investigational New Drug (IND) application to initiate a Phase 2 clinical trial evaluating Athersys MultiStem® cell therapy for early treatment of traumatic injuries and the subsequent complications that result following severe trauma. Memorial Hermann-Texas Medical Center in Houston, Texas, one of the busiest Level 1 trauma centers in the United States, intends to conduct the trial. The study represents another important application of the companys MultiStem cell therapy in the critical care area, targeting the severe inflammatory responses associated with poor outcomes.

American Airlines (NASDAQ: AAL) 4.8% HIGHER; announced today that the U.S. Department of the Treasury has approved $5.8 billion in financial assistance from the Payroll Support Program (PSP) created through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The funds, which are targeted to support team member salaries and benefits, will come in two forms: a direct grant of $4.1 billion, and a low-interest rate loan of $1.7 billion. In addition to the $5.8 billion, American expects to separately apply for a loan from the U.S. Treasury of approximately $4.75 billion.

Scientific Games Corporation (NASDAQ: SGMS) 4.5% HIGHER; stated that it has a strong liquidity position and has already cut more than $100 million in quarterly costs. The company has drawn approximately $480 million under its Revolving Credit Facilities to give it maximum flexibility during these difficult times. The Company believes that the proceeds from these borrowings, when combined with cash on hand (which was approximately $200 million as of March 31, 2020), allow it to take advantage of opportunities to strengthen the business as the industry begins to recover. SciPlay, in which the Company has an 82% interest, also has a strong liquidity position with cash on hand of approximately $130 million as of March 31, 2020, no outstanding debt and $150 million available under its Revolving Credit Facility.

Alaska Air Group (NYSE: ALK) 4.4% HIGHER; To particulate in Treasury payroll support program

Tesla (NASDAQ: TSLA) 4% HIGHER; Goldman Sach initiates coverage on with a Buy rating and a price target of $864, saying it is well-positioned to benefit from long-term secular growth in EVs.

Allegiant Travel (NASDAQ: ALGT) 3.7% HIGHER; To particulate in Treasury payroll support program

Teladoc Health, Inc. (NYSE: TDOC) 3.3% HIGHER; announced preliminary financial and operating results for its first quarter ended March 31, 2020. Teladoc Health now anticipates revenue for the first quarter of 2020 to be in the range of $180-181 million, compared to $129 million in the first quarter of 2019. Adjusted EBITDA for the first quarter is expected to be in the range of $10-11 million, compared to $1.2 million in the first quarter of 2019. Total visit volume is expected to exceed 1.8 million visits in the first quarter of 2020, representing growth of approximately 70% as compared to the first quarter of 2019. (Consensus sees Q1 revenue of $173.3 million)

Crinetics Pharmaceuticals, Inc. (NASDAQ: CRNX) 3% LOWER; announced today that it intends to offer and sell, subject to market and other conditions, shares of its common stock in an underwritten public offering. In addition, Crinetics intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering. All of the shares to be sold in the offering are to be sold by Crinetics. 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.

Illumina, Inc. (NASDAQ: ILMN) 3% LOWER; today announced preliminary revenue for the first quarter of fiscal year 2020 and withdrew its 2020 guidance. Subject to quarter-end closing adjustments, the Company expects to report first quarter revenue of approximately $858 million, compared to $846 million in the first quarter of 2019. Strong sequencing consumable revenue more than offset the impact of COVID-19 including disrupted system sales in the closing weeks of the quarter. (*Consensus sees Q1 revenue of $830 million).

United Airlines (NASDAQ: UAL) 2.8% HIGHER; To particulate in Treasury payroll support program

JB Hunt Transport Services (NASDAQ: JBHT) 2.2% HIGHER; reported Q1 EPS of $0.98, $0.03 worse than the analyst estimate of $1.01. Revenue for the quarter came in at $2.28 billion versus the consensus estimate of $2.2 billion.

Delta Air Lines (NYSE: DAL) 2.1% HIGHER; To particulate in Treasury payroll support program

Southwest Airlines (NYSE: LUV) 1.4% HIGHER; To particulate in Treasury payroll support program



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