Gapping down
In reaction to disappointing earnings/guidance:
- KMT -17%, KWR -3.6% (guidance update) LII -0.6%
M&A news:
- IPHS -9.8% (to be acquired by One Rock Capital Partners for $32.00/share in cash; deal includes 30-day "go-shop" period)
Select pharma related names showing weakness on reports that opioid trial is expected to commence Monday:
- TEVA -3.6%, MCK -1.6%, CAH -1%, ABC -0.7%
Other news:
- SNN -8.1% (CEO steps down)
- PUMP -2.4% (reports the SEC is investigating PUMP regarding financial disclosures)
- GSK -0.5% (agrees to divest rabies and tick-borne encephalitis vaccines to Bavarian Nordic; co will receive an upfront payment of approximately EUR 301 mln)
Analyst comments:
- BA -2.1% (downgraded to Neutral from Buy at UBS; downgraded to Neutral from Outperform at Credit Suisse)
- IBM -0.7% (downgraded to Neutral from Buy at UBS)