Gapping up
In reaction to earnings/guidance:
- LII +4.1%, PHG +3.5%, WMG +1.5%
Select index ETFs showing strength:
- QQQ +0.8%, SPY +0.5%, DIA +0.4%, IWM +0.3%
Other news:
- RESI +33.5% (Front Yard Residential enters into a definitive merger agreement whereby a partnership led by Pretium and including funds managed by the Real Estate Equity and Alternative Credit strategies of Ares Management Corporation (ARES), will acquire Front Yard in a transaction valued at approximately $2.4 billion, including debt to be assumed or refinanced)
- OSUR +19.2% (OraSure OMNIgene·ORAL collection device receives FDA Emergency Use Authorization for SARS CoV-2)
- FLDM +14.1% (Trump Administration provides saliva test at surge testing site in Waco, TX)
- BSTC +10.4% (Endo Intl to acquire all of the outstanding shares of BioSpecifics Technologies Corp. (BSTC) for $88.50 in cash per share, or an estimated enterprise value of approximately $540 million)
- CNTG +7.2% (receives FDA emergency use authorization for SARS-CoV-2 RT-PCR assay for individuals without symptoms or other reasons to suspect COVID-19)
- AMC +4.9% (to resume operations on October 23 at many theatres in the state of New York)
- SPRB +4% (Novo Holdings discloses 21.5% stake)
- CREE +3.8% (to sell LED business to SMART Global Holdings (SGH) for up to $300 Million)
- FLR +3.7% (announced that UAMPS was awarded a funding vehicle that could provide up to $1.355 billion by the U.S. Department of Energy)
- MREO +2% (announces FDA clearance of IND application to proceed with a Phase 1b/2 study for the Company's lead oncology product candidate etigilimab)
- YI +1.9% (111, Inc. and Bayer (BAYRY) Healthcare to collaborate on drug commercialization initiatives in China)
- CXO +1.9% (ConocoPhillips (COP) to acquire Concho Resources in all-stock transaction)
- EXEL +1.8% (Exelixis and Bristol Myers Squibb (BMY) receive acceptance of Priority Review Applications for OPDIVO (nivolumab) in combination with CABOMETYX)
- SRNE +1.6% (discloses binding term sheet for the acquisition of all of the issued and outstanding equity of ACEA Therapeutics)
- LH +1.3% (launches quantitative antibody test to assess effectiveness of COVID-19 vaccines in clinical trials)
- TEAM +1.2% (continued strength; co to simplify self-managed offerings for cloud services)
- ATUS +0.9% (presents revised and enhanced offer to acquire Cogeco)
- COP +0.9% (ConocoPhillips (COP) to acquire Concho Resources (CXO) in all-stock transaction) .
Analyst comments:
- CRK +3.4% (upgraded to Overweight from Neutral at Piper Sandler)
- MCHP +3.4% (upgraded to Overweight from Equal-Weight at Morgan Stanley)
- JE +2.8% (upgraded to Sector Perform from Underperform at RBC Capital Mkts)
- NI +2.3% (upgraded to Buy from Neutral at BofA Securities)
- TGH +1.8% (upgraded to Outperform from Mkt Perform at Keefe Bruyette)
- KSU +1.7% (upgraded to Outperform from Market Perform at BMO Capital Markets)
- CTVA +1.7% (upgraded to Buy from Neutral at BofA Securities)
- ADM +1.6% (upgraded to Overweight from Neutral at JP Morgan)
- LECO +0.9% (upgraded to Overweight from Equal Weight at Barclays)