Pre-Open Stock Movers 09/28: (PLL) (PRCP) (GNFT) Higher; (INO) (AQST) (VIPS) Lower (more...)

September 28, 2020 9:30 AM EDT

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Today's Pre-Open Stock Movers:

Piedmont Lithium Limited (Nasdaq: PLL) 239% HIGHER; announced that it has entered into a binding agreement with Tesla, Inc. (NASDAQ: TSLA) for the supply of spodumene concentrate (SC6) from Piedmonts North Carolina deposit to Tesla.

Perceptron, Inc. (NASDAQ: PRCP) 67% HIGHER; entered into a definitive agreement (or the Agreement) to be acquired by Atlas Copco, a world-leading provider of sustainable productivity solutions headquartered in Stockholm, Sweden, for $7.00 per share. The all-cash transaction values Perceptron at an equity valuation of approximately $68.9 million.

GENFIT (Nasdaq: GNFT) 45% HIGHER; GENFIT and LabCorp (NYSE: LH), a leading global life sciences company that is focused on advancing health and guiding patient care decisions, have agreed to a five-year exclusive licensing agreement for GENFITs NIS4 technology to help identify patients with at-risk non-alcoholic steatohepatitis (NASH). As part of the agreement, LabCorp will develop and commercialize a blood-based molecular diagnostic test powered by NIS4 technology throughout the U.S. and Canada enabling widespread access to healthcare providers.

INOVIO (NASDAQ: INO) 34% LOWER; announced that the U.S. Food and Drug Administration (FDA) has notified the company it has additional questions about the company's planned Phase 2/3 trial of its COVID-19 vaccine candidate INO-4800, including its CELLECTRA® 2000 delivery device to be used in the trial. Until the FDA's questions have been satisfactorily addressed, INOVIO's Investigational New Drug Application (IND) for the Phase 2/3 trial is on partial clinical hold. The company is actively working to address the FDA's questions and plans to respond in October, after which the FDA will have up to 30 days to notify INOVIO of its decision as to whether the trial may proceed.

Aquestive Therapeutics, Inc. (NASDAQ: AQST) 33.5% LOWER; The U.S. Food and Drug Administration (FDA) has issued a complete response letter (CRL) regarding the New Drug Application (NDA) for Libervant (diazepam) Buccal Film for management of seizure clusters. The FDA issues a CRL to indicate that the review cycle for an application is complete but the application cannot be approved in its current form.

CBAK Energy Technology, Inc. (NASDAQ: CBAT) 14.7% HIGHER; announced that its product release of 32140 large-sized cylindrical tabless battery has officially passed its technical and Pilot Plant tests which demonstrated its success in product research of this model. As the requirement of mass production on this product has been achieved, CBAK Energy is planning for the construction of new standardized production line which aims to achieve mass product delivery in the first half of 2021.

Virgin Galactic Holdings, Inc. (NYSE: SPCE) 11.6% HIGHER; initiated with a Buy rating at BofA and Susquehanna

Devon Energy (NYSE: DVN) 10% HIGHER; Devon Energy (NYSE: DVN) and WPX Energy (NYSE: WPX) today announced they have entered into an agreement to combine in an all-stock merger of equals transaction. The strategic combination will create a leading unconventional oil producer in the U.S., with an asset base underpinned by a premium acreage position in the economic core of the Delaware Basin. The combined company, which will be named Devon Energy, will benefit from enhanced scale, improved margins, higher free cash flow and the financial strength to accelerate the return of cash to shareholders through an industry-first fixed plus variable dividend strategy.

WPX Energy (NYSE: WPX) 9.3% HIGHER; Devon Energy (NYSE: DVN) and WPX Energy (NYSE: WPX) today announced they have entered into an agreement to combine in an all-stock merger of equals transaction. The strategic combination will create a leading unconventional oil producer in the U.S., with an asset base underpinned by a premium acreage position in the economic core of the Delaware Basin. The combined company, which will be named Devon Energy, will benefit from enhanced scale, improved margins, higher free cash flow and the financial strength to accelerate the return of cash to shareholders through an industry-first fixed plus variable dividend strategy.

ArcelorMittal S.A. (NYSE: MT) 9.2% HIGHER; Cleveland-Cliffs announced that it has entered into a definitive agreement with ArcelorMittal S.A. (NYSE: MT), pursuant to which Cleveland-Cliffs will acquire substantially all of the operations of ArcelorMittal USA LLC and its subsidiaries for approximately $1.4 billion. Upon closure of the transaction, Cleveland-Cliffs will be the largest flat-rolled steel producer in North America, with combined shipments of approximately 17 million net tons in 2019. The company will also be the largest iron ore pellet producer in North America, with 28 million long tons of annual capacity.

Chesapeake Utilities Corp (NYSE: CPK) 9.2% HIGHER; will replace Momenta Pharmaceuticals Inc (NASDAQ: MNTA) in the S&P SmallCap 600 effective prior to the opening of trading on Thursday, October 1.

Cleveland-Cliffs Inc. (NYSE: CLF) 8.9% HIGHER; Cleveland-Cliffs announced that it has entered into a definitive agreement with ArcelorMittal S.A. (NYSE: MT), pursuant to which Cleveland-Cliffs will acquire substantially all of the operations of ArcelorMittal USA LLC and its subsidiaries for approximately $1.4 billion. Upon closure of the transaction, Cleveland-Cliffs will be the largest flat-rolled steel producer in North America, with combined shipments of approximately 17 million net tons in 2019. The company will also be the largest iron ore pellet producer in North America, with 28 million long tons of annual capacity.

Plug Power (NASDAQ: PLUG) 6.5% HIGHER; Morgan Stanley upgraded from Equalweight to Overweight with a price target of $14.00.

Thor Industries (NYSE: THO) 4.6% HIGHER; reported Q4 EPS of $2.14, $0.86 better than the analyst estimate of $1.28. Revenue for the quarter came in at $2.32 billion versus the consensus estimate of $2.24 billion.

Vipshop Holdings (NYSE: VIPS) 2.8% LOWER; Morgan Stanley downgraded from Equalweight to Underweight with a price target of $13.00.

FedEx (NYSE: FDX) 1.7% HIGHER; Deutsche Bank upgraded from Hold to Buy with a price target of $318.00.



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