Pre-Open Stock Movers 05/24: (MGN) (XCO) (PLCM) (GPRO) Higher; (SSW) (DSW) (SAGE) (BBY) Lower (more...)
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Today's Pre-Open Stock Movers:
Mines Management, Inc. (NYSE: MGN) 32.2% HIGHER; Hecla Mining Company (NYSE:HL) and Mines Management, Inc. (NYSE: MGN) announced a merger agreement with Hecla acquiring Mines Management. In the proposed merger, each outstanding common share1 of Mines Management will be exchanged for 0.2218 of a common share of Hecla. This represents a 41% premium to Mines Management, using both companies 10 day VWAP (Volume Weighted Average Price) on May 20, 2016. The transaction is expected to close in the third quarter, 2016. The transaction is subject to approval by Mines Management shareholders and other closing conditions.
XCO Resources, Inc. (NYSE: XCO) 30.8% HIGHER; reiterated its commitment to improving its financial flexibility and enhancing long-term value for shareholders through the continued execution of a comprehensive consensual restructuring program (the Restructuring Program). EXCO currently has approximately $250 million of liquidity and, after giving effect to the reduction of its 2016 capital budget to $85 million, the Company expects liquidity utilization to average $10 million per month during 2016. EXCO has no debt maturities prior to July 2018.
Aeglea BioTherapeutics, Inc., (NASDAQ: AGLE) 14.9% HIGHER; announced it received Fast Track Designation from the U.S. Food & Drug Administration (FDA) for its lead investigational molecule, AEB1102, to treat hyperargininemia secondary to Arginase I deficiency.
Seaspan Corporation (NYSE: SSW) 11.1% LOWER; announced that it priced its previously announced public offering of 5,000,000 Class A common shares (the "Common Shares") at $14.70 per share. Seaspan has granted the underwriters of the offering a 30-day option to purchase up to an additional 750,000 Common Shares. The offering is expected to close on May 27, 2016.
Polycom, Inc. (NASDAQ: PLCM) 10.8% HIGHER; received a revised, non-binding proposal from a private equity sponsor that was previously described as Sponsor 1 in the Registration Statement on Form S-4 filed by Mitel Networks Corporation (Mitel) with the SEC on May 13, 2016
DSW, Inc. (NYSE: DSW) 9.1% LOWER; reported Q1 EPS of $0.40, $0.06 worse than the analyst estimate of $0.46. Revenue for the quarter came in at $681.3 million versus the consensus estimate of $699.58 million. Comparable sales decreased by 1.6% compared to last year's increase of 5.1%. GUIDANCE: DSW, Inc. sees FY2016 EPS of $1.32-$1.42, versus the consensus of $1.58.
GoPro (NASDAQ: GPRO) 7.3% HIGHER; GoPro and Red Bull today announced they are joining forces on a multi-year, global partnership that includes content production, distribution, cross-promotion and product innovation. As part of the agreement, Red Bull will receive equity in GoPro and GoPro will become Red Bull's exclusive provider of point-of-view imaging technology for capturing immersive footage of Red Bull's media productions and events.
Titan Pharmaceuticals Inc. (NASDAQ: TTNP) 7% HIGHER; adds to intra-day gains.
Sage Therapeutics (NASDAQ: SAGE) 6.9% LOWER; Chardan Capital Markets initiates coverage with a Sell rating and a price target of $18.00.
Viking Therapeutic (NASDAQ: VKTX) 6% HIGHER; Maxim Group initiates coverage with a Buy rating and a price target of $5.00.
Nordson Corp. (NASDAQ: NDSN) 6% HIGHER; reported Q2 EPS of $1.19, $0.27 better than the analyst estimate of $0.92. Revenue for the quarter came in at $438 million versus the consensus estimate of $415.52 million. GUIDANCE: Nordson Corp. sees Q3 2016 EPS of $1.25-$1.37, versus the consensus of $1.23.
Toll Brothers (NYSE: TOL) 4.6% HIGHER; reported Q2 EPS of $0.51, $0.05 better than the analyst estimate of $0.46. Revenue for the quarter came in at $1.12 billion versus the consensus estimate of $1.04 billion.
Sarepta Therapeutics, Inc. (NASDAQ: SRPT) 4.5% HIGHER; gains ahead of May 26 PDUFA
Weight Watchers (NYSE: WTW) 4.2% HIGHER; Sidoti initiated coverage with a Buy rating and a price target of $25.00.
Best Buy (NYSE: BBY) 4.2% LOWER; reported Q1 EPS of $0.44, $0.09 better than the analyst estimate of $0.35. Revenue for the quarter came in at $8.44 billion versus the consensus estimate of $8.29 billion. Comps fell 0.1%, versus a 1.6 percent drop expected. Downgraded at Citi.
Petrobras (NYSE: PBR) 3.6% HIGHER; JPMorgan upgraded from Underweight to Neutral.
Wright Medical Group N.V. (Nasdaq: WMGI) 2.8% LOWER; announced that TMG Holdings., an affiliate of Warburg Pincus LLC (the Selling Shareholder), intends to offer for sale 6,221,809 of its ordinary shares pursuant to the Company's shelf registration statement filed with the Securities and Exchange Commission (SEC). The Selling Shareholder will receive all of the net proceeds from this offering. No shares are being sold by the Company.
Western Digital Corp. (NASDAQ: WDC) 2.6% HIGHER; Cowen upgraded from Market Perform to Outperform with a price target of $50.00.
Booz Allen Hamilton (NYSE: BAH) 2.6% LOWER; announced the sale of an aggregate of 13,000,000 shares of Class A common stock on an underwritten basis by an affiliate of The Carlyle Group to Morgan Stanley & Co. LLC, as the underwriter in a registered offering of these shares.
Parsley Energy, Inc. (NYSE: PE) 2.3% LOWER; announced that it has commenced an underwritten public offering of 8,000,000 shares of Class A common stock. The Company expects to grant the underwriters an option to purchase up to an additional 1,200,000 shares of Class A common stock from the Company.
Johnson Controls (NYSE: JCI) 1.8% HIGHER; Credit Suisse upgraded from Neutral to Outperform with a price target of $50.00 (from $45.00).
General Mills (NYSE: GIS) 1.3% LOWER; Goldman Sachs downgraded from Neutral to Sell with a price target of $58.00.
Microsoft (NASDAQ: MSFT) 1.2% HIGHER; Cowen upgraded from Market Perform to Outperform with a price target of $58
Square (NYSE: SQ) 1% HIGHER; BTIG upgrades from Neutral to Buy with a price target of $12.
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