HIGHER: WellCare (WCG), up 10% after announcing that Centene (CNC) will acquire the company in a cash and stock transaction valued at $305.39 per share, or a total enterprise value of $17.3B… Axsome Therapeutics (AXSM), up 13% after receiving breakthrough therapy designation for AXS-05 from the FDA… Fiat Chrysler (FCAU), up 3% after Financial Times reports Renault (RNSDF) is seeking to resume merger discussion with Nissan (NSANY) within 12 months and then acquire another automaker, with Fiat Chrysler among potential targets… ON Semiconductor (ON), up 3% after Goldman Sachs analyst Mark Delaney upgraded the stock to Buy from Neutral with a $26 price target. While not immune to cyclical risks, ON has improved its exposure to secular opportunities in advanced driver assistance system image sensors, electric vehicles and the cloud, Delaney tells investors. UP AFTER EARNINGS: Lennar (LEN), up 2%. DOWN AFTER EARNINGS: At Home Group (HOME), down 11%. ALSO LOWER: Centene, down 11% after announcing deal to acquire WellCare… Southwest (LUV), down 1% after cutting its forecasts for Q1 due to weather and “unanticipated events,” including the grounding of the Boeing (BA) 737 MAX 8… Acacia Communications (ACIA), down 4% after Morgan Stanley analyst Meta Marshall downgraded shares to Underweight from Equal Weight… Nabriva Therapeutics (NBRV), down 5% after Gabelli analyst Kevin Kedra double downgraded the stock to Sell from Buy citing valuation and concerns about Contepo’s likelihood of FDA approval… Macom (MTSI), down 6% after Goldman Sachs analyst Mark Delaney downgraded shares to Sell from Neutral while raising his price target for the shares to $15 from $14. Current consensus estimates set a “high bar” and the shares currently trade at a premium multiple, Delaney contends.
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