Pre-Open Stock Movers 01/16: (MNI) (SIG) (XPO) Higher (BK) (TSLA) (PPG) Lower (more...)

Today's Pre-Open Movers

McClatchy (NYSE: MNI) 246.4% HIGHER; announced today that it has entered into a Standstill Agreement with the Pension Benefit Guaranty Corporation (PBGC), extending its current runway for negotiating a consensual restructuring with key stakeholders.

Cemtrex Inc. (Nasdaq: CETX) 81.3% HIGHER; announced today that its Board of Directors has approved a new share repurchase authorization for the Company’s common stock, and series 1 preferred stock, under which the Company may repurchase up to two million of its outstanding shares of each class, over three years, depending on market conditions.

XPO Logistics, Inc. (NYSE: XPO) 18.4% HIGHER; today announced that its board of directors has authorized a review of strategic alternatives, including the possible sale or spin-off of one or more of XPO’s business units.

Osmotica Pharmaceuticals plc (NASDAQ: OSMT) 15% HIGHER; insider buying

MoneyGram International, Inc. (NASDAQ: MGI) 10.9% HIGHER; Announced a return to global transaction growth for the month of December. The company reported a 2 percent year-over-year increase in number of transactions, driven by strong performance from both its global consumer direct digital business and its international walk-in business.

Bank of New York (NYSE: BK) 7.3% LOWER; reported Q4 EPS of $1.52, may not compare to the analyst estimate of $0.99. Revenue for the quarter came in at $3.97 billion versus the consensus estimate of $3.91 billion.

Morgan Stanley (NYSE: MS) 6.3% HIGHER; reported Q4 EPS of $1.20, $0.21 better than the analyst estimate of $0.99. Revenue for the quarter came in at $10.9 billion versus the consensus estimate of $9.72 billion.

The Michaels Companies (NASDAQ: MIK) 5.8% LOWER; Goldman Sachs downgraded from Neutral to Sell with a price target of $6.50 (from $7.00).

Acorda Therapeutics (NASDAQ: ACOR) 5.6% LOWER; filed to offer 9.6 million shares of common stock.

Spirit Airlines (NYSE: SAVE) 5.1% HIGHER; For the fourth quarter 2019, Spirit estimates its total revenue per ASM (“TRASM”) will be down 3.6% year over year. Fourth quarter 2019 revenue includes approximately $7.2 million of out-of-period revenue related to the reclamation of over-remitted Federal Excise Tax. Without this out-of-period revenue, the Company estimates its fourth quarter 2019 TRASM would have been down about 4.3% year-over-year. Adjusted CASM ex-fuel (“CASM ex-fuel”) for the fourth quarter 2019 is expected to be up about 3.3% year over year.

iRobot Corporation (NASDAQ: IRBT) 4.9% HIGHER; Raymond James upgraded from Underperform to Market Perform.

Tesla (NASDAQ: TSLA) 4.8% LOWER; Morgan Stanley downgraded from Equalweight to Underweight with a price target of $360.00 (from $250.00).

Compugen (NASDAQ: CGEN) 4.2% HIGHER; Cantor Fitzgerald initiates coverage on with a Overweight rating and a price target of $10.00.

Global Water Resources, Inc. (NASDAQ: GWRS) 4.2% LOWER; announced that it has commenced an underwritten public offering of shares of its common stock. All of the shares are being offered by the company.

PPG Industries (NYSE: PPG) 3.7% LOWER; reported Q4 EPS of $1.31, $0.03 worse than the analyst estimate of $1.34. Revenue for the quarter came in at $3.7 billion versus the consensus estimate of $3.68 billion. PPG Industries sees Q1 2020 EPS of $1.32-$1.42, versus the consensus of $1.53.

Alcoa (NYSE: AA) 2.8% LOWER; reported Q4 EPS of ($0.31), $0.09 worse than the analyst estimate of ($0.22). Revenue for the quarter came in at $2.4 billion versus the consensus estimate of $2.47 billion. In 2020, the Company projects total bauxite shipments to range between 48.0 and 49.0 million dry metric tons. Total alumina shipments are expected to be between 13.6 and 13.7 million metric tons. The Aluminum segment is expected to ship between 3.0 and 3.1 million metric tons.

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