The top pre-market NASDAQ Stock Market gainers are: Synthesis Energy Systems, Tesla Motors, Clean Energy Fuels, Randgold Resources, and Dendreon. The top pre-market NASDAQ Stock Market losers are: Sinovac Biotech, OpenTable, Apollo Group, SciQuest, and NXP Semiconductors.
Synthesis Energy Systems, Inc. (SYMX) stock jumped 57.56 percent to $3.23 in the pre-market trading, as it agreed with China Energy Industry Holding Group Co. Limited for a cash investment of about $83.8 million to support the company's business strategy in China, including project development and investment.
China Energy has been formed by Zhongjixuan Investment Management Ltd. of Beijing for the purpose of investing in Synthesis Energy Systems. China Energy will receive about 37.3 million shares of newly issued stock at closing, representing an approximate 43.5 percent ownership stake in Synthesis Energy.
China Energy is entitled to receive additional shares of common stock bringing their total ownership position to 60 percent on a fully diluted basis contingent upon Zhongjixuan Investment using best endeavors to establish a coal gasification joint venture with funding of about $3.0 billion for either synthetic natural gas, transportation fuels, power or fertilizers combined with the market value of Synthesis Energy's common stock reaching $8.00 a share or above on average for 20 consecutive trading days provided that the measurement period occurs six months after the closing.
In addition, Synthesis Energy will increase the size of its Board from seven to eleven directors with four individuals to be appointed by China Energy. Zhongjixuan Investment will appoint a managing director, who will report to Synthesis Energy's CEO, and be responsible for leading the Synthesis Energy business in China.
Tesla Motors, Inc. (TSLA) stock climbed 16.41 percent to $27.60 in the pre-market trading. The company sued the British Broadcasting Corp.’s Top Gear show alleging libel and malicious falsehood, according to a Bloomberg report. Tesla claims the show faked a scene that appeared to show Tesla’s Roadster car running out of energy, according to papers filed at the High Court in London.
The report showed the car being pushed into a hangar, according to the suit. Tesla said the Roadster that was pushed into the hangar hadn't run out of power and didn't need to be pushed. Top Gear’s allegation that the car’s range is 55 miles is defamatory because it suggests Tesla grossly misled potential purchasers of the Roadster, the filing said.
Randgold Resources Ltd. (GOLD) stock increased 3.89 percent to $76.90 in the pre-market trading. The company reiterated the 2011 production guidance of 750,000 and 790,000 ounces of gold this year, with the recently commissioned Tongon mine in the Ivory Coast still scheduled to produce 260,000 to 270,000 ounces. The guidance reiteration was published alongside the group's annual report that showed the company had raised its reserves and resources for the eighth consecutive year.
Dendreon Corp. (DNDN) stock gained 3.80 percent to $36.89 in the pre-market trading. The company said the Centers for Medicare and Medicaid Services (CMS) has issued a proposed decision memo for PROVENGE. In the draft decision memo, CMS proposes that the evidence is adequate to conclude that the use of autologous cellular immunotherapy with PROVENGE improves health outcomes for Medicare beneficiaries with asymptomatic or minimally symptomatic metastatic castrate resistant prostate cancer and thus is reasonable and necessary for that indication.
Clean Energy Fuels Corp. (CLNE) stock rose 3.17 percent to $16.92 in the pre-market trading. The company said it received a contract from the Metropolitan Tulsa Transit Authority (MTTA) of Tulsa, Oklahoma to design, build, operate and maintain a compressed natural gas (CNG) fueling station to support the agency’s growing fleet of CNG-powered buses and paratransit vehicles.
Slated to open in September 2011, the new Tulsa Transit fueling facility will be equipped with 39 time-fill posts and one fast-fill CNG dispenser. The new station, located at MTTA’s vehicle maintenance facility, will support the agency’s accelerating program to replace 100 percent of its diesel-powered bus fleet with clean, green, cost-efficient CNG models.
Currently Tulsa Transit deploys 63 fixed-route buses and 49 paratransit vehicles in a 197- square-mile area that includes the communities of Tulsa, Jenks, Broken Arrow and Sand Springs. Annual ridership tops 2.8 million passenger trips. In 2011, Tulsa Transit expects to add 35 new CNG paratransit vehicles and 15 CNG buses to its fleet, replacing diesel models as they are retired from service this year.
Sinovac Biotech Ltd. (SVA) stock plunged 8.99 percent to $4 in the pre-market trading. Loss for the fourth quarter was $8.9 million or $0.17 a share, compared to earnings of $8.9 million or $0.21 a share last year. The latest quarter loss included $475,000 of interest and financing expenses, $1.4 million of interest and other income, and $1.5 million of income tax recovery. Sales fell 74.8 percent to $9.1 million. Excluding sales of H1N1 vaccines, sales declined to $6.5 million from $8.3 million. Analysts had expected profit of 2 cents a share on revenue of $8.62 million.
OpenTable, Inc. (OPEN) stock tumbled 3.48 percent to $103.20 in the pre-market trading.
Apollo Group Inc. (APOL) stock fell 3.38 percent to $40 in the pre-market trading. In a regulatory filing, the company's subsidiary University of Phoenix received a letter from Higher Learning Commission (HLC) indicating that the information submitted in September 2010 had been reviewed by a committee of peer reviewers and HLC staff and that the committee concluded that the materials submitted raised a number of questions about the University of Phoenix's oversight of its recruiting, admissions and financial aid practices and the ability of those practices to serve students effectively while providing them with clear and accurate information.
HLC stated that the committee would meet with representatives of University of Phoenix in late May if it continues to have questions about the University's practices, and that the committee expects to issue its final report in May or June 2011. The committee has indicated to HLC that there may be recommendations for corrective action to be monitored through HLC's monitoring processes.
University of Phoenix expects to provide a thorough response to the committee's questions in a timely manner, and looks forward to its continuing dialog with HLC. University of Phoenix noted in this regard, that many of the areas which are the focus of the committee's additional questions are areas where it have been active in the past several quarters in further enhancing the student experience and its already strong student protections.
SciQuest, Inc. (SQI) stock declined 2.05 percent to $14.30 in the pre-market trading. The company announced the pricing of a common stock offering of 4.72 million shares at $14.25 a share, consisting of 1 million shares sold by the company and 3.72 million shares sold by certain selling stockholders. The company will not receive any proceeds from the shares of common stock offered by the selling stockholders. The company and certain selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 707,700 shares of common stock to cover over-allotments of shares, if any.
SciQuest will receive about $12.9 million in net proceeds from the offering, or about $15.0 million if the underwriters exercise their over-allotment option in full, after deducting underwriting discounts and commissions and estimated offering expenses. The company plans to use the net proceeds from the offering for working capital and general corporate purposes, which may include the acquisition of complementary businesses, products or technologies.
NXP Semiconductors NV (NXPI) stock slid 1.85 percent to $30.80 in the pre-market trading. The company said the secondary offering of 30 million shares of its common stock by certain of its shareholders will be priced at $30.00 a share. The company said it will not receive any proceeds from this secondary offering. The offering's underwriters will have a 30-day option to buy up to 4.43 million additional shares of common stock at the secondary offering price.