Pre-Open Movers 12/10: Adams Respiratory, MGI PHARMA Higher on Buyouts; Hemispherx is Lower on License Termination (ARXT, MOGN, HEB)
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StreetInsider.com Pre-Open Movers:
Adams Respiratory Therapeutics (Nasdaq: ARXT) 35% HIGHER; Reckitt Benckiser Group plc and Adams Respiratory Therapeutics entered into a definitive agreement under which Reckitt Benckiser will tender for the acquisition of Adams for $60 per share in cash, representing a total consideration for Adams' fully diluted share capital of approximately $2.3 billion.
Hemispherx Biopharma, Inc. (AMEX: HEB) 26% LOWER; to Terminate License to Esteve for the Marketing of Ampigen for Chronic Fatigue Syndrome in Certain Territories
MGI PHARMA, Inc. (NASDAQ: MOGN) 20% HIGHER; Eisai Co., Ltd. and MGI PHARMA entered into a definitive merger agreement under which Eisai would acquire all of the outstanding shares of MGI PHARMA for US$41.00 per share in an all cash transaction, for a total consideration of approximately $3.9 billion.
GTC Biotherapeutics, Inc. (Nasdaq: GTCB) 19.6% HIGHER; announced that the FDA has designated ATryn an orphan drug for the treatment of patients with hereditary antithrombin deficiency, or HD.
LDK Solar Co., Ltd. (NYSE: LDK) 17% HIGHER; signed a 10-year "Take or Pay" contract to supply multicrystalline wafers and polysilicon to Germany-based Q-Cells AG.
Novavax Inc. (Nasdaq: NVAX) 14% HIGHER; GE Healthcare, a unit of General Electric (NYSE: GE), and Novavax announced a collaboration agreement to develop and market a pandemic influenza vaccine manufacturing solution for selected international countries.
Claymont Steel Holdings, Inc. (Nasdaq: PLTE) 6% HIGHER; Evraz Group S.A. entered into a definitive agreement with Claymont Steel Holdings under which Evraz will acquire Claymont Steel for US$23.50 per share, for an aggregate price of approximately US$564.8 million.
Circuit City (NYSE: CC) 5.7% HIGHER; Soleil Securities Group upgrades Circuit City from Hold to Buy with a $13 price target.
Learning Tree International (Nasdaq: LTRE) 5% LOWER; Stifel Nicolaus downgrades Learning Tree International from Buy to Hold, citing valuation as the sole reason for the downgrade.
DynCorp International Inc. (NYSE: DCP) 4% HIGHER; Wachovia upgrades DynCorp International Inc. from Market Perform to Outperform with a $26 to $30 valuation range.
Amgen Inc. (Nasdaq: AMGN)2% LOWER; Downgraded at Bernstein and Merrill Lynch
UBS (NYSE: UBS) 2% HIGHER; revises its outlook for its fourth quarter 2007 from an overall group profit to a loss. UBS said it is now possible that they will record a net loss for the full year 2007. UBS also announced further writedowns of around USD 10 billion, related to the continued deteriration in the US sub-prime mortgage securities market. UBS also announced it plans to raise 13 billion Swiss francs ($11.5 billion) selling convertible securities to Government of Singapore Investment Group and an unidentified Middle Eastern investors.
McDonald's Corporation (NYSE: MCD) 1.5% HIGHER; announced that global comparable sales rose 8.2% for the month. Systemwide sales for McDonald's restaurants worldwide increased 16.3% in November, or 9.6% in constant currencies.
Vimpel-Communications (NYSE: VIP) 1.2% HIGHER; Lehman Bros. initiates coverage on Vimpel-Communications with an Overweight rating and $41 price target.
American Mortgage Acceptance Company (AMEX: AMC) INDICATED LOWER; As a result of widening credit spreads on certain of AMAC’s assets, coupled with a decline in yields on US Treasury securities, AMAC received margin calls on some of the Company’s repurchase facilities and interest rate derivative contracts. To meet these margin calls and increase liquidity for future cash needs, AMAC sold the remainder of the Company’s Fannie Mae and Ginnie Mae debt securities and two commercial mortgage-backed securities. In connection with the sale of these assets and based upon their amortized cost at the time of sale, the transactions resulted in $12.5 million of realized losses to the Company, as well as $1.0 million of net realized losses from the termination of interest rate swap contracts. Due to these realized losses, AMAC’s previous adjusted funds from operations per share guidance of $0.95 - $1.00 for 2007 is no longer a relevant forecast of expected AFFO and is withdrawn. In the interest of preserving the Company’s liquidity, AMAC’s Board of Trustees has decided not to declare the regular dividend paid to the Company’s common shareholders in the fourth quarter of 2007.
