By IB Times Staff Reporter: Subscribe to IB's RSS feed
April 6, 2011 8:46 AM EDT
The top pre-market NASDAQ Stock Market gainers are: Orchid Cellmark, Westport Innovations, Golar LNG, Hansen Medical, and Immunomedics. The top pre-market NASDAQ Stock Market losers are: American Superconductor, Randgold Resources, Optimer Pharmaceuticals, ASML Holding, and A-Power Energy Generation Systems.
Gainers
Orchid Cellmark Inc. (ORCH) stock jumped 39.30 percent to $2.80 in the pre-market trading. Laboratory Corp. of America Holdings (LH), or LabCorp, and Orchid Cellmark announced they have entered into a definitive agreement and plan of merger under which LabCorp will acquire all of the outstanding shares of Orchid Cellmark in a cash tender offer for $2.80 a share for a total purchase price to stockholders and optionholders of around $85.4 million.
As per the terms of the agreement and plan of merger, LabCorp has formed an acquisition subsidiary, OCM Acquisition Corp., that will commence a tender offer to buy all outstanding shares of Orchid Cellmark for $2.80 a share. The acquisition is expected to close in the second quarter of 2011.
Westport Innovations Inc. (WPRT) stock grew 5.78 percent to $27.08 in the pre-market trading. The company said Heckmann Corp. is teaming up with Encana Natural Gas Inc., a subsidiary of Encana Corp., Westport and Peterbilt Motors Co., a division of PACCAR Inc., to transition its truck fleet from traditional diesel vehicles to natural gas vehicles (NGVs).
Follow us
Under the terms of the agreement, Encana will make fueling services available where Heckmann Water Resources (HWR) operates its fleet of water transportation vehicles. HWR will use the trucks to service its customer's natural gas wells and provide water handling services in conjunction with its system of pipelines and disposal wells.
HWR has issued a purchase order for 200 Peterbilt 367 liquefied natural gas (LNG) trucks incorporating Westport Heavy Duty Systems (Westport HD), from Westport. Although the purchase price of NGVs is higher than diesel trucks, the significantly reduced life cycle operating cost of NGVs is conducive to operating the heavy-duty trucks on natural gas. Additionally, because of cleaner combustion, the average operating life of NGVs is considerably longer.
Golar LNG Ltd. (GLNG) stock gained 4.56 percent to $29.59 in the pre-market trading. Samsung Heavy Industries Company Ltd has signed a preliminary deal worth $800 million to build four liquefied natural gas (LNG) carriers for Golar LNG , a Reuters report stated citing sources familiar with the matter.
Hansen Medical, Inc. (HNSN) stock increased 4.10 percent to $2.54 in the pre-market trading.
Immunomedics Inc. (IMMU) stock rose 3.79 percent to $4.11 in the pre-market trading. The company reported results that indicate immunoPET with TF2 and a gallium-68 (68Ga)-labeled peptide is a highly specific and sensitive imaging method for colon cancer. Results from this pretargeted study were presented at the 102nd annual meeting of the American Association for Cancer Research.
TF2 is a new generation of bispecific antibodies constructed using the Company's patented Dock-and-Lock (DNL) protein engineering platform technology. It specifically targets the carcinoembryonic antigen (CEA or CEACAM5) expressed in many human cancers, including colorectal cancer. Unlike conventional antibodies which can only attach to one receptor, TF2 has been modified to contain an additional binding site that recognizes a radioisotope-carrying peptide.
Losers
American Superconductor Corp. (AMSC) stock plunged 46.54 percent to $13.30 in the pre-market trading, as it guided fourth quarter loss due to refusal by Sinovel Wind Group Co. to accept contracted shipments. On March 31, Sinovel Wind Group refused to accept contracted shipments of 1.5 megawatt and 3 megawatt wind turbine core electrical components and spare parts that American Superconductor was prepared to deliver.
The company expects fourth quarter revenue to be less than $42 million and that it will generate a net loss on both a GAAP and non-GAAP basis. Street analysts predict profit of 33 cents a share on revenue of $119.13 million.
We value your privacy. Your email address will not be shared.
