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News Breaks
August 18, 2014
Today's noteworthy initiations include: CoStar Group (CSGP) initiated with a Buy at Goldman... CytoSorbents (CTSO) initiated with a Buy at H.C. Wainwright... Descartes Systems (DSGX) initiated with an Overweight at Barclays... EPAM Systems (EPAM) initiated with a Sell at Monness Crespi... Extended Stay America (STAY) resumed with an Overweight at JPMorgan... Immune Design (IMDZ) initiated with a Buy at Jefferies... Intersect ENT (XENT) initiated with an Outperform at Leerink... MELA Sciences (MELA) initiated with a Buy at H.C. Wainwright... Mavenir Systems (MVNR) coverage resumed with a Buy at BofA/Merrill... Pfenex (PFNX) initiated with a Buy at Mizuho... SeaWorld (SEAS) initiated with an Outperform at Credit Suisse... Semiconductor Manufacturing (SMI) initiated with an Overweight at Barclays... Star Bulk Carriers (SBLK) initiated with an Overweight at Evercore... Synergy Resources (SYRG) initiated with a Buy at Canaccord... Tekmira (TKMR) initiated with an Outperform at Leerink... Townsquare Media (TSQ) initiated with a Buy at BofA/Merrill... Vitesse (VTSS) initiated with an Outperform at Northland.
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April 30, 2015
07:24 EDTSTAYExtended Stay America reports Q1 adjusted EPS 15c, consensus 14c
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April 29, 2015
20:15 EDTCSGPCoStar Group holds a conference call to discuss acquisition and earnings
Management discusses the acquisition of Apartment Finder pursuant to an agreement of a plan of merger with Network Communications, earnings results for 1Q15 and the potential impact of the acquisition on the company's outlook on a conference call to be held on April 30 at 11 am. Webcast Link
17:06 EDTCSGPCoStar Group to acquire Apartment Finder for $170M
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17:04 EDTVTSSRaging Capital Management liquidates stake in Vitesse
17:03 EDTCSGPCoStar Group sees FY15 adjusted EPS $1.98-$2.08, consensus $2.07
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17:02 EDTCSGPCoStar Group sees Q2 adjusted EPS 10c-14c, consensus 25c
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16:59 EDTCSGPCoStar Group reports Q1 adjusted EPS 34c, consensus 21c
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12:22 EDTVTSSGabelli liquidates stake in Vitesse
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April 28, 2015
07:20 EDTVTSSMicrosemi Vitesse subsidiary completes tender offer for Vitesse shares
Microsemi (MSCC) announced that its wholly-owned subsidiary LLIU100 Acquisition successfully completed its previously announced tender offer to purchase all outstanding shares of Vitesse Semiconductor (VTSS) for $5.28 per share in cash. Microsemi expects to complete the acquisition of Vitesse later today through a merger under Section 251 of the General Corporation Law of the State of Delaware, with no vote of Vitesse's stockholders required to consummate the merger. As a result of the merger planned to be effected later today, all remaining Vitesse shares will be converted into the right to receive $5.28 per share in cash, without interest and less any applicable withholding taxes, the same price that was paid in the tender offer. Immediately following completion of the merger, Vitesse shares will cease to be traded on Nasdaq.
April 27, 2015
10:00 EDTSEASOn The Fly: Analyst Upgrade Summary
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08:02 EDTMVNRMitel announces cash, share consideration for Mavenir Systems acquisition
Mitel (MITL) announced, in connection with its pending acquisition of Mavenir Systems (MVNR), that the Cash Consideration and the Share Consideration will equal $17.55 and 1.8320 Mitel Common Shares, respectively, in each case assuming that Mitel's exchange offer expires at 12:00 midnight, New York City time, on April 28, 2015. Mitel has determined the Cash Consideration and the Share Consideration based on the average of the volume weighted average price on the NASDAQ Global Market of a Mitel common share on each of the 10 consecutive trading days ending on and including the second trading day prior to April 28, 2015, or $9.5796. If the exchange offer is extended, Mitel will recalculate this information based on the later expiration date of the exchange offer and announce the new amounts by issuing a press release. As a result of proration, Mavenir stockholders will not know the amount of cash or Mitel common shares that they will receive in the exchange offer until after consummation of the exchange offer.
05:52 EDTSEASCedar Fair price target raised to $65 from $59 at Goldman
Goldman Sachs raised its price target for Cedar Fair (FUN) shares to $65 saying easy comps in Q2 and Q3 as well as lower gas prices in North America should drive shares higher in 2015. Goldman expects the stock's valuation gap versus peer Six Flags (SIX) to narrow. Within the Amusement Parks space, Goldman today also upgraded SeaWorld (SEAS) to Buy and downgraded shares of Six Flags to Neutral.
