Gapping up
In reaction to strong earnings/guidance:
- LZB +18.7%, KEYS +13.7%, PSTG +13.1% (also acquired StorReduce, a cloud-first software-defined storage solution for managing large scale unstructured data; financial terms of the acquisition are not being disclosed), BITA +11.3%, UXIN +9%, PPDF +8.9%, PLAB +7.8%, MOMO +7.3%, TGT +5.5%, URBN +5.4%, FRO +3.7%, SFL +1.7%, MYGN +1.5%, RY +0.9%
M&A news:
- NAVG +10.2% (to be acquired by Hartford (HIG) for $70/share in cash, or ~$2.1 bln)
Other news:
- EXAS +13.9% (Exact Sciences and Pfizer (PFE) announce agreement through 2021 to co-promote Cologuard)
- ZNGA +9.1% (Zynga confirms multi-year licensing agreement with Disney to develop and publish a new mobile game with the option for a second game)
- SRRA +8.2% (Sierra Oncology acquires drug candidate momelotinib from Gilead Sciences (GILD))
- STAR +4% (will replace A. Schulman [SHLM] in the S&P SmallCap 600)
- OCUL +2.9% (ticking higher after Pres/CEO disclosed the purchase of 20K shares worth ~$120K)
- ADI +1.8% (reinstates share repurchase program and authorizes repurchase of an additional $2 bln of its common stock; reports earnings tomorrow before the open)
Analyst comments:
- YRCW +2.9% (upgraded to Buy from Hold at Deutsche Bank)
- MELI +1.1% (upgraded to Buy from Hold at Stifel)
- ITRI +0.9% (upgraded to Buy from Hold at Argus)
- LSTR +0.7% (upgraded to Outperform from Market Perform at Wells Fargo)
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