>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance:

  • FDS -7.2%, INFO -2.7%, EBF -1.4%, MANU -0.6%

M&A news:

  • KORS -1% (confirms agreement to acquire Versace for $2.12 bln)

Other news:

  • TGTX -27.6% (provides update regarding UNITY-CLL Phase 3 trial -- interim analysis of Overall Response Rate could not be conducted at this time as the data were not sufficiently mature to conduct the analysis)
  • SNDX -12.9% (announces updated results from ongoing Phase 2 ENCORE 601 trial of Entinosat in combination with KEYTRUDA in NSCLC; ORR results rate failed to meet prespecified endpoint)
  • PETQ -4.6% (commences public offering of 2.0 mln shares of common stock; selling shareholders also intend to offer 3.0 mln shares upon exchange of membership units of PetIQ Holdings)
  • AMRN -4.4% (modestly pulling back)
  • CWEN -2.8% (commenced offering of 3,916,449 shares of Class C common stock)
  • BJ -2.7% (commences underwritten follow-on public offering of 28.0 mln shares of common stock by selling stockholders)
  • CTL -2.6% (Chief Financial Officer Sunit Patel has resigned after accepting an executive leadership role at another company)
  • DLR -2.5% (prices public offering of 8.5 mln shares of its common stock at a price of $113.00 per share)
  • FB -2.3% (Instagram Co-founders Kevin Systrom & Mike Krieger to resign)
  • ANAB -1.9% (announces $200 million common stock offering)
  • CNP -1.2% ( announces public offering of $1.5 bln in common stock and $750 mln in depositary shares)
  • NRE -1.1% (NorthStar Realty Europe shareholder Senvest Management sends letter to the Board, proposes several potential solutions to the company stock trading at a significant discount to net asset value)

Analyst comments:

  • DCPH -5.1% (initiated with Underperform at Leerink Partners)
  • DFIN -4.1% (downgraded to Underweight from Neutral at JP Morgan)
  • CY -2.7% (downgraded to Sector Weight from Overweight at KeyBanc Capital Mkts)
  • ON -1.2% (downgraded to Mkt Perform from Outperform at Raymond James)
  • INTC -1% (downgraded to Underperform from Mkt Perform at Raymond James)
  • CACI -0.8% (downgraded to Hold from Buy at Jefferies)