Gapping up
In reaction to strong earnings/guidance:
In reaction to strong earnings/guidance:
- RAD +29.1%, REVG +7.8%, MU +3.4%
M&A related:
- APY +14.1% / ECL +0.9% (Apergy to combine with Ecolab's upstream energy business in a tax-free transaction)
- MSBF +12% / KRNY +1.8% (Kearny Financial will acquire MSB Financial in a transaction valued over $94 million; expected to close during the 2nd calendar quarter of 2020)
- TLRA +8.4% / RUBI +6.8% (Rubicon Project and Telaria agree to merge in stock for stock deal)
- TIVO +5.8% (Xperi [XPER] and TiVo to combine in an all-stock transaction)
- SYNA +2.8% (to divest its Asia-based, mobile LCD TDDI business to Hua Capital for $120 million in cash)
- PACB +2.2% (Illumina [ILMN] delivered written notice to Pacific Biosciences to extend the merger end time to March 31, 2020; will make cash payments to PacBio of $6 mln)'
- CNC +1.6% (Centene announces extension of exchange offers and consent solicitations for up to $1.95 bln WellCare [WCG] notes )
- GLPI +1.7% (Land & Buildings Investment Management wants Game and Leisure Properities to look for a merger partner, according to the WSJ)
Micron (MU) peers are trading higher in sympathy:
- WDC +2.3%, NVDA +0.6%, AMD +0.4%, STX +0.3%
Other news:
- PRTK +42.7% (awarded BARDA Project Bioshield contract for NUZYRA valued at up to $285 mln)
- NBEV +8% (Director Haas disclosed the purchase of ~100K shares worth ~$200K)
- AXSM +7.7% (prices 2 mln common stock offering at $87.00/share), I +4.2% (extending late move higher -- spectrum payout decision to be passed on to the FCC after stalling in Congress, according to Bloomberg)
- NLTX +4% (continued momentum), SGEN +3.8% (Seattle Genetics confirms FDA granted accelerated approval to Astellas' (ALPMY) and Seattle Genetics' PADCEV; to host call at 9 a.m. EST), MGNX +3.5% (light volume; initiated with Overweight at Cantor Fitzgerald), QIWI +3.1% (modestly rebounding), MTCH +2.5% (InterActiveCorp and Match Group to separate Match Group from IAC), EXEL +1.8% (announces a collaboration agreement with Roche to evaluate cabozantinib in patients with locally advanced or metastatic solid tumors),
- EPZM +1.5% (continued strength; also submitted New Drug Application to FDA for accelerated approval of tazemetostat for the treatment of patients with relapsed or refractory follicular lymphoma)
Analyst comments:
- INO +7.6% (initiated with a Buy at ROTH Capital; tgt $13)
- AERI +1.5% (initiated with a Buy at Citigroup)
- CSCO +1% (upgraded to Overweight at Barclays)
- TPR +1% (upgraded to Buy from Hold at Edward Jones)
- TTD +0.6% (named Top Stock Pick for 2020 at Needham)