Pre-Open Stock Movers 06/10: (HCC) (CTIC) (HIMX) Higher; (BDBD) (ESPR) (FRAN) Lower (more...)
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- Morgan Stanley Reiterates Overweight on US Steel (X) After Q3 Guidance and Deleveraging Update, Shares Down 12% Since Thursday
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HCC Insurance Holdings, Inc. (NYSE: HCC) 36% HIGHER; Tokio Marine Holdings, Inc. (TMHD) and HCC Insurance Holdings, Inc. (HCC) (NYSE: HCC) announced that they have entered into a definitive agreement under which TMHD will acquire all outstanding shares of HCC, a U.S. insurance holding company comprising property & casualty, accident & health and other specialty insurance businesses, for $78.00 in cash per share, through TMHD's wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF). The acquisition price of $78.00 per share represents a 35.8% premium to HCC's average share price over the past one month and a 37.6% premium to the share price as of close of business on June 9, 2015. The total transaction value is approximately $7.5 billion, and the transaction is expected to close in the fourth quarter of 2015.
Boulder Brands, Inc. (Nasdaq: BDBD) 20.5% LOWER; announced that Steve Hughes has resigned as Chief Executive Officer and as a member of the Boulder Brands Board of Directors effective immediately. The Boulder Brands Board of Directors has appointed James B. Leighton, the Company's Chief Operating Officer, to serve as Interim CEO, effective immediately. Mr. Leighton has served as Chief Operating Officer since October 2013 and has been a member of the Boulder Brands Board of Directors since August 2007. Also, lowers guidance.
Francesca's (NASDAQ: FRAN) 10% LOWER; reported Q1 EPS of $0.17, $0.01 worse than the analyst estimate of $0.18. Revenue for the quarter came in at $95 million versus the consensus estimate of $95.3 million. Comparable sales decreased 2%. Francesca's sees Q2 2015 EPS of $0.20-$0.23, versus the consensus of $0.27. Francesca's sees Q2 2015 revenue of $104-107 million, versus the consensus of $109.8 million. Francesca's sees FY2015 EPS of $0.81-$0.90, versus the consensus of $0.89. Francesca's sees FY2015 revenue of $412-424 million, versus the consensus of $427.4 million.
Scorpio Bulkers (NYSE: SALT) 9.6% LOWER; announced that it intends to offer, issue and sell to the public up to $200 million of its common stock, par value $0.01 per share (the "Common Shares"), through an underwritten public offering (the "Offering"). All or substantially all of the net proceeds of the Offering are expected to be used to fund installment payments due under the Company's Newbuilding Program. Any net proceeds of the Offering not used for installment payments are expected to be used for general corporate purposes and working capital. As part of this offering, the underwriters have reserved for sale up to $15 million of Common Shares to Scorpio Services Holdings Limited and certain executive officers of the Company at the public offering price.
Ballard Power Systems (NASDAQ: BLDP) 9.3% HIGHER; announced that it has signed a framework agreement with Tangshan Railway Vehicle Company, Limited (TRC) for development of a new fuel cell module that will be designed to meet the requirements of tram or Ground Transport Vehicle (GTV) applications.
CTI BioPharma (NASDAQ: CTIC) 7.6% HIGHER; entered into the First Amendment to the License Agreement, which became effective on June 8, 2015 amending the Development, Commercialization and License Agreement, dated as of November 14, 2013, by and among the Corporation, Baxter (NYSE: BAX), Baxter Healthcare Corporation and Baxter Healthcare SA (collectively, Baxter). Pursuant to the License Agreement, among other things, the Corporation granted to Baxter a license with respect to pacritinib, Baxter and the Corporation agreed to collaborate as to the development and commercialization of pacritinib, and the Corporation obtained the contingent right to receive certain milestone and royalty payments. Baxalta Incorporated, a wholly-owned subsidiary of Baxter International Inc., and certain of its affiliates (collectively, Baxalta, and, together with the Corporation, the Parties) have been assigned Baxters rights and obligations under the License Agreement. Pursuant to the Amendment, two milestone payments from Baxalta to the Corporation were accelerated from the schedule contemplated by the License Agreement. The Corporation will, within three days of the Effective Date, receive a total advance of $32 million from Baxalta relating to the following two milestone payments under the License Agreement:
Sigma Designs (NASDAQ: SIGM) 6.8% HIGHER; reported Q1 EPS of $0.09, $0.08 better than the analyst estimate of $0.01. Revenue for the quarter came in at $55.9 million versus the consensus estimate of $53.42 million.
Ignyta, Inc. (Nasdaq: RXDX) 5.9% LOWER; commenced an underwritten public offering to sell approximately $75 million of its common stock. In connection with this offering, Ignyta will 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. The offering is subject to market conditions, and there can be no assurances as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Himax Technologies (NASDAQ: HIMX) 5.6% HIGHER; upgraded to Buy at BofA/Merrill Lynch.
21Vianet Group (NASDAQ: VNET) 5.5% HIGHER; announced that its Board of Directors (the "Board") has received a non-binding proposal letter, dated June 10, 2015, from Mr. Josh Sheng Chen ("Mr. Chen"), Chairman of the Board and Chief Executive Officer of the Company, Kingsoft Corporation Limited ("Kingsoft") and Tsinghua Unigroup International Co., Ltd. ("Unigroup", together with Mr. Chen and Kingsoft, the "Buyer Group"), proposing a "going-private" transaction (the "Transaction") to acquire all of the outstanding ordinary shares of the Company not already owned by the Buyer Group for US$23.00 in cash per American depositary share ("ADSs"), or approximately US$3.83 per ordinary share, which represents approximately a 17.7% premium above the average closing price of the Company's ADSs over the last 15 trading days up to and including June 9, 2015.
