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Idenix Pharmaceuticals, Inc. (NASDAQ: IDIX) 35.5% LOWER; announced the Company has received verbal communication from the U.S. Food and Drug Administration (FDA) requesting additional preclinical safety information for IDX20963, Idenix's lead uridine nucleotide prodrug candidate. Initiation of clinical trials for IDX20963 is on hold and the Company must provide a satisfactory response to the FDA before clinical trials can begin in the United States. As a result, the Company anticipates a delay in the initiation of the clinical program for IDX20963 while it responds to the FDA's comments. Idenix recently submitted an Investigational New Drug (IND) application for IDX20963 to the FDA, including preclinical data demonstrating potent, pan-genotypic activity. Multiple downgrades
Spreadtrum Communications, Inc. (Nasdaq: SPRD) 18.6% HIGHER; announced that its Board of Directors has received a preliminary non-binding proposal letter, dated June 20, 2013, from Tsinghua Unigroup Ltd. ("Unigroup"), an operating subsidiary of Tsinghua Holdings Co. Ltd., a solely state-owned limited liability corporation funded by Tsinghua University in China, pursuant to which Unigroup proposes to acquire the Company (the "Transaction") for US$28.50 in cash per American Depositary Share.
Oracle Corp (NASDAQ: ORCL) 7.7% LOWER; reported Q4 EPS of $0.87, in-line with the analyst estimate of $0.87. Revenue for the quarter came in at $10.9 billion versus the consensus estimate of $11.12 billion.
Brookfield Renewable Energy Partners L.P. (NYSE: BEP) 7.7% HIGHER; announced that, in light of current capital market conditions, it has decided not to proceed with its previously announced U.S. and Canadian public offering of limited partnership units at this time.
Carmax, Inc. (NYSE: KMX) 7.1% HIGHER; eported Q1 EPS of $0.64, $0.06 better than the analyst estimate of $0.58. Revenue for the quarter came in at $3.31 billion versus the consensus estimate of $3.15 billion.
Facebook (NASDAQ: FB) 3.1% HIGHER; UBS upgraded from Neutral to Buy with a price target of $30.00 (from $28.00)
Tesla (Nasdaq: TSLA) 2.5% HIGHER; unveils 90-second battery swap system.
Rexnord (NYSE: RXN) 2% HIGHER; announced the pricing of the previously announced public offering of its common stock held by certain funds affiliated with Apollo Global Management, LLC (NYSE: APO). Pursuant to the terms of the offering, the Apollo funds, the sole selling stockholder, will sell 6,500,000 shares of Rexnord common stock at a price to the public of $16.00 per share, and they have also granted to the underwriters of the common stock offering an option to purchase up to an additional 975,000 shares of common stock.
Water Energy Inc. (NYSE: WLT) 1.7% LOWER; Standard & Poor's Ratings Services said today that it placed its ratings, including its 'B' corporate credit rating, on Water Energy Inc. (NYSE: WLT) on CreditWatch with negative implications. At the same time, we lowered the rating on the existing senior secured bank facility to 'B+' from 'BB-' and revised the recovery rating to '2' from '1'. We also withdrew the 'BB-' rating on its proposed senior secured bank facilities after the company announced on June 14, 2013, that it was not proceeding with the refinancing of a portion of its existing debt. The CreditWatch placement means we could affirm or lower the ratings after we complete our review.
Forest Laboratories (NYSE: FRX) 1.5% HIGHER; Goldman Sachs upgraded from Neutral to Buy with a price target of $50.00 (from $40.00) citing increased potential for strategic options.
Sprint (NYSE: S) 1.3% LOWER; DISH Network Corporation (Nasdaq: DISH) abandons Sprint bid.
Tibco Software, Inc. (NASDAQ: TIBX) 0.3% LOWER; reported Q2 EPS of $0.18, in-line with the analyst estimate of $0.18. Revenue for the quarter came in at $245 million versus the consensus estimate of $246.55 million.
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