Gapping down
In reaction to disappointing earnings/guidance:
- ZION -5.9%, TTS -5.5%, STLD -5.2%, CNC -2.8%, HOG -2.3%, CDNS -1.9%, HSTM -1.6%, WHR -1.2%, FITB -0.9%, AMTD -0.8%, TRV -0.8%
M&A news:
- QUAD -2% (LSC Communications and Quad/Graphics (QUAD) terminate $1.4 bln merger agreement instead of challenging DOJ's lawsuit)
Other news:
- LKSD -13.8% (LSC Communications and Quad/Graphics (QUAD) terminate $1.4 bln merger agreement instead of challenging DOJ's lawsuit)
- ACAD -13.7% (announces top-line results from Phase 3 ENHANCE trial of pimavanserin as adjunctive treatment for patients with schizophrenia; did not achieve statistical significance on the primary endpoint)
- CCO -7.2% (proposes to sell 100 million shares of common stock)
- RDFN -4.2% (following RLGY and AMZN collaboration)
- LCI -3.8% (after closing up more than 40% on the day)
- IONS -3.2% (Biogen (BIIB) reports SPINRAZA Q2 sales -6% sequentially (+15% yr/yr) to $488 mln (vs. estimates of around $530 mln))
- ZG -2.6% (following RLGY and AMZN collaboration)
- QCOM -1.4% (following WSJ report that Apple may buy Intel's smartphone-modem chip unit)
- RARX -1.1% (proposes $100 mln public offering of common stock)
Analyst comments:
- CADE -1.7% (downgraded to Mkt Perform from Outperform at Keefe Bruyette)
- SFM -0.9% (downgraded to Perform from Outperform at Oppenheimer)