Gapping up
In reaction to earnings/guidance:
- PFPT +11.2%, MSFT +5.8%, PYPL +4.8%, KLAC +3.8%, APOL +3.2%, SYF +2.5%, CLS +2.0%, HON +1.7%, SAP+1.6%, MXIM +1.1%.
M&A news:
- RAI +21.3% (receives merger proposal from British Am Tobacco (BTI); values RAI at $56.50 per share or 20% premium to yesterday's closing price),
- COH +4.6% (M&A blog Betaville reports that Coach could be in talks with Burberry (BURBY) about a possible merger);
- KATE +3.0% (up in sympathy with COH),
- MO +2.3% (up on RAI/BTI merger news),
- PM +1.3% (up on RAI/BTI merger news),
- NXPI +1.3% (traded higher by ~4% yesterday on reports that Qualcom (QCOM) acquisition of NXPI could be announced next week at $110-120/share);
- WLH +2.4% (ticking higher, M&A blog Betaville reports on vague market rumors that Meritage Homes is said to be looking at a deal to acquire William Lyon),
Other news:
- CERC +56.1% (move higher in after hours with strength being attributed to Alkermes sympathy; CERC focuses on developing neurological and psychiatric disorders' treatments),
- ALKS +40.8% (announces positive topline results from FORWARD-5 for major depressive disorder; meets primary endpoint),
- VRSN +5.0% (discloses amendment to Cooperative Agreement with the U.S. Department of Commerce; amendment to the Registry Agreement with ICANN),
- PTCT +3.3% (announces that its joint development program in Spinal Muscular Atrophy with Roche and the SMA Foundation initiated a Phase 2 study in pediatric and adult Type 2/3 SMA patients),
- ALIM +6.6% (ticking higher, amended its $35 mln term loan agreement to provide Limited up to $10 mln in additional financing upon the achievement of certain revenue milestones),
Analyst comments:
- CHK +2.8% (upgraded to Neutral from Underperform at BofA/Merrill)