Adams Respiratory Therapeutics (Nasdaq: ARXT) 35% HIGHER; Reckitt Benckiser Group plc and Adams Respiratory Therapeutics entered into a definitive agreement under which Reckitt Benckiser will tender for the acquisition of Adams for $60 per share in cash, representing a total consideration for Adams' fully diluted share capital of approximately $2.3 billion.
Hemispherx Biopharma, Inc. (AMEX: HEB) 26% LOWER; to Terminate License to Esteve for the Marketing of Ampigen for Chronic Fatigue Syndrome in Certain Territories
MGI PHARMA, Inc. (NASDAQ: MOGN) 20% HIGHER; Eisai Co., Ltd. and MGI PHARMA entered into a definitive merger agreement under which Eisai would acquire all of the outstanding shares of MGI PHARMA for US$41.00 per share in an all cash transaction, for a total consideration of approximately $3.9 billion.
GTC Biotherapeutics, Inc. (Nasdaq: GTCB) 19.6% HIGHER; announced that the FDA has designated ATryn an orphan drug for the treatment of patients with hereditary antithrombin deficiency, or HD.
LDK Solar Co., Ltd. (NYSE: LDK) 17% HIGHER; signed a 10-year "Take or Pay" contract to supply multicrystalline wafers and polysilicon to Germany-based Q-Cells AG.
Novavax Inc. (Nasdaq: NVAX) 14% HIGHER; GE Healthcare, a unit of General Electric (NYSE: GE), and Novavax announced a collaboration agreement to develop and market a pandemic influenza vaccine manufacturing solution for selected international countries.
Claymont Steel Holdings, Inc. (Nasdaq: PLTE) 6% HIGHER; Evraz Group S.A. entered into a definitive agreement with Claymont Steel Holdings under which Evraz will acquire Claymont Steel for US$23.50 per share, for an aggregate price of approximately US$564.8 million.
Circuit City (NYSE: CC) 5.7% HIGHER; Soleil Securities Group upgrades Circuit City from Hold to Buy with a $13 price target.
Learning Tree International (Nasdaq: LTRE) 5% LOWER; Stifel Nicolaus downgrades Learning Tree International from Buy to Hold, citing valuation as the sole reason for the downgrade.
DynCorp International Inc. (NYSE: DCP) 4% HIGHER; Wachovia upgrades DynCorp International Inc. from Market Perform to Outperform with a $26 to $30 valuation range.
Amgen Inc. (Nasdaq: AMGN)2% LOWER; Downgraded at Bernstein and Merrill Lynch
UBS (NYSE: UBS) 2% HIGHER; revises its outlook for its fourth quarter 2007 from an overall group profit to a loss. UBS said it is now possible that they will record a net loss for the full year 2007. UBS also announced further writedowns of around USD 10 billion, related to the continued deteriration in the US sub-prime mortgage securities market. UBS also announced it plans to raise 13 billion Swiss francs ($11.5 billion) selling convertible securities to Government of Singapore Investment Group and an unidentified Middle Eastern investors.
McDonald's Corporation (NYSE: MCD) 1.5% HIGHER; announced that global comparable sales rose 8.2% for the month. Systemwide sales for McDonald's restaurants worldwide increased 16.3% in November, or 9.6% in constant currencies.
Vimpel-Communications (NYSE: VIP) 1.2% HIGHER; Lehman Bros. initiates coverage on Vimpel-Communications with an Overweight rating and $41 price target.
American Mortgage Acceptance Company (AMEX: AMC) INDICATED LOWER; As a result of widening credit spreads on certain of AMAC’s assets, coupled with a decline in yields on US Treasury securities, AMAC received margin calls on some of the Company’s repurchase facilities and interest rate derivative contracts. To meet these margin calls and increase liquidity for future cash needs, AMAC sold the remainder of the Company’s Fannie Mae and Ginnie Mae debt securities and two commercial mortgage-backed securities. In connection with the sale of these assets and based upon their amortized cost at the time of sale, the transactions resulted in $12.5 million of realized losses to the Company, as well as $1.0 million of net realized losses from the termination of interest rate swap contracts. Due to these realized losses, AMAC’s previous adjusted funds from operations per share guidance of $0.95 - $1.00 for 2007 is no longer a relevant forecast of expected AFFO and is withdrawn. In the interest of preserving the Company’s liquidity, AMAC’s Board of Trustees has decided not to declare the regular dividend paid to the Company’s common shareholders in the fourth quarter of 2007.
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