Gapping down
In reaction to disappointing earnings/guidance:
- AVGR -17.3%, ORCL -8.2%, PLCE -7.9%, LX -4.7%, ATTO -2.7%
M&A news:
- CE -2.4% (is abandoning its merger agreement with Blackstone's Rhodia Acetow business and that the two parties have withdrawn their notification of the proposed joint venture from the European Commission)
Other news:
- NOG -13.9% (sees Q1 production up 5-6%; raises FY18 production growth to +18-22%; commences an underwritten public offering of an aggregate value of $105 mln of shares of its common stock)
- GPI -9.6% (says Q1 earnings will be negatively affected by weak market conditions)
- PTI -9.2% (proposes public offering of 9 mln shares of common stock)
- GLYC -5.8% (to offer 4.5 mln shares of common stock in underwritten public offering)
- OPNT -2.1% (pulling back after 28% move higher in midday trade -- has filed amendment to prospectus dated November 7, 2017 to update the amount of shares eligible to sell to 20 mln; announced that Pres/CEO Roger Crystal will provide corporate overview at the Oppenheimer Annual Healthcare Conference, on March 21 at 1pm ET)
- XNCR -0.7% (to offer 5 mln shares of its common stock)
Analyst comments:
- CMC -1.7% (initiated with a Sell at Goldman)
- D -0.5% (downgraded to Neutral from Buy at BofA/Merrill)