Streetinsider.com After-Hours Movers 7/11: (IGOI) (GPS) (DELL) Higher; (CERE) (AVEO) (TRNO) Lower (more...)
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Stocks moving in after-hours trading on 7/11/13:
iGO, Inc. (Nasdaq: IGOI) 63.8% HIGHER; entered into a definitive Stock Purchase and Sale Agreement with Steel Excel Inc. (OTC: SXCL) pursuant to which Steel will commence a cash tender offer to purchase up to 44.0% of the outstanding shares of the Company's common stock on a fully-diluted basis at a price of $3.95 per share. The offer price represents a 71.7% premium to the Company's closing stock price on the NASDAQ of $2.30 on July 10, 2013. The Sale Agreement and the transactions contemplated thereby have been unanimously approved by the boards of directors of both companies.
Ceres (NASDAQ: CERE) 18.1% LOWER; reported Q3 EPS of ($0.38), $0.07 worse than the analyst estimate of ($0.31). Revenue for the quarter came in at $1.4 million versus the consensus estimate of $1.05 million.
AVEO Pharmaceuticals, Inc. (Nasdaq: AVEO) 14.2% LOWER; received a subpoena from the United States Securities and Exchange Commission (“SEC”) requesting documents and information concerning tivozanib, which the U.S. Food and Drug Administration (“FDA”) declined to approve for the treatment of patients with advanced renal cell carcinoma on June 10, 2013, including related communications with the FDA, investors and others. The Company intends to fully cooperate with the SEC regarding this non-public, fact-finding inquiry. The SEC has informed the Company that this inquiry should not be construed as an indication that any violations of law have occurred or that the SEC has any negative opinion of any person, entity or security. The Company does not intend to comment further on this matter unless and until this matter is closed or further action is taken by the SEC which, in the Company’s judgment, merits further comment or public disclosure.
Terreno Realty Corporation (NYSE: TRNO) 1% LOWER; announced that it plans to sell 5,000,000 shares of its common stock in an underwritten public offering pursuant to its effective shelf registration statement previously filed with the Securities and Exchange Commission. The underwriters will be granted a 30-day option to purchase up to an additional 750,000 shares of common stock. The Company intends to use the net proceeds from the offering for the repayment of debt, future acquisitions, general corporate purposes or a combination of the foregoing.
Gap Inc. (NYSE: GPS) 0.8% HIGHER; June comps rise 7%.
H&R Block, Inc. (NYSE: HRB) 0.8% HIGHER; announced that H&R Block Bank has entered into a definitive purchase and assumption agreement with Republic Bank and Trust Company ("Republic") to sell certain assets and transfer certain liabilities of H&R Block Bank to Republic. The agreement is subject to regulatory approvals as well as the negotiation of additional agreements under which Republic would act as the bank for H&R Block's core financial services products: Refund Transfers, Emerald Advance lines of credit, and the Emerald Prepaid MasterCard (NYSE: MA).
Dell, Inc. (NASDAQ: DELL) 0.6% HIGHER; Icahn says he's coming up with a higher bid for by tomorrow morning.
Cepheid (Nasdaq: CPHD) 0.6% HIGHER; announced preliminary results for the 2013 Second Quarter, ended June 30, 2013. Based on current projections, second quarter revenue is expected to be approximately $96 million, including approximately $70 million in Commercial Clinical revenue, a record $17 million from HBDC, and $9 million in Non-Clinical revenue. The Street sees revs of $92.2 million.
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