>>> Micron beats by $0.26, beats on revs; Seeing early signs of demand improveme

Micron beats by $0.26, beats on revs; Seeing early signs of demand improvement but will reduce 2020 CapEx spend
  • Reports Q3 (May) earnings of $1.05 per share, excluding non-recurring items, $0.26 better than the S&P Capital IQ Consensus of $0.79; revenues fell 38.6% year/year to $4.79 bln vs the $4.7 bln S&P Capital IQ Consensus.
  • "Micron's improved competitive position and strong execution helped us deliver solid results despite a challenging environment," said Micron Technology President and CEO Sanjay Mehrotra. "While we are seeing early signs of demand improvement, we plan to reduce our capital expenditures in fiscal 2020 to help improve industry supply-demand balance."
--> +3,68% in After Hours

>>> Sporting Group acquired by FDJ 25 JUN 2019 Sporting Group, a UK-based spread

Sporting Group acquired by FDJ
25 JUN 2019
Sporting Group, a UK-based spread betting operator, sports betting technology and trading service provider, has been acquired by the French gaming and lottery group Francaise des Jeux (FDJ), through its 100% subsidiary FDJ Gaming Solutions.
News portal iGaming Business reported that Sporting Group is owned by Swedish businessman Magnus Hedman, who acquired the business from private equity firm Hg Captial in 2015.
Press release:
FDJ Group through its 100% subsidiary FDJ Gaming Solutions, the innovation, technology and service hub of FDJ Group, has acquired Sporting Group, the world’s leader in sports betting technology and trading. This acquisition strengthens FDJ Gaming Solutions’ existing B2B business by adding market leading pricing, trading and risk management capabilities to the Group. It allows FDJ Gaming Solutions to take full control of Sporting Solutions, the highly regarded B2B sportsbook services supplier and Sporting Index, the leading sports spread betting company.
FDJ Gaming Solutions acquires Sporting GroupSporting Solutions uses the widest range of official data and highest quality of content to deliver superior pricing, generated by best-of-breed algorithms and overseen by their expert trading team. Sporting Solutions also provides automated Risk Adjusted Pricing, a unique risk management service which adjusts prices on a per-operator basis, allowing sportsbooks to differentiate their offering based on their actual exposure and their own appetite for risk.
The combination with FDJ Gaming Solutions capabilities will provide operators in regulated territories a market-leading full-service proposition, combining a proven, fully flexible, multi-channel Advanced Betting Platform and a customized pricing, trading and risk management service. The new offer, called ‘Advanced Betting Services’, will be commercialized to lotteries under the FDJ Gaming Solutions brand and to other gambling operators under the Sporting Solutions brand.
Besides, Sporting Solutions will remain an independent provider of pricing and trading solutions to 3rd party technology, with their current partner and supplier relationships continuing unaffected.
Xavier Etienne, Executive VP Technology & International at FDJ Group and Chief Executive Officer of FDJ Gaming Solutions, said: ‘We are very pleased to have completed this acquisition, which underlines FDJ’s ambition in the B2B sports betting sector. FDJ recognizes the excellence that Sporting Group has in pricing and trading. That is why this operation is key for our B2B international development.’
Simon Trim, Chief Executive Officer of the Sporting Group, said: ‘We are thrilled to be joining FDJ, and becoming a part of FDJ Gaming Solutions. It is clear we have a shared vision on the future shape and evolution of the industry, in particular the important role that expert risk management and price differentiation will play going forward. The acquisition allows us to continue delivering our world-leading B2C spread betting proposition and B2B trading services, and we look forward to delivering exciting new products and services as part of the enlarged business.”

>>> US Gapping down

Gapping down
In reaction to disappointing earnings/guidance:

  • N/A.

M&A news:

  • ABBV -7.7% (Allergan confirms deal to be acquired by AbbVie (ABBV) for approximately $63 bln, or ~$188.24 per share in cash & stock)

Other news:

  • ALDX -22.4% (announces results from noninfectious anterior uveitis SOLACE Trial -- statistical significance was not achieved for the primary or secondary endpoints)
  • AKRX -11.2% (received a warning letter from the FDA related to the inspection of its Somerset, New Jersey manufacturing facility in July and August of 2018)
  • AAXN -2.1% (will replace MarketAxess Holdings in the S&P MidCap 400)
  • MKTX -1.6% (will replace L3 Technologies in the S&P 500)
  • BYND -1.4% (continued weakness)
  • EQT -1.1% (Rice Team nominee John McCartney sends letter to EQT shareholders; Urges shareholders to vote for the Rice Team nominees to deliver on the significant value that still exists at EQT)

Analyst comments:

  • BHF -6.9% (downgraded to Underperform from Neutral at Credit Suisse; tgt lowered to $22)
  • PVTL -3.1% (downgraded to Underperform from Neutral at BofA/Merrill)
  • SHOP -1.5% (downgraded to Neutral from Outperform at Wedbush)
  • K -1.4% (downgraded to Underweight from Equal Weight at Consumer Edge Research)
  • TIF -0.5% (downgraded to Hold from Buy at Loop Capital)

>>> US Gapping up

Gapping up
In reaction to strong earnings/guidance:

  • LEN +4.6%, FDS +1.9%

M&A news:

  • AGN +31.9% (Allergan confirms deal to be acquired by AbbVie (ABBV) for approximately $63 bln, or ~$188.24 per share in cash & stock)

Select Biotech/pharma stocks trading higher:

  • EOLS +8%, ENDP +4.7%, TEVA +3%, MYL +3%, MNK +2.7%, PRGO +2.2%, IBB +1.1%

Other news:

  • NTEC +5.3% (publication of results from an earlier Phase 2 clinical study of the Accordion Pill-Carbidopa/Levodopa in Parkinson's disease patients)
  • XNCR +8% (will replace HF in the S&P SmallCap 600)
  • RMBS +4.7% (sells token services and ticketing businesses to Visa (V))
  • KRYS +4.4% (prices underwritten public offering of 2.5 mln shares of its common stock at a public offering price of $40.00 per share)
  • ARQL +3.4% (prices underwritten public offering of 9.25 mln shares of its common stock at a price to the public of $9.75 per share)
  • GNFT +2.8% (Genfit and Terns Pharmaceuticals announce $228 mln strategic partnership for the development and commercialization of elafibranor in Greater China)
  • NBRV +2.4% (announces European Medicines Agency validation of Marketing Authorization Application for IV and oral formulations of lefamulin)

Analyst comments:

  • PYX +14.9% (initiated with a Outperform at Imperial Capital; tgt $71)
  • GRUB +4.4% (upgraded to Buy from Neutral at Citigroup)
  • RMTI +3.7% (initiated with Overweight at Cantor Fitzgerald)
  • CBAY +2.5% (initiated with Buy at Stifel)
  • CMG +1.2% (initiated with an Outperform at Credit Suisse)