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Onyx Pharmaceuticals, Inc. (NASDAQ: ONXX) 53.5% HIGHER; confirmed that it has received and rejected an unsolicited proposal from Amgen Inc. (Nasdaq: AMGN) to acquire all of Onyx's outstanding shares and share equivalents for $120 per share in cash, subject to due diligence and other conditions. The Board of Directors of Onyx had evaluated the proposal made by Amgen with the assistance of its financial and legal advisors and concluded that the price proposed by Amgen significantly undervalued Onyx and its prospects, and was not in the best interest of Onyx or its shareholders. Onyx communicated this determination to Amgen on Friday, June 28, 2013. Based upon expressions of interest received from other third parties and the recent proposal from Amgen, the Onyx Board has authorized its financial advisor to contact potential acquirers who may have an interest in the Company in a transaction that is in the best interest of Onyx shareholders.
Acura Pharmaceuticals, Inc. (Nasdaq: ACUR) 24.5% HIGHER; announced that Pfizer Inc. (NYSE: PFE) will expand commercialization of OXECTA (oxycodone HCl) Tablets CII to health care providers in the 4th quarter of 2013. These activities will be directed to a national cross section of healthcare professionals who treat pain, but will not include the use of field representatives.
EZCORP, Inc. (NASDAQ: EZPW) 7.9% LOWER;announced that because of the precipitous decline in gold prices and the subsequent decline in gross margins on gold scrapping, the company does not expect to achieve its previously announced guidance for its third fiscal quarter ended June 30, 2013, and its current fiscal year ending September 30. The company expects the impact on earnings per share will be in excess of 35 cents in the second half of the fiscal year. The company had indicated in its second quarter earnings release that a continuation of the challenging environment would likely lead to earnings in the lower end of its guidance range, and since then the price of gold has dropped much further. The Street is looking for Q3 EPS of $0.49 and revs of $251.0 million.
Canadian Solar Inc. (NASDAQ: CSIQ) 6.7% HIGHER; announced that it has been awarded an exclusive module supply agreement to provide photovoltaic (PV) modules totaling 91MW for Soleq Solar (Thailand) Co. Ltd. (Soleq) power plant projects in Thailand.
Nokia Corporation (NYSE: NOK) 5.6% HIGHER; Nokia and Siemens AG (NYSE: SI) entered into a definitive agreement pursuant to which Nokia acquires Siemens' entire 50% stake in their joint venture, Nokia Siemens Networks. The acquisition has been approved by the Board of Directors of Nokia as well as the Managing and Supervisory Boards of Siemens, and is subject to the customary regulatory approval process.
Pandora (NYSE: P) 5% HIGHER; Morgan Stanley upgraded from Equalweight to Overweight.
BlackBerry (NASDAQ: BBRY) 2.8% LOWER; continues lower after Q1 'miss'; multiple downgrades
Best Buy (NYSE: BBY) 2.8% HIGHER; Credit Suisse resumed coverage with an Outperform rating and a modified price target of $40.00 (from $32.00).
Biogen (NASDAQ: BIIB) 2.4% HIGHER; Citi upgraded from Neutral to Buy
Valero Energy (NYSE: VLO) 0.8% LOWER; JPMorgan downgraded from Neutral to Underweight
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