Gapping down
In reaction to disappointing earnings/guidance: VLO -3.3%, LEDS -2%.
M&A news: LO -6.4% (to be acquired by Reynolds American (RAI) in a cash-and-stock transaction currently valued at $68.88 per LO share, or a total of $27.4 bln, including the assumption of net debt), RAI -3.3% (confirms LO acq), SHPG -1.4% (cont vol on M&A spec).
Other news: OPTT -20.3% (disclosed Victorian Wave Partners, an indirect consolidated subsidiary, intends to terminate the Renewable Energy Demonstration Program Funding Deed),, STEM -6.9% (announces proposed $20 million offering), TRGT -4.5% (late weakness/subsequent halt on alzheimer drug update; Phase 2b clinical trial in Alzheimer's disease does not show superiority of TC-1735 over donepezil ), ADHD -1.8% (filed for $100 mln offering of ordinary shares), IRT -1.7% ( announces public offering of 6 mln shares of common stock ), BH -1.6% (filed for $85 mln common stock and rights offering), APOL -1.1% (informed by the U.S. Department of Education that the Department intends to conduct an ordinary course program review of University of Phoenix's administration of federal student financial aid (Title IV) programs).
Analyst comments: KORS -2.4% (Hearing several analysts out cautious this morning -- including Citigroup lowering target, Barlcays reits Underweight rating ), CPB -1.9% (downgraded to Sell from Neutral at Goldman), LXK -1% (downgraded to Underperform from Mkt Perform at Bernstein), K -0.9% (downgraded to Sell from Neutral at Goldman), MXIM -0.6% (downgraded to Equal Weight from Overweight at Barclays).
In reaction to disappointing earnings/guidance: VLO -3.3%, LEDS -2%.
M&A news: LO -6.4% (to be acquired by Reynolds American (RAI) in a cash-and-stock transaction currently valued at $68.88 per LO share, or a total of $27.4 bln, including the assumption of net debt), RAI -3.3% (confirms LO acq), SHPG -1.4% (cont vol on M&A spec).
Other news: OPTT -20.3% (disclosed Victorian Wave Partners, an indirect consolidated subsidiary, intends to terminate the Renewable Energy Demonstration Program Funding Deed),, STEM -6.9% (announces proposed $20 million offering), TRGT -4.5% (late weakness/subsequent halt on alzheimer drug update; Phase 2b clinical trial in Alzheimer's disease does not show superiority of TC-1735 over donepezil ), ADHD -1.8% (filed for $100 mln offering of ordinary shares), IRT -1.7% ( announces public offering of 6 mln shares of common stock ), BH -1.6% (filed for $85 mln common stock and rights offering), APOL -1.1% (informed by the U.S. Department of Education that the Department intends to conduct an ordinary course program review of University of Phoenix's administration of federal student financial aid (Title IV) programs).
Analyst comments: KORS -2.4% (Hearing several analysts out cautious this morning -- including Citigroup lowering target, Barlcays reits Underweight rating ), CPB -1.9% (downgraded to Sell from Neutral at Goldman), LXK -1% (downgraded to Underperform from Mkt Perform at Bernstein), K -0.9% (downgraded to Sell from Neutral at Goldman), MXIM -0.6% (downgraded to Equal Weight from Overweight at Barclays).