Pre-Open Stock Movers 02/18: (LM) (BEN) (AAP) Higher; (FLR) (CAG) (CVU) Lower (more...)

February 18, 2020 9:30 AM EST

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Today's Pre-Open Stock Movers

Legg Mason, Inc. (NYSE: LM) 23.4% HIGHER; Franklin Resources, Inc. (NYSE: BEN) announced that it has entered into a definitive agreement to acquire Legg Mason, Inc. (NYSE: LM) for $50.00 per share of common stock in an all-cash transaction. The Company will also assume approximately $2 billion of Legg Masons outstanding debt. The acquisition of Legg Mason and its multiple investment affiliates, which collectively manage over $806 billion in assets as of January 31, 2020, will establish Franklin Templeton as one of the worlds largest independent, specialized global investment managers with a combined $1.5 trillion in assets under management (AUM) across one of the broadest ranges of high-quality investment teams in the industry. The combined footprint of the organization will significantly deepen Franklin Templetons presence in key geographies and create an expansive investment platform that is well balanced between institutional and retail client AUM. In addition, the combined platform creates a strong separately managed account business.

Franklin Resources, Inc. (NYSE: BEN) 14.4% HIGHER; Franklin Resources announced that it has entered into a definitive agreement to acquire Legg Mason, Inc. (NYSE: LM) for $50.00 per share of common stock in an all-cash transaction. The Company will also assume approximately $2 billion of Legg Masons outstanding debt. The acquisition of Legg Mason and its multiple investment affiliates, which collectively manage over $806 billion in assets as of January 31, 2020, will establish Franklin Templeton as one of the worlds largest independent, specialized global investment managers with a combined $1.5 trillion in assets under management (AUM) across one of the broadest ranges of high-quality investment teams in the industry. The combined footprint of the organization will significantly deepen Franklin Templetons presence in key geographies and create an expansive investment platform that is well balanced between institutional and retail client AUM. In addition, the combined platform creates a strong separately managed account business.

Fluor Corp. (NYSE: FLR) 13.5% LOWER; to Delay 10-K, Announces SEC Investigation; Sees FY EPS of $1.40-$1.60

Virgin Galactic Holdings, Inc. (NASDAQ: SPCE) 12.3% HIGHER; sees continued momentum

Advance Auto Parts (NYSE: AAP) 7.2% HIGHER; reported Q4 EPS of $1.64, $0.29 better than the analyst estimate of $1.35. Revenue for the quarter came in at $2.1 billion versus the consensus estimate of $2.12 billion.

Conagra Brands, Inc. (NYSE: CAG) 6.8% LOWER; The Company now expects fiscal 2020 organic net sales growth to be flat to 0.5%. Adjusted operating margin is now expected to be 15.8% to 16.2%. The Company expects adjusted diluted earnings per share from continuing operations of $2.00 to $2.07 (*** consensus is $2.09).

Kroger Co. (NYSE: KR) 5.8% HIGHER; Warren Buffett's Berkshire Hathaway 13F showed a new 18,940,079 share position

Tesla (NASDAQ: TSLA) 5.7% HIGHER; two notable bears throw in the towels on their ultra-low price targets. Bernstein raises to $730 bit.ly/325b2cU and Morgan Stanley raises to $500 with a new $1200 ‘Bull Case’ bit.ly/37BAdFf

CPI Aerostructures (NYSE: CVU) 5.5% LOWER; Canaccord Genuity analyst Ken Herbert downgraded from Buy to Hold.

Xeris Pharmaceuticals (NASDAQ: XERS) 4.8% HIGHER; Piper Sandler initiates coverage on with a Overweight rating and a price target of $12.00.

Vonage (NASDAQ: VG) 4.7% HIGHER; reported Q4 EPS of $0.06, $0.01 better than the analyst estimate of $0.05. Revenue for the quarter came in at $309.69 million versus the consensus estimate of $305.51 million.

BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX) 4.6% HIGHER; announced that the U.S. Food and Drug Administration (FDA) has accepted and filed its new drug application (NDA) for the approval of oral, once daily berotralstat (BCX7353) for the prevention of hereditary angioedema (HAE) attacks.

Agile Therapeutics, Inc., (Nasdaq: AGRX) 4.2% LOWER; sees sell-the-news reaction to news that the U.S. Food and Drug Administration (FDA) has approved Twirla(levonorgestrel and ethinyl estradiol) transdermal system.

Bloomin' Brands (NASDAQ: BLMN) 3.8% LOWER; reported Q4 EPS of $0.32, $0.03 worse than the analyst estimate of $0.35. Revenue for the quarter came in at $1.02 billion versus the consensus estimate of $1.03 billion. Bloomin' Brands sees FY2020 EPS of $1.85-$1.90, versus the consensus of $1.72.

Amarin Corporation (NASDAQ: AMRN) 3.2% HIGHER; Citi upgraded from Neutral to Buy with a price target of $24.00 (from $27.00).

Intelsat S.A. (NYSE: I) 3.2% HIGHER; David Tepper's Appaloosa shows a new stake

Medtronic (NYSE: MDT) 2.8% LOWER; reported Q3 EPS of $1.44, $0.06 b etter than the analyst estimate of $1.38. Revenue for the quarter came in at $7.7 billion versus the consensus estimate of $7.81 billion. Medtronic sees FY2020 EPS of $5.63-$5.65, versus the consensus of $5.60. Medtronic sees Q4 EPS of $1.62-$1.64, versus the consensus of $1.64.

Biogen Inc. (NASDAQ: BIIB) 2.4% HIGHER; Warren Buffett's Berkshire Hathaway 13F showed a new 648,447 share position

CenturyLink, Inc. (NYSE: CTL) 2.1% LOWER; MoffettNathanson downgraded Cfrom Neutral to Sell with a price target of $10.00.



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