The top pre-market NASDAQ stock market gainers are: Conexant Systems, Dot Hill Systems, Qiao Xing Universal Resources, SunPower, Lexicon Pharmaceuticals, and Genzyme. The top pre-market NASDAQ stock market losers are: Strayer Education, Apollo Group, PDL BioPharma, Corinthian Colleges, and Rovi.
Conexant Systems Inc. (CNXT) stock advanced 14.81 percent to $2.17 in the pre-market trading. Standard Microsystems Corp. (SMSC) agreed to buy all outstanding shares of Conexant Systems in a stock and cash transaction valued at around $284 million including the assumption of Conexant's net debt. Under the terms of the deal, shareholders of Conexant will get $1.125 per SMSC share in cash and $1.125 in stock.
Shares of Dot Hill Systems Corp. (HILL) surged 13.23 percent to $2.14 in the pre-market session. The company raised its fourth quarter adjusted earnings guidance to range of 2 cents to 4 cents a share from previous forecast range of loss 3 cents to profit 1 cent a share. The company increased revenue outlook to range of $65 million to $65.5 million from previous range of $58 million to $62 million. Analysts expect a loss of 3 cents a share on revenue of $60.15 million.
Qiao Xing Universal Resources, Inc. (XING) stock rose 4.68 percent to $3.13 in the pre-market trading.
SunPower Corp. (SPWRB) stock surged 4.26 percent to $13.45 in the pre-market trading.
Shares of SunPower Corp. (SPWRA) gained 4.24 percent to $14.01 in the pre-market session.
Shares of Lexicon Pharmaceuticals, Inc. (LXRX) increased 3.50 percent to $2.07 in the pre-market session.
Genzyme Corp. (GENZ) stock rose 3.17 percent to $73.65 in the pre-market session. The company and Sanofi-aventis SA (SNY) is in talks on a potential Contingent Value Right (CVR) deal structure in order to raise the value of the merger offer.
The deal would value Genzyme at $20.7 billion or $80 a share. The two companies are now discussing the value of a CVR deal that would raise offer to that level from the $69 per share level. The companies are trying to build in the value of Genzyme's multiple sclerosis drug Campath, known generically as alemtuzumab and to be branded as Lemtrada. Sanofi-Aventis reportedly projects the drug to generate peak annual sales of about $700 million, while Genzyme projects the revenues to reach $3.5 billion in 2017.
Strayer Education Inc. (STRA) stock lost 20.67 percent to $121.57 in the pre-market session. The company said new student enrollments dropped about 20 percent across the Strayer University campus and online system in the winter term.
Shares of Apollo Group Inc. (APOL) fell 7.59 percent to $35.10 in the pre-market trading. The company is set to release its first quarter earnings on Monday after the market closes. Analysts are expecting Apollo to earn $1.35 a share on revenue of $1.26 billion.
PDL BioPharma, Inc. (PDLI) stock slid 7.29 percent to $5.72 in the pre-market session. The company said the United States District Court for the Northern District of California issued summary judgment order deciding certain issues favorably and other issues adversely to PDL in its litigation with MedImmune.
Shares of Corinthian Colleges Inc. (COCO) decreased 5.87 percent to $4.97 in the pre-market trading.
Rovi Corp. (ROVI) stock declined 5.40 percent to $59.39 in the pre-market session.