Gapping downIn reaction to disappointing earnings/guidance:
- OZK -21.8% (missed Q3 EPS by wide margin) LLNW -9.4% (Q3 in-line, FY18 outlook in-line), SREV -8% (guided Q3 and FY18 revenues downward; appointed Richard G. Walker CFO), MAN -6.8% (missed on top line) TEAM -5.4% (beat Q1 ests; guided slightly above ests) CNXN -3.9% (issued downside guidance for Q3 EPS and revs), ADNT -2.4% (lowered FY18 outlook)
M&A news:
- VLO -3% (acquiring VLP, downgraded to Sell at Goldman)
Other news:
- INAP -13.9% (announced common stock offering; light Q3 rev guidance), AKTS -9.2% (proposed offering of common stock and convertible senior notes), XOG -5.5% (updated FY18 production outlook and provided initial look at FY19 crude production), AIG -3.3% (announced preliminary global catastrophe losses net of reinsurance of approx. $1.5-1.7 bln for Q3), DWDP -1.3% (disclosed $4.6 bln impairment charge; announced filing of initial Form 10 registration statement for the separation of Corteva Agriscience)
Analyst comments:
- EBAY -6.3% (downgraded to Hold at Stifel following PYPL earnings), NVRO -5.3% (downgraded to Sell at Goldman ), BIIB -1.3% (downgraded to Mkt perform at Bernstein),
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