Pre-Open Stock Movers 12/11: (FNSR) (SUNE) (GLW) Higher; (UDF) (DOW) (DD) Lower (more...)

December 11, 2015 9:31 AM EST

United Development Funding IV (NASDAQ: UDF) 22.8% LOWER; continues lower on short report

Finisar (NASDAQ: FNSR) 11.6% HIGHER; reported Q2 EPS of $0.25, $0.02 better than the analyst estimate of $0.23. Revenue for the quarter came in at $321.1 million versus the consensus estimate of $313.86 million. GUIDANCE: Finisar sees Q3 2016 EPS of $0.19-$0.25, versus the consensus of $0.24. Finisar sees Q3 2016 revenue of $300-320 million, versus the consensus of $318.62 million.

SunEdison, Inc. (NYSE: SUNE) 9% HIGHER; announced that it has agreed to sell 333 megawatts of wind-power assets to Terra Nova Renewable Partners for $209 million. Terra Nova Renewable Partners is the strategic equity partnership formed between SunEdison and institutional investors advised by J.P. Morgan Asset Management Global Real Asset.

Teligent, Inc. (NASDAQ: TLGT) 8.6% HIGHER; announced it has received approval of the Company's supplemental new drug application (sNDA) from the U.S. Food and Drug Administration (FDA) for CEFOTAN® (cefotetan) for Injection. This is the Company's first product approved from the portfolio of discontinued and withdrawn new drug applications (NDAs) and abbreviated new drug applications (ANDAs), which the Company purchased from Astra Zeneca on September 25, 2014.

Corning Incorporated (NYSE: GLW) 7.4% HIGHER; announced that it will exchange its 50% interest in Dow Corning Corporation for 100% of the stock of a newly formed entity that will become a wholly owned subsidiary of Corning Incorporated. The newly formed entity will hold approximately 40% ownership in Hemlock Semiconductor Group and approximately $4.8 billion in cash. Corning expects the realignment to be substantially tax-free.

​DuPont (NYSE: DD) 6.7% LOWER; DuPont (NYSE: DD) and The Dow Chemical Company (NYSE: DOW) announced that their boards of directors unanimously approved a definitive agreement under which the companies will combine in an all-stock merger of equals. The combined company will be named DowDuPont. The parties intend to subsequently pursue a separation of DowDuPont into three independent, publicly traded companies through tax-free spin-offs. This would occur as soon as feasible, which is expected to be 18-24 months following the closing of the merger, subject to regulatory and board approval.

Otonomy, Inc. (Nasdaq: OTIC) 4.7% HIGHER; announced that the U.S. Food and Drug Administration (FDA) has approved OTIPRIO (ciprofloxacin otic suspension) for the treatment of pediatric patients with bilateral otitis media with effusion undergoing tympanostomy tube placement. OTIPRIO is a single-dose, physician-administered antibacterial and the first product approved by the FDA for this indication.

Adobe Systems (NASDAQ: ADBE) 4.6% HIGHER; reported Q4 EPS of $0.62, $0.02 better than the analyst estimate of $0.60. Revenue for the quarter came in at $1.31 billion versus the consensus estimate of $1.31 billion.

Staples, Inc. (NASDAQ: SPLS) 4.6% LOWER; BofA/Merrill Lynch downgraded from Buy to Underperform with a price target of $9.00 (from $21.00).

TerraForm Power, Inc. (NASDAQ: TERP) 4.2% HIGHER; related to SUNE news

The Dow Chemical Company (NYSE: DOW) 4.2% LOWER; DuPont (NYSE: DD) and The Dow Chemical Company (NYSE: DOW) announced that their boards of directors unanimously approved a definitive agreement under which the companies will combine in an all-stock merger of equals. The combined company will be named DowDuPont. The parties intend to subsequently pursue a separation of DowDuPont into three independent, publicly traded companies through tax-free spin-offs. This would occur as soon as feasible, which is expected to be 18-24 months following the closing of the merger, subject to regulatory and board approval.

Restoration Hardware (NYSE: RH) 4% LOWER; reported Q3 EPS of $0.65, $0.02 better than the analyst estimate of $0.63. Revenue for the quarter came in at $532.4 million versus the consensus estimate of $539.89 million. Comparable brand revenues increased 7% on top of a 22% increase last year. GUIDANCE: Restoration Hardware sees Q4 2015 EPS of $1.37-$1.42, versus the consensus of $1.40. Restoration Hardware sees Q4 2015 revenue of $708-718 million, versus the consensus of $704.01 million.

Nordson Corp. (NASDAQ: NDSN) 3.2% LOWER; reported Q4 EPS of $0.95, $0.12 worse than the analyst estimate of $1.07. Revenue for the quarter came in at $446 million versus the consensus estimate of $446.34 million. GUIDANCE: Nordson Corp. sees Q1 2016 EPS of $0.47-$0.57, versus the consensus of $0.72.

TerraForm Global, Inc. (NASDAQ: GLBL) 2.8% HIGHER; related to SUNE news

Chipotle Mexican Grill (NYSE: CMG) 2.3% LOWER; Seattle store closed. Also, downgraded at Argus

Norfolk Southern (NYSE: NSC) 2.1% HIGHER; Warren Buffett's BNSF is open to bid for Norfolk Southern (NYSE: NSC) to challenge CP's (NYSE: CP) offer, according to Bloomberg. BNSF's Chariman Matt Rose reportedly said it won't sit on the sidelines in any fresh dealmaking. CSX Corp. (NYSE: CSX) would be "very much in play" if CP succeeded, Rose said.

Vince Holding (NYSE: VNCE) 2% LOWER; reported Q3 EPS of $0.13, $0.06 better than the analyst estimate of $0.07. Revenue for the quarter came in at $80.9 million versus the consensus estimate of $74.95 million. Comparable store sales decreased 12.5%, including e-commerce sales. GUIDANCE: Vince Holding sees FY2015 EPS of $0.17-$0.21, may not compare to consensus of $0.33. Vince Holding sees FY2015 revenue of $285-290 million, versus the consensus of $288.89 million.

CSX Corp. (NYSE: CSX) 1.8% HIGHER; Norfolk Southern (NYSE: NSC) 2.1% HIGHER; Warren Buffett's BNSF is open to bid for Norfolk Southern (NYSE: NSC) to challenge CP's (NYSE: CP) offer, according to Bloomberg. BNSF's Chariman Matt Rose reportedly said it won't sit on the sidelines in any fresh dealmaking. CSX Corp. (NYSE: CSX) would be "very much in play" if CP succeeded, Rose said.

STORE Capital (NYSE: STOR) 1.8% LOWER; ​Credit Suisse downgraded from Neutral to Underperform with a price target of $23.00 (from $24.00).

PayPal (NASDAQ: PYPL) 1.6% HIGHER; Credit Suisse initiates coverage with a Outperform rating and a price target of $43.00



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