05:48 EDTSEASSix Flags downgraded to Neutral from Buy at Goldman
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05:45 EDTSEASSeaWorld upgraded to Buy from Neutral at Goldman
Goldman Sachs upgraded SeaWorld (SEAS) to Buy from Neutral saying it expects the company's brand to turn around under new CEO Joel Manby. Goldman thinks SeaWorld's trends are becoming less negative and raised its price target for shares to $26 from $18. The firm coupled the upgrade with a downgrade of Six Flags (SIX) to Neutral from Buy. It keeps a Buy rating on Cedar Fair (FUN). Shares of SeaWorld closed Friday up 35c to $21.49 and are down 28% over the past year. Goldman keeps an Attractive sector view on Amusement Parks.
April 24, 2015
09:20 EDTCTSOOn The Fly: Pre-market Movers
UP AFTER EARNINGS: eHealth (EHTH), up 24.7%... Starbucks (SBUX), up 4.2%... Microsoft (MSFT), up 5.2%... Google (GOOG, GOOGL), up 3.2% and up 3.7%, respectively... Amazon (AMZN), up 12% after reporting quarterly results and announcing shopping app for Apple Watch... Gigamon (GIMO), up 16.5%... Juniper Networks (JNPR), up 6.6%. ALSO HIGHER: Molycorp (MCP), up 10.2% following a Bloomberg report that China's export tax decision may boost rare earth demand... Mattel (MAT), up 4.4% after being upgraded to Buy from Neutral at Goldman... Innocoll (INNL), up 13.1% after 3.3M share Secondary priced at $9.00... Cytosorbents (CTSO), up 9.7% after CEO comments on CytoSorb in letter to shareholders. DOWN AFTER EARNINGS: Biogen (BIIB), down 4.7%... Altera (ALTR), down 1.7%... Pandora (P), down 4%... ResMed (RMD), down 8.7%... Xerox (XRX), down 4.7%... HomeAway (AWAY), down 3.6% after reporting quarterly results and departure of officers. ALSO LOWER: Ubiquiti (UBNT), down 14.4% following CFO resignation and preliminary third quarter results... 3D Systems (DDD), down 10.4% after reporting preliminary first quarter results... StemCells (STEM), down 23.2% after filing to sell common stock... Aerie Pharmaceuticals (AERI), down 54.7% after Rhopressa Phase 3 trial did not meet primary endpoint.
08:05 EDTPFNXPfenex 5M share Spot Secondary priced at $15.50
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08:03 EDTCTSOCytoSorbents CEO comments on CytoSorb in letter to shareholders
In the letter, CEO Phillip Chan commented, "A significant new opportunity has emerged that may accelerate U.S. approval of CytoSorb for critical illnesses such as sepsis. The FDA has recently issued new guidance on two related topics: the Expedited Access Pathway program and the Balancing of Pre-market and Post-market Data Collection for Devices Subject to Premarket Approval. Together, the EAP and Data Collection programs are designed to facilitate and expedite the U.S. approval of medical devices that treat life-threatening or irreversibly debilitating conditions that have no approved alternative treatments. Similar to "Breakthrough Therapy Designation" for drugs and biologics, devices that achieve EAP Designation would be eligible for more intensive FDA guidance and collaboration with senior managers, and priority review. Meanwhile, the FDA and Device Sponsor would work together to specify the clinical trial design and "least burdensome" efficacy and safety data needed for early marketing approval, leaving the proof of more stringent efficacy to the post-market period. The end result is that devices that are safe and achieve EAP Designation have an opportunity to get to U.S. approval and commercialization much faster, and with less regulatory risk. We believe this new program could benefit CytoSorbents as CytoSorb currently targets the treatment of many life-threatening conditions such as sepsis, acute respiratory distress syndrome, severe acute pancreatitis, trauma, and many others that do not have effective treatments. As we move forward with our REFRESH cardiac surgery trial in the U.S., we plan to aggressively pursue this EAP opportunity for critical care applications in parallel, and foster open collaboration with the FDA."
April 22, 2015
14:16 EDTTKMRTekmira publishes positive preclinical Ebola survival data
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09:42 EDTTSQTownsquare Media management to meet with Barrington
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06:49 EDTDSGXDescartes Systems' cloud-based transportation solution adopted by NSK Europe
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