The top pre-market NASDAQ Stock Market gainers are: Tasty Baking, Global Crossing, American Medical Systems Holdings, RAM Energy Resources, and VIVUS. The top pre-market NASDAQ Stock Market losers are: Sina, Medivation, Energy Conversion Devices, JetBlue Airways, and Netflix.
Tasty Baking Co. (TSTY) stock jumped 144.72 percent to $3.94 in the pre-market trading, as Flowers Foods agreed to begin a tender offer to buy all of the outstanding shares of Tasty common stock for $4.00 a share in cash or a total purchase price of around $165 million, including Tasty's existing indebtedness. It is expected that the all cash merger transaction will close during the second quarter of 2011 and is subject to customary closing conditions and approvals, as well as a majority of the outstanding shares of Tasty common stock being validly tendered and not withdrawn in the tender offer.
Global Crossing Ltd. (GLBC) stock climbed 72.09 percent to $25.47 in the pre-market trading, as Level 3 Communications, Inc. (LVLT) agreed to buy Global Crossing for $23.04 per Global Crossing common or preferred share, or about $3.0 billion, including the assumption of about $1.1 billion of net debt as of Dec. 31, 2010. Global Crossing shareholders will receive 16 shares of Level 3 common stock for each share of Global Crossing common stock or preferred stock that is owned at closing. The transaction is expected to close before the end of this year.
American Medical Systems Holdings Inc. (AMMD) stock advanced 32.47 percent to $29.58 in the pre-market trading, as Endo Pharmaceuticals Holdings Inc. (ENDP) has agreed to buy American Medical Systems for $30 a share or $2.9 billion in cash, which includes the assumption and repayment of $312 million of AMS debt. The merger agreement had been unanimously approved by the boards of directors of both companies.
RAM Energy Resources, Inc. (RAME) stock grew 6.64 percent to $2.25 in the pre-market trading. The company announced an update to activity in its Mississippian oil play in Osage County, Oklahoma. About $5.4 million or 15 percent of RAM's 2011 capital expenditure budget totaling $35 million is allocated to the company's 56,320 acre concession, a part of the broad Mississippi Chat / Mississippi Solid / Arbuckle oil play in the region. Interpretation of the first phase of 3-D seismic, acquired in 2010, and initial drilling results indicated that a substantial portion of the acreage surveyed could be prospective.
Although the Mississippi Chat has been the company's primary objective to date, the company's practice is to drill through the Chat and through the Mississippi Lime formation in order to gather additional science for future development. The initial wells drilled have encountered Chat zones 40-70 feet thick and porosities ranging from 20 percent to 35 percent. Similarly, initial wells have drilled through Mississippi Lime zones of 100 feet, or more, in thickness with a porosity range similar to the 5 percent to 15 percent range of porosities experienced by other operators in the western portions of the play.
VIVUS Inc. (VVUS) stock gained 6.35 percent to $6.87 in the pre-market trading. The company reported detailed results from the 56-week CONQUER study evaluating the efficacy and safety of investigational drug QNEXA in 2,487 obese patients with high blood pressure, high cholesterol or type 2 diabetes across 93 sites in the US. The CONQUER results demonstrated overall improvements in cardiovascular and metabolic disease risk factors in overweight patients.
The data provided an in-depth look at weight loss and improvements in the full spectrum of co-morbidities studied as secondary endpoints, including cardiovascular, metabolic and inflammatory risk factors. QNEXA, completed phase 3 clinical trials for the treatment of obesity and is currently being considered for approval by US and EU regulators. QNEXA is also in phase 2 clinical development for the treatment of type 2 diabetes and obstructive sleep apnea.
Sina Corp. (SINA) stock fell 3.64 percent to $115 in the pre-market trading.
Medivation, Inc. (MDVN) stock fell 3.33 percent to $19.44 in the pre-market trading, as the Phase 3 HORIZON trial of the investigational drug dimebon in patients with Huntington disease stating that dimebon did not meet primary efficacy endpoints. The company said no statistically significant improvements were achieved for the dimebon or latrepirdine group relative to placebo on either of the co-primary endpoints.
Medivation and Pfizer Inc. (PFE) have a global collaboration to develop and commercialize dimebon for the treatment of Alzheimer's disease and Huntington disease. The double-blind, placebo-controlled Phase 3 HORIZON trial enrolled 403 patients with Huntington disease at 64 sites in North America, Europe and Australia. The trial included patients who had cognitive impairment, based on investigator judgment and verified by MMSE score. Patients were randomized to receive either 20 mg of dimebon three times daily or placebo for six months.
Energy Conversion Devices, Inc. (ENER) stock slid 1.89 percent to $2.08 in the pre-market trading.
JetBlue Airways Corp. (JBLU) stock declined 1.02 percent to $5.80 in the pre-market trading. Crude oil for May delivery rose $2.77 to $113.07 a barrel on the New York Mercantile Exchange.
Netflix, Inc. (NFLX) stock moved down 0.37 percent to $234 in the pre-market trading.