Streetinsider.com Pre-Open Movers 07/12: (WBMD) (SPRD) (INFY) Higher; (CERE) (UPS) (SODA) 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) 25.3% 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. Downgrades at Piper Jaffray and Raymond James.
WebMD Health Corp. (NASDAQ: WBMD) 19.4% HIGHER; announced preliminary financial results for the three months ended June 30, 2013 and increased financial guidance for 2013. Preliminary Results for the Three Months Ended June 30, 2013For the three months ended June 30, 2013, WebMD expects: * Revenue to be between $124 million and $125 million, an increase of 10% to 11% from the prior year period. Prior financial guidance provided for revenue to be in excess of $115 million. * Earnings before interest, taxes, non-cash and other items ("Adjusted EBITDA") to be pproximately $29 million, or approximately 23% of revenue, an increase of 104% from the prior year period. Prior financial guidance provided for Adjusted EBITDA, as a percentage of revenue, to be in excess of 18%. * Net income to be approximately $3 million, or $0.05 per diluted share, or approximately 2% of revenue. Prior financial guidance provided for net loss, as a percentage of revenue, to be approximately (1%). *** The Street sees revs of $117 million and break even results.
Spreadtrum Communications, Inc. (Nasdaq: SPRD) 14.2% HIGHER; Tsinghua Unigroup Ltd. and Spreadtrum entered into a definitive merger agreement under which Tsinghua Unigroup will acquire all of the outstanding Ordinary Shares of Spreadtrum for US$31.00 per American Depositary Share
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.
Infosys Technologies Ltd (NYSE: INFY) 7.9% HIGHER; reported Q1 EPS of $0.73, $0.03 better than the analyst estimate of $0.70. Revenue for the quarter came in at $1.99 billion versus the consensus estimate of $1.93 billion. FY14 revenues are expected to grow 6% to 10%.
UPS (NYSE: UPS) 5.1% LOWER; announced that second quarter diluted earnings per share are expected to be $1.13. Overcapacity in the global air freight market, increasing customer preference for lower-yielding shipping solutions, and a slowing U.S. industrial economy drove revenue and operating profit below expectations. In addition, UPS experienced some slowing in package volume growth as a result of labor negotiations. *** The Street currently sees Q2 EPS of $1.20.
Edwards Lifesciences Corporation (NYSE: EW) 4.7% HIGHER; announced that the District Court of Mannheim, Germany, today found that Medtronic (NYSE: MDT) infringes Edwards' Spenser patent for transcatheter heart valve technology. The court granted an injunction prohibiting the sale of CoreValve and CoreValve Evolut systems in Germany, a recall of these products, and an accounting for past damages.
SodaStream International (NASDAQ: SODA) 2.8% LOWER; Oppenheimer downgraded from Outperform to Perform. Analyst Joseph Altobello said he is stepping back ahead of what could be a choppy Q2.
Dollar General (NYSE: DG) 2.5% LOWER; Goldman Sachs initiates coverage with a Neutral. PT $58.00.
Restoration Hardware Holdings, Inc. (NYSE: RH) 2.4% LOWER; announced the pricing of its public follow-on offering of 8,000,000 shares of common stock at a public offering price of $70.00 per share.
Valero Energy Corporation (NYSE: VLO) 2% LOWER; expects to report net income attributable to Valero stockholders in the range of $0.80 to $0.90 per share for the second quarter of 2013. (Street sees Q2 EPS of $1.27)
FedEx Corporation (NYSE: FDX) 1.6% LOWER; down on UPS warning
Xilinx (NASDAQ: XLNX) 1.6% HIGHER; Citi upgraded from Neutral to Buy with a price target of $50 (from $40). Analyst Glen Yeung thinks the company is entering an "extended period of above industry growth." In his view, this growth will be driven by Chinese wireless infrastructure deployment.
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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