Gapping up
M&A:
- SCMP (+5%) Acquired by Mallinckrodt (MNK)
News:
- IGC (+180%) Developing leverage existing assets to develop methods to utilize blockchain
- DMPI (+44%) FDA has granted Fast Track designation for the company's lead product candidate, VAL-083, in recurrent glioblastoma
- APTO (+37%) FDA grants orphan drug designation for CG'806 in Acute Myeloid Leukemia
- ONVO (+10%) FDA granted orphan drug designation for the Company's treatment of alpha-1 antitrypsin deficiency with its 3D bioprinted liver therapeutic tissue
- KED (+4%) Tax Cuts have positive impact on NAV
Crypto stocks:
- IGC +172.36% LFIN +15.78% NETE +14.35% FTFT +12.64% RIOT +10.11% ONVO +7.59% OTIV +7.48% NXTD +7.48% TEUM +7.09% MARA +6.31% SIEB +5.83% DPW +4.87% JTPY +5.08% GLNNF +4.03% SRAX +3.14% OSTK +3.12% SSC +3.00% XNET +2.86% GROW +2.46% MGTI +1.43%
Intel reiterated with a Buy at Mizuho; tgt $47
Mizuho reiterates INTC with a Buy and sets target price at $47. They believe INTC had a solid run in 2017, and INTC is well-positioned for 2018. Near-term they believe MarQ consensus estimates are modestly high against a backdrop of more seasonal PC/Data Center demand and modest iPhone/ NAND demand. Overall, 2018 could shape up better as INTC should be a key beneficiary of a lower U.S corporate tax rate and a potential substantial overseas cash repatriation to drive shareholder value. Reiterating their Buy on INTC and will review their PT closer to earnings
Box Office Palooza, Weekend Update: The Force Took a Christmas Nap -- B. Riley FBR (108.67)
Christmas weekend domestic box office came in meaningfully lighter than they anticipated, mainly because Disney's Star Wars: The Last Jedi fell much more in its second weekend than they had anticipated. This chops over a percentage point from their 4Q17 domestic box office estimate, which they now model up only 0.9%, a big step down from hopes early in the year for robust growth in the quarter. This final week is big, however, and there is room for notable variance up or down in 4Q17 actuals, depending on how films hold for the week. Domestic receipts for the three-day weekend ending Dec. 24 totaled $165 million, a 4% YOY decline that was $52 million lower than their projection. While Jedi held first in its second weekend, the 69% drop from the opening weekend to $68 million was $31 million below their estimate. Opening misses by Pitch Perfect 3, The Greatest Showman, and Father Figures drove the balance of the variance. A contributing factor is that Christmas Day -- a large day for movie-going -- was included in this weekend's tally, but not in last year's
Fresenius Medical announces that US tax reform will trigger the re-evaluation of deferred tax liabilities which will results in a one-time book gain of around 200 mln Euros, to be reflected in 2017 Earnings After Tax
Early premarket gappers
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Gapping up:
- DMPI +43.9% LFIN +14.61% RIOT +13.78% OTIV +10.88% TEUM +10.24% FTFT +9.20% NXTD +8.27% NETE +6.46% SCMP +4.71% XNET +3.54% MARA +3.38% OSTK +3.04% SSC +3.00% DPW +2.68% SRAX +1.57%
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Gapping down:
- LTEA -10.15% LITE -3.41% CRUS -2.44% AAPL -2.37% SWKS -2.13% FNSR -1.82% QRVO -1.76% AVGO -1.66% AMD -1.61% MU -1.38% QCOM -1.02% NVDA -0.79%
Sucampo Pharma to be acquired by Mallinckrodt (MNK) for $18.00/share; total transaction value (including anticipated payments in respect of Sucampo's debt) is approximately $1.2 billion (17.00)
If approved, Mallinckrodt expects to build on the limited commercial infrastructure Sucampo has built for both VTS-270 and CPP-1X/sulindac with its sales organizations currently focused on rare diseases.
- At launch, patient access to these unique treatment options would also be supported and enhanced by Mallinckrodt's strong relationships with insurance companies and group purchasing organizations.
Sun Acquisition Co., a subsidiary of Mallinckrodt, will commence a cash tender offer to purchase all of the outstanding shares of Sucampo Pharmaceuticals' common stock for $18.00 per share.
- The total transaction value (including anticipated payments in respect of Sucampo's debt) is ~$1.2 billion.
- The acquisition is expected to be funded through borrowings under Mallinckrodt's existing revolving credit facility, a new secured term loan facility and/or cash on hand.
- Following the transaction, Mallinckrodt intends to utilize its significant cash generation to focus on reducing outstanding debt over time.
- Mallinckrodt expects accretion from the acquisition to adjusted diluted earnings per share of at least $0.30 in 2018 and at least double that amount in 2019, assuming a first quarter 2018 close.
- Guidance on the impact of the acquisition to the company's GAAP diluted earnings per share has not been provided due to the inherent difficulty of forecasting the timing or amount of items that would be included in calculating such impact.