The top pre-market NASDAQ stock market losers are: SmartHeat, Verigy, A-Power Energy Generation Systems, Sears Holdings, Legacy Reserves, Clean Energy Fuels, Hologic, Synchronoss Technologies, and Avanir Pharmaceuticals.
SmartHeat Inc. (HEAT) lost 10.09 percent to $5.08 in the pre-market session. The company said it is offering 5 million shares of its common stock in an underwritten public offering pursuant to an effective shelf registration statement.
SmartHeat plans to use the net proceeds from the sale of the common stock for general corporate purposes and potential acquisitions, although no specific acquisition candidate has been identified to date.
Verigy, Ltd. (VRGY) tumbled 6.85 percent to $8.30 in the pre-market trading. The company and LTX-Credence Corp. (LTXC) announced definitive merger agreement to take advantage of similar portfolios and increase their market share. The merged entity, to be called Verigy, is expected to realize $25 million in annual savings.
A-Power Energy Generation Systems, Ltd. (APWR) plunged 6.25 percent to $6.15 in the pre-market trading. The company said it postponed its third quarter conference call from Nov. 18 to later in 2010. The company said the postponement was not due to any accounting irregularities.
A-Power Energy also said it adjourned its 2010 annual general meeting of shareholders in Shenyang, China from Nov. 17 to Dec. 16, as it needs additional time to solicit proxies from its shareholders to establish the requisite quorum for the conduct of business.
Sears Holdings Corp. (SHLD) dropped 4.61 percent to $63.15 in the pre-market trading. The company's third quarter loss widened to $218 million or $1.98 a share from $127 million or $1.09 a share last year. Revenue declined to $9.7 billion from $10.2 billion. Analyst had expected a loss of $1.07 a share on revenue of $9.95 billion.
Legacy Reserves Lp (LGCY) plummeted 4.50 percent to $25.27 in the pre-market session. The company said it intends to sell 3 million units in an underwritten public offering.
Legacy Reserves intends to use the net proceeds to fund a portion of the purchase price of an acquisition of working interests in properties in the Permian Basin. Pending the use of the proceeds for such purpose, the company plans to use net proceeds for general partnership purposes, including to reduce outstanding borrowings under its revolving credit facility.
Clean Energy Fuels Corp. (CLNE) fell 1.29 percent to $13.80 in the pre-market session.
Hologic Inc. (HOLX) decreased 1.03 percent to $16.28 in the pre-market trading. The company said it has agreed to retire $450 million of 2.00 percent Convertible Senior Notes due 2037 in exchange for its issuance of $450 million of new 2.00 percent Convertible Exchange Senior Notes due 2037. Following these transactions, about $1.275 billion of the Existing Notes will remain outstanding.
Synchronoss Technologies, Inc. (SNCR) declined 0.73 percent to $25.80 in the pre-market session. The company said it has priced its common stock offering of 4.26 million shares at $25.40 a share. The offering is expected to close on November 23, 2010.
Synchronoss expects to receive about $91.6 million in offering net proceeds, or about $107.1 million if underwriters exercise their over-allotment option in full, after deducting expenses. The company plans to use offering net proceeds for general corporate purposes.
Avanir Pharmaceuticals (AVNR) moved down 0.23 percent to $4.40 in the pre-market trading.