Pre-Open Stock Movers 10/29: (RHT) (DRNA) (ON) Higher; (DNR) (FDC) (IBM) Lower (more...)

October 29, 2018 9:29 AM

Today's Pre-Open Movers

Red Hat (NYSE: RHT) 48.7% HIGHER; IBM (NYSE: IBM) and Red Hat (NYSE: RHT), the world's leading provider of open source cloud software, announced today that the companies have reached a definitive agreement under which IBM will acquire all of the issued and outstanding common shares of Red Hat for $190.00 per share in cash, representing a total enterprise value of approximately $34 billion.

Dicerna Pharmaceuticals (NASDAQ: DRNA) 27% HIGHER; Eli Lilly and Company (NYSE: LLY) and Dicerna Pharmaceuticals (NASDAQ: DRNA) today announced a global licensing and research collaboration focused on the discovery, development and commercialization of potential new medicines in the areas of cardio-metabolic disease, neurodegeneration and pain. The companies will utilize Dicerna's proprietary GalXC RNAi technology platform to progress new drug targets toward clinical development and commercialization. In addition, the partners will collaborate to move beyond the current technical paradigm in order to generate next-generation oligonucleotide therapeutic agents.

Blue Apron Holdings, Inc. (NYSE: APRN) 14% HIGHER; has tapped Jet to be the first e-retailer to offer an assortment of its meal kits for purchase on Jets online and mobile platforms. Beginning today, millions of households across most of New York City, as well as Jersey City and Hoboken, can access Blue Apron through same-day or next-day delivery via Jets City Grocery offering.

ON Semiconductor (NASDAQ: ON) 10.7% HIGHER; reported Q3 EPS of $0.57, $0.06 better than the analyst estimate of $0.51. Revenue for the quarter came in at $1.54 billion versus the consensus estimate of $1.51 billion. ON Semiconductor sees Q4 2018 revenue of $1.48-1.53 billion, versus the consensus of $1.47 billion.

Denbury Resources Inc. (NYSE: DNR) 9.9% LOWER; Denbury Resources and Penn Virginia Corporation (NASDAQ: PVAC) today announced that they have entered into a definitive merger agreement pursuant to which Denbury will acquire Penn Virginia in a transaction valued at approximately $1.7 billion, including the assumption of debt. The consideration to be paid to Penn Virginia shareholders will consist of 12.4 shares of Denbury common stock and $25.86 of cash for each share of Penn Virginia common stock. Penn Virginia shareholders will be permitted to elect all cash, all stock or a mix of stock and cash, subject to proration, which will result in the aggregate issuance of approximately 191.6 million Denbury shares and payment of $400 million in cash. The transaction was unanimously approved by the board of directors of each company, and Penn Virginia shareholders holding 15% of the outstanding shares signed a voting agreement to vote for the transaction.

Esperion (NASDAQ: ESPR) 9.6% HIGHER; announced positive top-line results from its global, pivotal Phase 3 clinical study (Study 2 or 1002-047). This trial was a 52-week, randomized, double-blind, placebo-controlled study to evaluate the LDL-C lowering efficacy and the safety and tolerability of bempedoic acid 180 mg compared to placebo in patients with atherosclerotic cardiovascular disease (ASCVD) and/or heterozygous familial hypercholesterolemia (HeFH). These results complete our global pivotal phase 3 LDL-C lowering development program of bempedoic acid.

First Data (NYSE: FDC) 9.3% LOWER; reported Q3 EPS of $0.35, $0.02 worse than the analyst estimate of $0.37. Revenue for the quarter came in at $2.16 billion versus the consensus estimate of $2.22 billion. First Data sees FY2018 EPS of $1.38-$1.40, versus the consensus of $1.45.

Dana Incorporated (NYSE: DAN) 6.1% HIGHER; reported Q3 EPS of $0.77, $0.01 better than the analyst estimate of $0.76. Revenue for the quarter came in at $1.98 billion versus the consensus estimate of $1.94 billion. Dana Incorporated sees FY2018 EPS of $2.75-$3.05, versus the consensus of $2.95. Dana Incorporated sees FY2018 revenue of $7.75-8.05 billion, versus the consensus of $8.07 billion.

IBM (NYSE: IBM) 4.9% LOWER; IBM and Red Hat (NYSE: RHT), the world's leading provider of open source cloud software, announced today that the companies have reached a definitive agreement under which IBM will acquire all of the issued and outstanding common shares of Red Hat for $190.00 per share in cash, representing a total enterprise value of approximately $34 billion.

TherapeuticsMD, Inc. (NASDAQ: TXMD) 4.7% HIGHER; announced that the United States Food and Drug Administration (FDA) has approved BIJUVA (estradiol and progesterone) capsules, 1 mg/100 mg, the first and only FDA-approved bio-identical* hormone therapy combination of estradiol and progesterone in a single, oral capsule for the treatment of moderate to severe vasomotor symptoms (commonly known as hot flashes or flushes) due to menopause in women with a uterus.

General Motors (NYSE: GM) 4.6% HIGHER; China's top economic planning body is proposing to cut the tax levied on car purchases by half.

Ford Motor (NYSE: F) 4.5% HIGHER; China's top economic planning body is proposing to cut the tax levied on car purchases by half.

Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) 4.5% HIGHER; today announced that it had entered into an exclusive license and supply agreement with Kissei Pharmaceutical Co., Ltd. ("Kissei") to develop and commercialize TAVALISSE in all current and potential indications in Japan, China, Taiwan and the Republic of Korea. Kissei is a Japan-based pharmaceutical company addressing patients' unmet medical needs through its research, development and commercialization efforts, as well as through collaborations with partners. TAVALISSE is commercially available in the U.S. for the treatment of thrombocytopenia in adult patients with chronic immune thrombocytopenia (ITP) who have had an insufficient response to a previous treatment.

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