Pre-Open Stock Movers 02/15: (RESN) (TSEM) (MGI) Higher; (LRMR) (LEGN) (OMCL) Lower (more...)

Pre-Open Stock Movers:

Resonant Inc. (NASDAQ: RESN) 257% HIGHER; Murata Electronics North America, Inc., a wholly owned subsidiary of Murata Manufacturing Co., Ltd., and Resonant Inc. (Resonant) (NASDAQ: RESN) today announced that they have entered into a definitive agreement under which Murata will acquire all outstanding shares of Resonant not owned by Murata for $4.50 per share in cash. Resonant is a leader in transforming the way radio frequency (RF) front-ends are being designed and delivered for mobile handset and wireless devices. The combination will allow both companies to expand their offerings and to access additional markets and customers. Resonant will become a wholly owned subsidiary of Murata and continue with its innovative development designed to solve some of the worlds toughest RF challenges.

Larimar Therapeutics, Inc. (Nasdaq: LRMR) 62.6% LOWER; received feedback from the U.S. Food and Drug Administration (FDA) regarding the clinical hold on Larimars CTI-1601 program. FDA stated it is maintaining its clinical hold at this time and that additional data is needed to resolve the clinical hold. Larimar is further analyzing previously completed studies, and is evaluating if additional studies are warranted. The Company also intends to engage FDA to determine how best to provide these data. Larimar is currently reassessing guidance on the timing of the planned Jive open-label extension and pediatric multiple-ascending dose clinical trials as it works to meet the agencys request.

Tower Semiconductor (NASDAQ: TSEM) 41.3% HIGHER; Intel Corporation (Nasdaq: INTC) and Tower Semiconductor (Nasdaq: TSEM), a leading foundry for analog semiconductor solutions, today announced a definitive agreement under which Intel will acquire Tower for $53 per share in cash, representing a total enterprise value of approximately $5.4 billion. The acquisition significantly advances Intels IDM 2.0 strategy as the company further expands its manufacturing capacity, global footprint and technology portfolio to address unprecedented industry demand.

AgriFORCE Growing Systems Ltd. ((NASDAQ: AGRI) 24.8% HIGHER; entered into a definitive agreement to acquire Delphy Groep BV (Delphy), a Netherlands-based AgTech consultancy firm, for US$29 million through a combination of cash and stock. This definitive agreement follows the binding LOI as previously announced in October 2021.

MoneyGram International, Inc. (NASDAQ: MGI) 18.4% HIGHER; MGI and Madison Dearborn Partners, LLC (MDP) announced a definitive agreement under which funds affiliated with MDP will acquire all outstanding shares of MoneyGram for $11.00 per share in an all-cash transaction valued at approximately $1.8 billion. The purchase price represents a meaningful premium of approximately 50% to MoneyGram's unaffected closing stock price on December 14, 2021, the last trading day prior to media speculation regarding a possible transaction.

Arista Networks (NYSE: ANET) 8.3% HIGHER; reported Q4 EPS of $0.82, $0.09 better than the analyst estimate of $0.73. Revenue for the quarter came in at $824.5 million versus the consensus estimate of $786.46 million. Arista Networks sees Q1 2022 revenue of $840-860 million, versus the consensus of $831.6 million.

Legend Biotech Corporation (NASDAQ: LEGN) 7.9% LOWER; announced that on Friday, February 11, 2022, the company was informed by the U.S Food and Drug Administration (FDA) via e-mail communication that its Phase 1 clinical trial for LB1901 has been placed on clinical hold. LB1901 is the company’s investigational autologous chimeric antigen receptor T-cell (CAR-T) therapy targeting malignant CD4+ T-cells for the treatment of adults with relapsed or refractory T-cell lymphoma (TCL). The FDA indicated they will provide an official clinical hold letter to Legend Biotech by March 11, 2022.

Omnicell (NASDAQ: OMCL) 4.5% LOWER; reported Q4 EPS of $0.92, in-line with the analyst estimate of $0.92. Revenue for the quarter came in at $311.7 million versus the consensus estimate of $311.07 million. Omnicell sees Q1 2022 EPS of $0.65-$0.72, versus the consensus of $0.86. Omnicell sees Q1 2022 revenue of $312-318 million, versus the consensus of $301.38 million. Omnicell sees FY2022 EPS of $3.75-$3.95, versus the consensus of $4.01. Omnicell sees FY2022 revenue of $1.37-1.43 billion, versus the consensus of $1.3 billion.

Monster Beverage (NASDAQ: MNST) 2.9% HIGHER; Talks between Monster Beverage and Constellation Brands (NYSE: STZ) about a combination are progressing, according to Bloomberg, citing people with knowledge of the matter.

Marriott (NASDAQ: MAR) 2.4% HIGHER; reported Q4 EPS of $1.30, $0.29 better than the analyst estimate of $1.01. Revenue for the quarter came in at $4.45 billion versus the consensus estimate of $3.96 billion.

Intuit Inc. (Nasdaq: INTU) 2.2% LOWER; Expects Q2 Revenue to Reflect Slower Forming Tax Season

Gap, Inc. (NYSE: GPS) 2% LOWER; BofA Securities downgraded from Neutral to Underperform with a price target of $14.00 (from $26.00)

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