Pre-Open Stock Movers 12/19: (ADRO) (CIVI) (JBL) Higher; (SURF) (GSAT) (MU) (FDX) Lower (more...)

December 19, 2018 9:27 AM

Pre-Open Movers

Aduro Biotech, Inc. (NASDAQ: ADRO) 26.3% HIGHER; Eli Lilly and Company (NYSE: LLY) and Aduro Biotech, Inc. (NASDAQ: ADRO) today announced a research collaboration and exclusive license agreement for Aduro's cGAS-STING Pathway Inhibitor program for the research and development of novel immunotherapies for autoimmune and other inflammatory diseases.

Surface Oncology (Nasdaq: SURF) 19.2% LOWER; announced today updates related to its product pipeline, notably the significant reduction of the investment in and scope of its SRF231 program, the planned filing of two Investigational New Drug applications (INDs) in 2019 and extension of its cash runway.

Civitas Solutions, Inc. (NYSE: CIVI) 14.1% HIGHER; entered into a definitive merger agreement to be acquired by funds advised by Centerbridge Partners, L.P. (Centerbridge). Under the terms of the agreement, Centerbridge will acquire all outstanding shares of Civitas common stock for $17.75 in cash per share of Civitas common stock, resulting in an enterprise value of approximately $1.4 billion. The offer price represents a 27% premium to the 30-day volume-weighted average price as of December 18, 2018.

Jabil Circuit (NYSE: JBL) 11.5% HIGHER; reported Q1 EPS of $0.90, $0.02 better than the analyst estimate of $0.88. Revenue for the quarter came in at $6.5 billion versus the consensus estimate of $6.1 billion. Jabil Circuit sees Q2 2019 EPS of $0.51-$0.71, versus the consensus of $0.61. Jabil Circuit sees Q2 2019 revenue of $5.8-6.4 billion, versus the consensus of $5.81 billion.

Globalstar, Inc. (NYSE: GSAT) 10.4% LOWER; announced that it has commenced an offer of $60 million in shares of voting common stock in a registered underwritten public offering. The offering will be subject to market and other conditions. In addition, Globalstar intends to grant the underwriter a 30-day option to purchase up to $9 million in additional shares of voting common stock.

Winnebago Industries (NYSE: WGO) 9.1% HIGHER; reported Q1 EPS of $0.70, $0.08 better than the analyst estimate of $0.62. Revenue for the quarter came in at $493.6 million versus the consensus estimate of $479.5 million.

Rent-A-Center’s (NASDAQ: RCII) 8% HIGHER; B. Riley Financial (RILY) supports position that Rent-A-Center’s (RCII) purported termination of merger is invalid. Upgraded at Raymond James

Micron Technology (NASDAQ: MU) 7.4% LOWER; reported Q1 EPS of $2.97, $0.01 better than the analyst estimate of $2.96. Revenue for the quarter came in at $7.91 billion versus the consensus estimate of $8.02 billion Sees Q2 EPS of $1.75 at mid-point and revenue of $5.7-$6.3 Billion. (*Street sees Q2 EPS of $2.44 on revenue of $7.34 billion)

FedEx (NYSE: FDX) 6% LOWER; reported Q2 EPS of $4.03, $0.09 better than the analyst estimate of $3.94. Revenue for the quarter came in at $17.8 billion versus the consensus estimate of $17.75 billion. FedEx is unable to forecast the fiscal 2019 year-end mark-to-market (MTM) retirement plan accounting adjustments. As a result, the company is unable to provide a fiscal 2019 earnings per share or effective tax rate (ETR) outlook on a GAAP basis. Earnings of $12.65 to $13.40 per diluted share before year-end MTM retirement plan accounting adjustments, down from the prior forecast of $15.85 to $16.45 per diluted share; Earnings of $15.50 to $16.60 per diluted share before year-end MTM retirement plan accounting adjustments and excluding TNT Express integration expenses, charges related to a FedEx Ground legal matter, charges associated with the voluntary employee buyout program and the revision to the provisional benefit from the remeasurement of the net U.S. deferred tax liability included in fiscal 2018 earnings, down from the prior forecast of $17.20 to $17.80 per diluted share.

GlaxoSmithKline plc (NYSE: GSK) 5.6% HIGHER; Pfizer Inc. (NYSE: PFE) and GlaxoSmithKline plc (NYSE: GSK) today announced they have entered into an agreement to create a premier global consumer healthcare company with robust iconic brands. The Boards of Directors of both companies have unanimously approved the transaction under which Pfizer will contribute its consumer healthcare business to GlaxoSmithKlines existing consumer healthcare business. The 2017 global sales for the combined business were approximately $12.7 billion.

General Mills (NYSE: GIS) 5.5% HIGHER; reported Q2 EPS of $0.85, $0.03 better than the analyst estimate of $0.82. Revenue for the quarter came in at $4.41 billion versus the consensus estimate of $4.52 billion.

Mellanox Technologies (NASDAQ: MLNX) 4.6% HIGHER; Microsoft (NASDAQ: MSFT) hired Goldman Sachs for talks with JPMorgan, which represents Mellanox Technologies (NASDAQ: MLNX), according to TheMarker.

General Electric (NYSE: GE) 4.3% HIGHER; filed confidentially for an initial public offering of its health-care unit, according to Bloomberg, citing people familiar with the matter. Vertical Research Partners upgrades to Buy.

UPS (NYSE: UPS) 3.4% LOWER; don on FDX results.

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