Stocks in the News: Facet Biotech, InterMune, American Eagle
Facet Biotech (FACT) shares soared over 67% in premarket trading after it agreed to be acquired by Abbott Laboratories (ABT) for $722 million, or $27 a share. Facet shares closed at $16.21 on Tuesday. Abbott's bid was above Biogen Idec's (BIIB) hostile offer of $17.50. Merriman downgraded FACT from buy to neutral following the share's climb. Abbott sees the acquisition as a way to enhance its drug pipeline.
InterMune (ITMN) skyrocketed over 66% after an FDA panel backed it experimental drug pirfenidone for treatment of idiopathic pulmonary fibrosis, a fatal lung disease. Wells Fargo upgraded shares from market perform to outperform. ThinkEquity upgraded it from hold to buy.
Barclays (BCS) shares dipped 1.6% in premarket trading after reports the British lender was looking to buy a retail bank in the U.S. to build on its successful investment bank build-up here, the Wall Street Journal reported.
The Children's Place Retail Stores (PLCE) said Wednesday its fourth-quarter net income fell to $34.1 million, or $1.23 a share, but adjusted net income rose to $1.03 a share as revenue rose to $462.8 million. Earnings were short a penny from Wall Street estimates. Shares fell 2.5% ahead of the bell.
Brown-Forman (BF.B), Men's Warehouse (MW) and Gymboree (GYMB) are scheduled to report earnings Wednesday.
American Eagle Outfitters (AEO) said on Tuesday it will close all 28 stores in its Martin + Osa clothing chain and the chain's online business. Shares jumped some 6.8% in premarket trading.
Navistar International (NAV) shares sank over 9% ahead of the bell after the truck and bus maker posted disappointing quarterly results and outlook.
J Crew Group (JCG) on Tuesday posted a net profitof $40.4 million, or 61 cents per share, in its holiday quarter that beat Wall Street estimates of 46 cents per share. Earnings were helped by tight inventory and a 19% revenue growth to $460.6 million.
Collective Brands (PSS) reported late Tuesday a narrower fourth-quarter net loss of $10.9 million, or 17 cents a share, as sales rose to $741.7, beating estimates on both counts. Shares fell 2% on a disappointing outlook.