Gapping up
In reaction to strong earnings/guidance:
- HLIT +15.3%, (also Avid Tech announces a global patent cross-licensing agreement with Harmonic), UIS +10.7%, ALSN +8.2%, EXAS +7.8%, SNE +7.7%, APTI +6.9%, STRL +6.3%, CGNX +5.9%, (also announced that its quarterly dividend has been increased to $0.09 per share. The company's stock will undergo a 2-1 split and will begin trading on a split-adjusted basis on December 4), QNST +5.8%, MDLZ +5.3%, MRNS +4.9%, RCII +4.3%, (also to explore strategic and financial alternatives, suspends quarterly dividend; Chairman Steven Pepper resigns), MOS +4.3%, TREX +4.2%, RYAAY +4%, CMCO +4%, CRAY +3.4%, SHOP +3.3%, MDCA +3.1%, DAC +3%, RTTR +3%, WCG +2.8%, KAI +2.7%, BP +2.5%, INCY +2.4%, ETN +2.3%, BURL +2.2%, (expects Q3 EPS of $0.64-0.66, including $0.02 benefit from the recent accounting change for share-based compensation, vs $0.62 consensus; also sees comps approx. 3.1% vs guidance of 2-3% ), RDY +2.2%, BPMC +2.2%, CBI +2%, SBAC +1.9%, AET +1.8%, LMNX +1.7%, TCPC +1.3%, OSK +1.1%, NTLA +1.1%, NPO +1%
M&A news:
- NSM +5.9% (reports the company hired advisors for potential sale)
Other news:
- GERN +14.6% (FDA has granted Fast Track designation to imetelstat for the potential treatment of adult patients with transfusion-dependent anemia due to Low or Intermediate-1 risk myelodysplastic syndromes)
- MBVX +12.5% (provides update on MVT-5873 Phase 1 clinical program and expansion of preclinical development pipleline)
- SNGX +6% (discloses entry into a securities purchase agreement pursuant to which it agreed to issue and sell an aggregate of 1,575,500 shares of its common stock in a registered direct offering & private placement at $2.00)
- DBVT +2.6% (reports Q3 cash position)
- KTOS +1.3% (receives unmanned aerial drone system contract valued at $14.5 million)
- NVS +0.8% (submits application for Kymriah to FDA)
Analyst comments:
- NVAX +12.7% (upgraded to Buy from Neutral at Citigroup)
- ABB +2.2% (added to Conviction Buy List at Goldman)
- CRM +0.9% (initiated with a Buy at Guggenheim)
- CERN +0.8% (upgraded to Outperform from Neutral at Robert W. Baird)
