TheChek News Flow

Gapping down
In reaction to disappointing earnings/guidance:

• SDC -23%, RVLV -18.7%, SUPN -17.3% (also announces SPN-810 trial did not meet primary endpoint), VICR -13.2%, FOSL -12.4%, PODD -11.6%, TOL -10.5%, SCCO -9.3%, WB -9.2%, PLNT -8.3%, SINA -7.8%, EXEL -7.2% (also announces enrollment of first 100 patients in COSMIC-311), ATRO -7.2%, GWPH -6.7%, PEN -6.7%, SPCE -6.5%, REAL -6.5%, UIS -6.3%, OSW -5.7%, WEN -4.6%, UTHR -4.3%, DAKT -3.9%, SSYS -3.8%, ORA -3.7%, RYAM -3.7%, INGN -3.5%, TPB -3.3%, JAZZ -2.9%, EVTC -2.7%, CRM -2.6% (also Keith Block will step down as co-CEO; also to acquire Vlocity), DK -2%, DY -1.8%, AMRN -1.7%, PEI -1.7%, RRGB -1.3%, MGPI -1.3%, CIO -1.1%, LDL -0.9%

Other news:

• VNDA -7.6% (announces results from Phase III EPIONE study of tradipitant for the treatment of pruritus in atopic dermatitis; the study did not meet is primary endpoint across the overall study population)
• TSLA -3.3% (Panasonic will exit solar cell production at Tesla's New York plant)
• DIS -2.2% (CEO Bob Iger steps down; Bob Chapek new CEO)
• UBER -1.6% (Jason Droege, head of the Uber Eats business, will be leaving)
• FRPT -0.7% (announces stock offering)

Analyst comments:

• KBH -5.2% (downgraded to Hold from Buy at SunTrust)
• DHI -3.2% (downgraded to Hold from Buy at SunTrust)
• KOS -2.4% (downgraded to Mkt Perform from Outperform at Bernstein)
• NKE -1.4% (downgraded to Hold from Buy at HSBC Securities)
• AOS -1.1% (downgraded to Neutral from Outperform at Robert W. Baird)
• PHM -0.8% (downgraded to Hold from Buy at SunTrust)

Gapping up
In reaction to earnings/guidance:

• APT +17.9%, MRNA +13%, OCN +12.4%, PBPB +10.5%, BGS +9.4%, INSP +8.5%, ALRM +5.7%, WW +5.1%, AMRX +5%, MTDR +4.9%, ENDP +4.9%, MIDD +4.9%, NVRO +3.4%, HZNP +3.3%, GNL +3.2%, PZZA +2.9%, EYE +2.3%, INN +2.1%, AKCA +1.9%, TROX +1.7%, OUT +1.7%, BHVN +1.7%, AEE +1.7%, INFN +1.5%, WYND +1.5%, CLDT +1.4%, IONS +1.3%, RRD +0.9%, SYX +0.9%, ODP +0.8%, CARS +0.7%

Other news:

• IFRX +21.3% (announces "positive" initial data from Phase IIa open label study if IFX-1 in Pyoderma Gangraenosum)
• MNLO +20% (did not meet primary endpoint in Phase 2 serlopitant for the treatment of chronic pruritus of unknown origin)
• NVAX +3.1% (announces publication of preclinical NanoFu data in Vaccines)
• MEDP +2.2% (files for mixed securities shelf offering)
• RDS.A +0.8% (Bloomberg report that it plans deep water wells in Mexico)

Analyst comments:

• KTOS +2.3% (upgraded to Buy from Hold at Jefferies)
• REGN +1.1% (upgraded to Buy from Hold at Canaccord Genuity)
• SBRA +0.9% (upgraded to Buy from Neutral at Mizuho)
• DPZ +0.5% (upgraded to Buy from Hold at Argus)

Gapping down
In reaction to disappointing earnings/guidance:

• TUP -19.1%, PANW -15.3%, SHAK -13%, KTOS -12.5%, EVER -10.4%, CPS -10.2%, BSM -9.2%, CLVS -6.8%, CSOD -6.6%, TREE -6.2%, HTZ -5.7%, TNDM -5.5%, GH -5.2%, USCR -4.8%, MGI -4.3%, AXGN -4.1%, PUMP -4%, APTS -3.5%, WBT -3%, BMO -2.9%, AMWD -2.4%, OKE -2.2%, MIC -2.1%, MA -2% (updates first-quarter and full-year 2020 net revenue outlook based on the impact of the Coronavirus), FCN -1.7%, HALO -1.5%, ICPT -1%

Other news:

