Gapping down
In reaction to disappointing earnings/guidance:
- N/A.
M&A news:
- IFF -5.4% (Intl Flavors to merge with DuPont's (DD) Nutrition & Biosciences business; deal values the combined company at $45.4 bln; both IFF and DD reaffirm FY19 guidance)
Other news:
- GOSS -31% (trading lower once again following negative updated from Novertis (NVS) DP2 antagonist Fevipiprant)
- PCG -26% (California Governor Gavin Newsom rejects PG&E reorganization plan)
- BGNE -9.8% (announces results of phase 3 aspen trial of zanubrutinib compared to ibrutinib for the treatment of patients with waldenström's macroglobulinemia; primary endpoint of statistical superiority related to deep response (vgpr or better) was not met)
- WPX -3.9% (to purchase Felix Energy for $2.5 bln; Transaction is accretive on all important metrics: EPS, CFPS, FCF per share, ROCE and NAV)
- NK -3.1% (NantKwest and ImmunityBio present results of landmark trial of first-in-human natural killer cell combination immunotherapy with durable, complete response data and 78% disease control in refractory triple negative breast cancer at SABCS)
- FRTA -1.4% (files for ~45.1 mln share common stock offering by selling stockholders)
- QTNT -1.1% (entered into a Registration Rights Agreement with its CEO, Chairman, and CFO with respect to an aggregate of 105,000 ordinary shares owned by these individuals)
Analyst comments:
- URBN -1.7% (downgraded to Hold from Buy at Loop Capital)
- CRS -1.4% (downgraded to Neutral from Buy at Longbow)
- REGN -1.4% (downgraded to In-line from Outperform at Evercore ISI)
- PEP -0.8% (downgraded to Equal-Weight from Overweight at Morgan Stanley)