Pre-Open Stock Movers 07/09: (CRV) (MM) (VNET) Higher; (QLGC) (ANTH) (WDFC) Lower (more...)

July 9, 2015 9:30 AM EDT

The Coast Distribution System, Inc. (NYSE: CRV) 50.6% HIGHER; LKQ Corporation (NASDAQ: LKQ) and The Coast Distribution System, Inc. (NYSE: CRV) announced that they have signed a definitive agreement for LKQ to acquire Coast for $5.50 per share in cash. Coast is a leading distributor of replacement parts, supplies and accessories for recreational vehicles (RVs) primarily to retail parts and supplies stores, service and repair establishments, and new and used RV dealers in North America. Under the terms of the definitive agreement, a subsidiary of LKQ will commence a tender offer to acquire all outstanding shares of Coasts common stock for $5.50 per share in cash. The tender offer is required to be commenced within 10 business days and to remain open for at least 20 business days after launch. The consummation of the tender offer is subject to satisfaction of customary conditions, including that the holders of at least a majority of Coasts outstanding shares accept the offer. Any shares not tendered in the offer will be acquired, following consummation of the tender offer, in a second step merger at the same cash price as in the tender offer. The acquisition is currently expected to close in the third quarter of 2015. Coast's Board of Directors has unanimously recommended that Coast stockholders accept the offer and tender their shares. Total cash consideration payable for Coasts outstanding shares is approximately $29 million. As of June 30, 2015 Coast had $19.5 million outstanding under its long-term revolving bank line of credit.

Millennial Media (NYSE: MM) 26.9% HIGHER; AOL, which was recently acquired by Verizon Communications (NYSE: VZ), is said to be in the process of buying Millennial Media (NYSE: MM).

QLogic Corp (NASDAQ: QLGC) 19.4% LOWER; The Company anticipates reporting GAAP net income per diluted share for the first quarter of fiscal 2016 in the range of $0.00 to $0.01. On a non-GAAP basis, the Company expects to report net income per diluted share in the range of $0.16 to $0.17, compared to the previously-forecasted range of $0.23 to $0.27 per diluted share. The non-GAAP net income per diluted share amount excludes stock-based compensation, amortization of acquisition-related intangible assets, other charges, and income tax adjustments. *** The Street sees Q1 EPS of $0.25 and revenue of $128.3 million.

21Vianet Group (NASDAQ: VNET) 15.7% HIGHER; announced that the special committee of its board of directors (the "Special Committee") has retained Morgan Stanley Asia Limited as its financial advisor, K&L Gates LLP as its international and U.S. legal counsel and Conyers Dill & Pearman as its Cayman legal counsel in connection with its review and evaluation of a preliminary non-binding proposal dated June 10, 2015 from Mr. Josh Sheng Chen, the Chairman and Chief Executive Officer of the Company, Kingsoft Corporation Limited and Tsinghua Unigroup International Co., Ltd. (the "Proposal").

Intellipharmaceutics International (NASDAQ: IPCI) 13% HIGHER; advised that the United States Food and Drug Administration ("FDA") has indicated to the Company that it has rescinded its previous requirement that the Company meet newly-imposed conditions for bioequivalence prior to receiving final approval for the Company's tentatively-approved strengths of its generic Focalin XR® (dexmethylphenidate hydrochloride extended-release) capsules (the "Product"). The strengths affected include 5 mg, 10 mg, 20 mg and 40 mg. The already-approved 15 mg and 30 mg strengths now in the market are not affected.

Anthera Pharma (NASDAQ: ANTH) 7% LOWER; announced that it intends to offer and sell shares of its common stock in an underwritten public offering. The Company expects to 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 Company intends to use the net proceeds from the offering for clinical research and development and general corporate purposes. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. Citigroup Global Markets Inc. and Piper Jaffray & Co. are acting as joint book-running managers for the proposed offering.

YY, Inc. (NASDAQ: YY) 6.8% HIGHER; announced that its Board of Directors (the "Board") has received a non-binding proposal letter, dated July 9, 2015, from Mr. Jun Lei, Chairman of the Board, and Mr. David Xueling Li, director and Chief Executive Officer of YY (together, the "Buyer Group"), proposing a "going-private" transaction (the "Transaction") to acquire all of the outstanding ordinary shares of YY not already beneficially owned by the Buyer Group for $68.50 in cash per American depositary share ("ADS"), each representing 20 ordinary shares. The proposed purchase price represents a premium of approximately 17.4% to the closing trading price of the Company's ADS on July 8th, 2015, the last trading day prior to the date hereof.

Peabody Energy (NYSE: BTU) 5.6% HIGHER; confirms it has entered into a sale and purchase agreement with Sekitan Resources Pty, Ltd., a wholly owned subsidiary of Exergen Pty, Ltd., to sell Peabody's Wilkie Creek Mine and other associated assets in Queensland's Surat Basin.

China Biologic Products (NASDAQ: CBPO) 5% HIGHER; BofA/Merrill Lynch initiated coverage with a Buy rating.

Mobileye N.V (NYSE: MBLY) 5% HIGHER; Baird upgraded from Neutral to Outperform with a price target of $73.00.

Novavax (NASDAQ: NVAX) 4.6% HIGHER; Citi maintained a Buy rating on Novavax (NASDAQ: NVAX) and raised its price target to $18.00 (from $10.00).

WD-40 Co. (Nasdaq: WDFC) 4.2% LOWER; reported Q3 EPS of $0.75, $0.01 worse than the analyst estimate of $0.76. Revenue for the quarter came in at $92.5 million versus the consensus estimate of $99.4 million. WD-40 Co. sees FY2015 EPS of $3.03 - $3.09, versus the consensus of $3.11 and prior expectations calling fora range of $3.07 - $3.13. The company also sees FY2015 revenue of $383 - $390 million, versus prior guidance of $387 - $400 million and the consensus of $394.63 million.

CyberArk (NASDAQ: CYBR) 3.8% HIGHER; continues higher after issues yesterday with the NYSE and United Airlines.

Walgreen Boots Alliance (NASDAQ: WBA) 3.7% HIGHER; reported Q3 EPS of $1.02, $0.15 better than the analyst estimate of $0.87. Revenue for the quarter came in at $28.8 billion versus the consensus estimate of $29.63 billion. Also declared a quarterly dividend of $0.36 per share, or $1.44 annualized. This is a 6.7% increase from the prior dividend of $0.3375.

T-Mobile (NYSE: TMUS) 2.9% HIGHER; said it generated 2.1 million total net customer additions, including over 1.0 million branded postpaid net customer additions, in the second quarter. This marks the ninth consecutive quarter that T-Mobile has delivered over 1 million total net customer additions and the fourth consecutive quarter with over 1 million branded postpaid net customer additions.

Pepsi (NYSE: PEP) 2.2% HIGHER; reported Q2 EPS of $1.32, $0.08 better than the analyst estimate of $1.24. Revenue for the quarter came in at $15.9 billion versus the consensus estimate of $15.83 billion. The company expects mid-single-digit organic revenue growth and increased its core constant currency EPS growth target to 8 percent from 7 percent versus its fiscal 2014 core EPS of $4.63. *** The Street sees FY15 EPS of 4.52.

Alcoa (NYSE: AA) 2.2% HIGHER; reported Q2 EPS of $0.19, $0.03 worse than the analyst estimate of $0.22. Revenue for the quarter came in at $5.9 billion versus the consensus estimate of $5.79 billion.

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