Cypress Semiconductor Corporation (Nasdaq: CY) 5.6% HIGHER; Integrated Silicon Solutions (NASDAQ: ISSI) announced that it has finalized a definitive agreement to be acquired by Cypress Semiconductor Corporation (Nasdaq: CY) for $20.25 per share in cash. With respect to the previously announced issue regarding antitrust approvals, Cypress has agreed to use its reasonable best efforts and take all reasonable actions to obtain such approvals, including fully divesting all of ISSI's SRAM business, if required. The definitive terms and conditions of a merger agreement detailing the current Cypress offer have been fully negotiated, and the merger agreement is subject only to execution by the parties.
Oxford Industries, Inc. (NYSE: OXM) 5.5% HIGHER; reported Q1 EPS of $1.30, $0.09 better than the analyst estimate of $1.21. Revenue for the quarter came in at $260.4 million versus the consensus estimate of $256.37 million. Oxford Industries, Inc. sees Q2 2015 EPS of $1.15-$1.25, versus the consensus of $1.14. Oxford Industries, Inc. sees Q2 2015 revenue of $245-255 million, versus the consensus of $243.77 million. Oxford Industries, Inc. sees FY2015 EPS of $3.50-$3.65, versus the consensus of $3.55. Oxford Industries, Inc. sees FY2015 revenue of $970-985 million, versus the consensus of $974.13 million.
Chambers Street Properties (NYSE: CSG) 5.2% HIGHER; is working with advisers on a potential sale after receiving takeover interest, according to Bloomberg sources. The company reportedly received interest from at least one rival.
WisdomTree Investments Inc. (NASDAQ: WETF) 4.9% HIGHER; will replace Qorvo in the S&P MidCap 400 after the close of trading on Thursday, June 11.
Johnson Controls (NYSE: JCI) 4.3% HIGHER; announced that it is exploring strategic options for the separation of its automotive business.
New Residential Investment (NYSE: NRZ) 4.1% LOWER; priced its public offering of 31,486,146 shares of its common stock for gross proceeds of approximately $505 million. Of the total number of shares being offered, 27,935,389 shares are being offered by the Company and the majority of the remainder is being offered by an affiliate of FIG LLC (our Manager), which acquired the shares through the exercise of outstanding options. The underwriters may offer the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. The offering is expected to close on June 15, 2015, subject to customary closing conditions.
Regeneron Pharmaceuticals (NASDAQ: REGN) 3.8% LOWER; Regeneron (NASDAQ: REGN) and Sanofi (NYSE: SNY) PCSK9 (proprotein convertase subtilisin/kexin type 9) drug, Praluent, wins FDA panel backing. The AdCom was more cautious than expected.
GoPro (NASDAQ: GPRO) 3.6% LOWER; Citi analyst Jeremy David said a survey in the U.S. showed fewer consumes plan to buy action cameras over the next 12 months compared to last year.
bluebird bio, Inc. (Nasdaq: BLUE) 3.3% LOWER; announced the completion of the National Institutes of Health (NIH) Recombinant DNA Advisory Committees (RAC) public review of the HGB-208 pediatric study protocol for bluebird bios LentiGlobin BB305 product candidate in beta-thalassemia major. The RAC recommendation was to delay initiation of the study in the United States for one to two years. This recommendation has no effect on the HGB-207 protocol plan.
Lending Club (NYSE: LC) 3% HIGHER; Stifel upgraded from Hold to Buy with a price target of $25.00.
FleetCor Technologies, Inc. (NYSE: FLT) 2.9% HIGHER; announced today the signing of a contract with Uber to provide the Partner Fuel Card, a universal card program for Uber’s US driver partners.
Chimerix, Inc. (Nasdaq: CMRX) 2% LOWER; announced that it intends to offer and sell, subject to market and other conditions, approximately $150.0 million of its common stock in an underwritten public offering.
Heron Therapeutics (NASDAQ: HRTX) 2% LOWER; announced the pricing of an underwritten offering of 4,800,000 shares of its common stock, offered at a price of $24.75 per share. Heron Therapeutics, Inc. has granted the underwriters a 30-day option to purchase up to an additional 720,000 shares of common stock.
Limoneira (NASDAQ: LMNR) 1.8% LOWER; reported Q2 EPS of $0.17, $0.03 better than the analyst estimate of $0.14. Revenue for the quarter came in at $28.3 million versus the consensus estimate of $25.66 million. The Company expects fiscal year 2015 earnings per diluted share to be in the range of $0.36 to $0.40, compared to previous guidance of $0.42 to $0.46.
Gulfport Energy (NASDAQ: GPOR) 1% LOWER; announced the commencement of an underwritten public offering of 10,000,000 shares of its common stock, subject to market and other conditions. The underwriters will have a 30-day option to purchase up to an additional 1,500,000 shares from Gulfport. Gulfport intends to use the net proceeds from this offering (i) to fund a portion of the purchase price for the acquisition announced earlier today of certain acreage and other assets in the Utica Shale in Ohio from American Energy—Utica, LLC and (ii) for general corporate purposes, including the funding of a portion of its 2015 capital development plans.
Mattress Firm (NASDAQ: MFRM) 1% LOWER; reported Q1 EPS of $0.33, $0.07 worse than the analyst estimate of $0.40. Revenue for the quarter came in at $562.6 million versus the consensus estimate of $565.81 million. Comps increased 1.3%. Mattress Firm sees FY2015 EPS of $2.50 - $2.70, versus the consensus of $2.62. Mattress Firm sees FY2015 revenue of $2.485 - $2.535 billion, versus prior guidance of $2.465 - $2.515 billion and the consensus of $2.49 million.
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