Pre-Open Stock Movers 07/01: Kohl's Falls as Sale Called Off, Micron Down on Weak Guidance (more...)

July 1, 2022 9:12 AM EDT

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Pre-Open Stock Movers:

Akebia Therapeutics, Inc. (Nasdaq: AKBA) 37% HIGHER; executed an agreement to terminate the U.S. and ex-U.S. vadadustat Collaboration and License Agreements with Otsuka Pharmaceutical Co., Ltd. (Otsuka). As part of the termination, Otsuka has agreed to pay Akebia a settlement fee of $55 million.

Kohl's Corporation (NYSE: KSS) 18% LOWER; announced today that following the exclusive negotiation period with Franchise Group (FRG), the Kohls Board of Directors unanimously determined to conclude its strategic review process. The current financing and retail environment was reflected in the price and terms of FRGs most recent proposal, which was not fully executable or complete.

Endo International plc (NASDAQ: ENDP) 13% LOWER; today announced top-line results from its Phase 2 study of Collagenase Clostridium Histolyticum (or "CCH") in participants with adhesive capsulitis (AC) of the shoulder, commonly known as "frozen shoulder." While Phase 2 study participants receiving up to three doses of CCH showed some improvement in the change from baseline in the adapted American Shoulder and Elbow Surgeons (ASES) Standardized Shoulder Form composite score for the affected shoulder at the Day 95 visit, the difference compared to those study participants receiving placebo was not statistically significant. The safety profile of CCH in the Phase 2 study was consistent with the known safety profile from other studies. Most treatment-emergent adverse events were of mild to moderate severity with the most common events following treatment with CCH being injection site bruising, arthralgia, injection site pain, injection site swelling and contusion.

Micron Technology (NASDAQ: MU) 4% LOWER; reported Q3 EPS of $2.59, $0.15 better than the analyst estimate of $2.44. Revenue for the quarter came in at $8.64 billion versus the consensus estimate of $8.63 billion. Micron Technology sees Q4 2022 EPS of $1.43 to 1.83, versus the consensus of $2.62. Micron Technology sees Q4 2022 revenue of $6.8 to 7.6 billion, versus the consensus of $9.05 billion.

General Motors Company (NYSE: GM) 3% LOWER; warns on deliveries due to chip shortage.

Freeport-McMoRan Inc. (NYSE: FCX) 3% LOWER; cooper falls

Macy's, Inc. (NYSE: M) 2% LOWER; falls with Kohl's

Coupang Inc (NYSE: CPNG) 2% HIGHER; Credit Suisse upgraded from Neutral to Outperform with a price target of $19.00 (from $28.00).

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