After Hours Summary: RNG +12%, MEDP / VRNS +10%, MDR -32%, SSNC -20%, TACO -14%, BYND / TEX -13%, RMBS -9% among notable earnings/guidance moversAfter Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: RNG +12.2%, MEDP +10%, VRNS +9.5%, NBIX +8.7%, TREX +7.7%, CHGG +6.5%, RH +4.1%, JJSF +2.3%, TXRH +1.6%, NTR +0.9% (light volume)
Companies trading higher in after hours in reaction to news: MPLX +2.5% (rebounding from late move lower), EXAS +1.6% (following MadMoney CEO appearance), WSM +0.8% (RH sympathy), TME +0.6% (initiated with Outperform at Oppenheimer)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: MDR -32%, SSNC -20.2%, TACO -14.3%, BYND -13.2%, TEX -13.2%, RMBS -9.2%, PI -8%, APPF -6% (light volume), TBI -5.8% (ticking lower), CGNX -5.4%, ELVT -4.4%, PKI -3.5% (light volume), ILMN -1.8%, RIG -1.3%
Companies trading lower in after hours in reaction to news: BDSI -7.3% (light volume; files for $125 mln mixed securities shelf offering and 12,797,289 share common stock offering by selling stockholder), CMO -3.2% (commences public offering of 9.0 mln shares of common stock), QURE -1.2% (downgraded to Neutral at Guggenheim), EIX -1.1% (commences public offering of 25.0 mln shares of common stock), HLI -0.9% (announces secondary public offering of 3,377,935 shares of Class A common stock by selling
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Gapping down
In reaction to disappointing earnings/guidance:
- CTB -9.9%, OIS -6.2%, NSP -3.2%, IX -2.6%, PFE -2.2%
Other news:
- LXRX -48.2% (provides preliminary update for Zynquista (Sotagliflozin) Type 2 Diabetes Phase 3 program; Sanofi (SNY) provides disputed termination notice; LXRX will provide update during earnings call Aug 1 )
- SMSI -5.7% (modestly pulling back following last week's strength)
- EXAS -5.4% (Genomic Health to combine with Exact Sciences (EXAS) for $72.00 per share in a cash and stock transaction valued at $2.8 billion)
- BXMT -1.6% (files for mixed securities shelf offering)
- NVS -1.2% (provides update on Phase III PARAGON-HF trial in heart failure patients with preserved ejection fraction; PARAGON study narrowly misses statistical significance on the primary endpoint; overall safety profile confirmed)
- DOW -1% (mixed securities shelf offering)
- CDLX -0.8% (files for $100 mln mixed securities shelf offering and 4 mln share common stock offering by holders)
Analyst comments:
- RARX -5.8% (downgraded to Mkt Perform from Strong Buy at Raymond James)
- POWI -3.4% (downgraded to Under Perform from Market Perform at Northland Capital)
- DISH -2.7% (downgraded to Underweight from Equal Weight at Barclays)
- MYGN -2% (downgraded to Hold from Strong Buy at Needham)
- PYPL -1.5% (downgraded to Sell from Neutral at Guggenheim)
- NTAP -1.3% (downgraded to Neutral from Buy at Longbow)
- SBUX -1.2% (downgraded to Neutral from Overweight at JP Morgan)
- NUVA -1.1% (downgraded to Neutral from Outperform at Robert W. Baird)
- UPS -0.9% (downgraded to Hold from Buy at Stifel)
- AAL -0.8% (downgraded to Neutral from Outperform at Macquarie)
Gapping up
In reaction to strong earnings/guidance:
- TSEM +11.2%, BAH +7.1%, ONDK +7.1%, SITC +2.6%, SNY +2.4%, AWI +0.8%
M&A news:
- MYL +14.4% (Mylan N.V. confirms agreement to combine with Pfizer's (PFE) off-patent branded and generic established medicines business)
- TRI +0.8% (confirms that it and Blackstone (BX) are in discussions related to a possible acquisition of Refinitiv by the London Stock Exchange Group)
Other news:
- PRQR +6.4% (granted access to the PRIority MEdicines (PRIME) program by the EMA)
- MAXR +5.3% (confirms partnership in a network team led by Alberta Innovates that was selected by the Government of Canada for a Strategic Innovation Fund investment)
- GNFT +4.9% (granted Orphan Drug Designation by FDA & EMA for elafibranor for the treatment of Primary Biliary Cholangitis)
- TEVA +4.8% (in sympathy with MYL)
- GRUB +4.5% (European online food delivery rivals Takeaway.com and Just Eat announce $10 bln merger)
- GHDX +2% (Genomic Health to combine with Exact Sciences (EXAS) for $72.00 per share in a cash and stock transaction valued at $2.8 billion)
- BHC +1.8% (in sympathy with MYL)
- AZN +1.7% (in sympathy with SNY)
- BUD +1.4% (continued strength)
- PRGO +1.1% (in sympathy with MYL)
Analyst comments:
- EHTH +5.1% (upgraded to Strong Buy at First Analysis Sec)
- NVCR +2% (upgraded to Buy from Hold at SunTrust)
- SHAK +1.8% (initiated with a Buy at Goldman)
- GILD +1.5% (upgraded to Top Pick from Outperform at RBC Capital Mkts)
- CMG +1.3% (initiated with a Buy at Goldman and also added to Conviction Buy List; tgt $1000)
- RMD +0.7% (upgraded to Buy from Neutral at UBS)
Early premarket gappersGapping up:
- MYL +23.6%, GHDX +12.5%, TSEM +10.5%, TEVA +7.4%, PIRS +5.3%, RP +4.4%, YNDX +3.8%, VOD +3%, SNY +2.5%, GME +2.2%, ORAN +2.2%, PSO +2.1%, SBGL +2%, BHC +1.8%, BAH +1.8%, NVCR +1.6%, NVMI +1.6%, AZN +1.6%, BUD +1.3%, GILD +1.2%, PRGO +1.2%, TRI +1.1%, RDS.A +0.9%
Gapping down:
- LXRX -51.8%, TTM -5.6%, SMSI -5.2%, VSTM -4.1%, ARWR -2.6%, NWL -1.7%, PYPL -1.5%, DISH -1.5%, SBUX -1.5%, MU -1.5%, NVS -1.3%, SOHU -1.3%, UPS -1.1%, HSBC -1.1%, LIN -0.9%, AMAT -0.8%, DB -0.8%, TWTR -0.7%, STM -0.7%