After Hours Summary: SFIX -20% and SEAS +7% following earnings/guidanceAfter Hours Gainers:
Companies trading higher in after hours in reaction to guidance: SEAS +6.7%
Companies trading higher in after hours in reaction to news: OMER +28.9% (after closing more than 40% lower on the day), IGC +20.7% (continued strength), PZZA +2.5% (Legion Partners discloses 5.46% active stake; believes the current market price does not reflect the intrinsic value), TEN +2.4% (indicated higher after the completion of its acquisition of Federal-Mogul from Icahn Enterprises [IEP] and Icahn confirming 9.9% active stake in Tenneco), YRCW +2.3% (initiated with Buy at Loop Capital), SGMS +1.1% (initiated with a Buy at SunTrust), OSTK +0.5% (Park West Asset Management discloses 6.0% passive stake), HUBS +0.5% / NOW +0.5% (initiated with Buy at Jefferies), COL +0.4% / UTX +0.4% (Justice Department confirms will require UTX to divest two aerospace businesses to proceed with acquisition of Rockwell Collins)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: SFIX -19.6%
Companies trading lower in after hours in reaction to news: GWPH -0.8% (announces $300 mln proposed public offering of ADSs)
IMF's Lagarde: there are signs that global growth has plateaued, becoming less synchronized with fewer countries benefiting
- US is growing strongly; Euro area and Japan look slower
- New global econ forecasts next week will show a less bright outlook as new tariffs hurt trade and investment
- Trade disputes may exacerbate China's slowdown
- Debt buildup could trigger emerging market outflows
Executive Chairman increases shareholding in company to 5M shares (update) Announced that Executive Chairman John L. Thornton has purchased 2,271,029 additional common shares in the Company at an average price of $11.11 per share, nearly doubling his total shareholding in Barrick to 5,000,000 shares.
Based on the exchange ratio of 6.128 Barrick shares for each share of Randgold Resources Limited (“Randgold”) under the recommended all-share merger between the two companies, the Randgold ordinary shares held by Mark Bristow are expected to convert into 5,141,600 Barrick shares following the completion of the merger, after which Mr. Bristow will become Barrick’s President and Chief Executive OOwnership is a core element of Barrick’s partnership culture. Under the Global Barrick Share Plan launched in 2016, all Barrick people receive common shares on an annual basis, tied to Company performance. These shares must be held until an individual retires or leaves the Company. Barrick also matches share purchases by those who work at the Company, up to $4,000 per year.
Italy Dep PM Di Maio: some EU institutions are creating 'market terrorism' by their comments on Italian budget
- Moscovici criticized Italy's budget plan in order to upset markets
- There's no reason to call into question Italy's 2019 deficit GDP goal of 2.4%
Gapping down
In reaction to disappointing earnings/guidance:
- CALM -6.8%
Other news:
- USAT -11.8% (updates on delayed form 10--K filing)
- UEC -8.7% (proposes $10 mln public offering of units at a price of $1.60 per Unit)
- VERI -2.7% (files for approx 6.98 mln shares common stock offering by selling stockholders)
- MLCO -1.3% (after Macau Gaming revs)
- OCN -0.8% (SEC charges former VP of insider trading)
Analyst comments:
- FFIV -2.7% (downgraded to Underweight from Neutral at Piper Jaffray)
- CMG -1.9% (downgraded to Underperform from Perform at Oppenheimer)
- DLPH -1.9% (downgraded to Underperform from Neutral at BofA/Merrill)
- INTC -1.3% (downgraded to Underweight from Equal-Weight at Morgan Stanley)
- AMD -1.2% (downgraded to Neutral from Outperform at Robert W. Baird)
- LRCX -1.1% (downgraded to Neutral from Buy at Mizuho; downgraded to Hold from Buy at Deutsche Bank)
- WDC -1.1% (downgraded to Neutral from Buy at Mizuho)
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