• BXC -13% (issues statement regarding 'misleading' public statements by Bluefin Acquisitions)
• EXAS -6.4% (aupsizes offering to $1.0 bln (from $850 mln) and prices 0.3750% convertible senior notes due 2028)
• BAND -4.3% (announces proposed private offering of $300 mln aggregate principal amount of Convertible Senior Notes due 2026)
• RDHL -3.2% (acquires rights to Movantik from AstraZeneca)

Analyst comments:

• BUD -1.9% (downgraded to Reduce from Hold at HSBC Securities)
• DIN -1.4% (downgraded to Neutral from Buy at MKM Partners)
• MU -0.7% (downgraded to Underperform from Buy at BofA/Merrill)

Gapping up
In reaction to strong earnings/guidance:

• MNK +45.3% (also announces agreement in principle for global opioid settlement and associated debt refinancing activities), CDEV +26.6%, LL +23.2%, MMSI +11%, RCII +8.7%, KEYS +7.5%, PROS +7.4%, CMRX +6.9%, SLCA +6.5%, OPRA +5.9%, DNR +5.6%, HPQ +4.8% (also announces strategic and financial value creation plans; increases total share repurchase authorization to $15 bln), ITRI +4.2%, EOLS +3.7%, INTU +3% (also announces plans to acquire Credit Karma for $7.1 bln), RTRX +2.7%, BNS +2.7%, XHR +2.6%, COOP +2.6%, HD +2.5%, LGIH +2.1%, M +2%, SAIL +1.4%, DLX +1.4%, UAL +1.2% (discloses coronavirus impact update; expects Q1 adjusted EPS to remain within previously provided guidance range but withdraws all full-year 2020 guidance), THC +1.1%, TRI +1.1%, JPM +0.6% (guidance at investor day)

Other news:

• NIO +28.6% (enters into collaboration framework agreement with Hefei municipal governemt)
• JMEI +21.5% (enters into agreement for going-private transaction)
• MRNA +16.2% (confirms that it has released the first batch of mRNA-1273, its vaccine against the novel coronavirus)
• ENDP +15% (attributed to block trade)
• BCYC +9.2% (enters into strategic collaboration agreement with Genentech to discover, develop and commercialize novel Bicycle-based immuno-oncology therapies)
• PRGO +8.1% (still looking around; before the open the FDA granted approval of this generic albuterol sulfate inhalation aerosol to Perrigo Pharmaceutical)
• IMV +4.6% (reports new data from Phase 2 Study of DPX-Survivac; treatment well-tolerated with limited side effects observed)
• VNET +2.4% (announces agreements for private placement of $100 mln aggregate principal amount of convertible notes)
• AIG +2.2% (enters into $500 mln accelerated share repurchase agreement)
• LYFT +2% (CFO disclosed the purchase of 22.5K shares worth more than $1 mln)
• XRX +1.8% (following HPQ earnings / strategic and financial value creation plans)

Analyst comments:

• REGN +2.9% (upgraded to Outperform from In-line at Evercore ISI)
• REGN +2.9% (upgraded to Buy from Hold at Jefferies)
• AON +1.4% (upgraded to Overweight from Equal Weight at Wells Fargo)
• APA +0.9% (upgraded to Overweight from Sector Weight at KeyBanc Capital Markets)

Early premarket gappers

• Gapping up:
  • MNK +20.1%, MRNA +19.1%, MMSI +10.5%, PRGO +10%, RCII +8.7%, PROS +7.4%, KEYS +4.9%, ITRI +4.2%, INTU +3.7%, HPQ +3.5%, HD +2.8%, XRX +2.7%, RTRX +2.7%, XHR +2.6%, LL +2.5%, VNET +2.4%, PUMP +2.2%, SAIL +1.4%, REGN +1.1%, THC +1.1%, SLCA +1%, LYFT +0.9%, APA +0.9%, BHE +0.6%, AXP +0.5%, FBM +0.5%, KAMN +0.5%, APLE +0.5%
• Gapping down:
  • TUP -23.8%, PANW -15.7%, KTOS -13.3%, EVER -12.1%, SHAK -11.5%, CPS -10.2%, MGI -8.2%, CLVS -7.9%, EXAS -7.3%, BSM -6.7%, CSOD -6.6%, TNDM -6.1%, GH -6%, AXGN -4.1%, HTZ -3.7%, APTS -3.5%, CDEV -3.4%, WBT -3%, BMO -2.9%, MA -2.2%, OKE -2.2%, TREX -1.7%, PYPL -1.5%, HALO -1.5%, V -1.3%, OII -0.8%, UAL -0.8%