Gapping up
In reaction to strong earnings/guidance:
- TTS +13.3%, ERIC +6.2%, AA +4.5% (also announced $200 mln stock repurchase program), ADS +3.1%, STLD +3%, PM +1.7%, NVS +1.3%, MDSO +1.1%, DHR +1%.
M&A news:
- ECYT +51.3% (to be acquired by Novartis (NVS) for $24/share in cash, or approximately $2.1 bln)
- IVZ +3.6% (to acquire OppenheimerFunds for 81.9 mln shares of common equity and $4 bln in perpetual, non-cumulative preferred shares)
- HIFR +1.6% (to be acquired by Oncor Electric Delivery for $21.00/share)
Other news:
- EIGR +4.9% (announced 'positive' data from Phase 2 LIMT HDV study)
- TCP +3.1% (light volume; subsidiary filed settlement agreement with FERC)
- CP +1.7% (announces intention to launch new share repurchase program of up to approx. 5.68 mln of its common shares)
Analyst comments:
- PTI +65.6% (upgraded to Outperform from Sector Perform at RBC Capital Mkts)
- FLR +2.1% (upgraded to Buy from Neutral at Goldman)
- UAL +0.9% (upgraded to Overweight from Equal-Weight at Stephens)