The top pre-market NASDAQ Stock Market gainers are: Telvent GIT, Orexigen Therapeutics, Daktronics, Golar LNG, and AmTrust Financial Services. The top pre-market NASDAQ Stock Market losers are: Jos. A Bank Clothiers, American Superconductor, RF Micro Devices, Rediff.com India, and ARM Holdings.
Telvent GIT S.A. (TLVT) stock jumped 15.36 percent to $39.74 in the pre-market trading. Schneider Electric said it agreed to buy Telvent GIT for $40 per share or an enterprise value of about $2.0 billion. The transaction value includes Schneider Electric's purchase of Telvent's 5.50 percent senior subordinated convertible notes on an as converted basis. The purchase price will be fully financed with cash. The transaction is expected to close in the third quarter of 2011.
Abengoa S.A. has agreed to sell its 40 percent stake in Telvent to Schneider. Abengoa will receive 421 million euros ($607.4 million) in net cash from this deal. This includes a euro 51 million repayment of a credit line to Telvent, and will reduce its net debt by 774 million euros. The sale will be made as part of a tender offer that Schneider Electric will launch within ten business days.
Orexigen Therapeutics, Inc. (OREX) stock climbed 14.13 percent to $3.23 in the pre-market trading. The company said it will announce a regulatory update on Contrave new drug application on June 3 before the markets open.
Daktronics Inc. (DAKT) stock gained 6.51 percent to $11.45 in the pre-market trading. Profit for the fourth quarter was $3.0 million or $0.07 per share, compared to a loss of $4.9 million or $0.12 per share last year. Sales grew to $114.4 million from $92 million. Analysts had expected a profit of $0.05 per share on revenue of $106.25 million.
Golar LNG Ltd. (GLNG) stock increased 6.31 percent to $33.87 in the pre-market trading. The company said it will be trading ex-dividend of a total dividend of $0.25 per share on June 8. The record date is June 10, and the dividend will be paid on or about June 27.
AmTrust Financial Services, Inc. (AFSI) stock increased 4.22 percent to $23.69 in the pre-market trading.
Jos. A Bank Clothiers Inc. (JOSB) stock plunged 12.56 percent to $49.93 in the pre-market trading. Profit for the first quarter was $17.8 million or $0.64 per share, up from $15.8 million or $0.57 per share last year. Sales grew 8.5 percent to $193.3 million. Analysts had expected profit of $0.65 per share on revenue of $195.41 million. Comparable store sales increased 0.1 percent.
American Superconductor Corp. (AMSC) stock fell 11.79 percent to $9.43 in the pre-market trading. The company said it will delay filing its annual report for fiscal year 2010 with the Securities and Exchange Commission and has requested for an extension of up to 15 days to file the report. The company said it will not file its annual report on Form 10-K and report financial results for the fiscal year ended March 31, 2011 by the May 31 filing deadline with the SEC. The company said it requires more time to complete the preparation and audit of its fiscal 2010 financial statements, including a review of certain revenues associated with shipments to customers in China during the second, third and fourth quarters.
American Superconductor currently expects to reverse the recognition of a material amount of revenue that it had included when estimating revenues of less than $355 million for fiscal year 2010 in the company's press release dated April 5, 2011. The company also said it has implemented a hiring freeze and has significantly reduced travel and discretionary spending. The company said since March 31, 2011, it has reduced its headcount by 10 percent globally.
RF Micro Devices Inc. (RFMD) stock tumbled 3.65 percent to $6.07 in the pre-market trading.
Rediff.com India Ltd. (REDF) stock decreased 1.85 percent to $10.94 in the pre-market trading.
ARM Holdings plc (ARMH) stock declined 1.65 percent to $28.08 in the pre-market trading.