Friday’s Pre-Market Look: Stocks In The News Before The Open

Eagle Bulk Shipping (EGLE) jumped 10% in after-hours trading after Goldentree, the second-largest holder of Eagle Bulk Shipping stock, entered into a pact to buy 2.5 million shares of the company’s stock.

Agios Pharmaceuticals (AGIO) slumped 20% in after-hours trading after it ended development of its AG-519 drug for early-stage anemia after the FDA put the program on a clinical hold due to safety concerns.

Honeywell (HON) — Honeywell shares are under pressure after Honeywell said its current-quarter earnings would come in at the low end of its prior forecast, and gave a 2017 earnings outlook that falls largely below estimates. The company did give upbeat comments about 2017, despite what it sees as a slow growth global environment.

Trivago — The hotel search website operator saw its initial public offering price at $11 per share, below the expected range of $13 to $15 a share. Trivago raised a total of $287 million in the offering.

Nordstrom (JWM) — JPMorgan Chase downgraded the retailer to “underweight” from “neutral” following meetings with management, and based its decision on relatively flat sales and no “silver bullets” on the horizon to improve trends.

Sotheby’s (BID) — Cowen upgraded the auction house to “outperform” from “market perform” due to what it calls an improving business model and market environment.

Clorox (CLX) — BMO began coverage on the consumer products maker with an “outperform” rating, noting a recent pullback in the share price represents a buying opportunity. BMO is upbeat on Clorox’s product portfolio as well as the ability to make strategic acquisitions.

General Electric (GE) — The Dow component was upgraded to “outperform” from “market perform” at Bernstein, noting a positive transformation in GE’s asset portfolio and underperformance by the shares this year.

AvalonBay Communities (AVB) was upgraded to ‘Buy’ from ‘Neutral’ at Mizuho Securities USA with a 12-month target price of $190.

Waste Management (WM) boosted its quarterly dividend to 41.5 cents a share from 41 cents, and authorized a stock buyback of up to $750 million.

Scientific Games (SGMS) was downgraded to ‘Neutral’ from ‘Outperform’ a Macquarie Research.

Adobe Systems (ADBE) reported Q1 adjusted EPS of 87 cents, above consensus of 85 cents, although Q1 revenue of $1.625 billion was less than consensus of $1.65 billion.

Las Vegas Sands (LVS) was rated a new ‘Buy’ at Goldman Sachs with a price target of $68.

Oracle (ORCL) slid 2% in after-hours trading after it reported Q2 adjusted revenue of $9.07 billion, below consensus of $9.12 billion.

Jabil Circuit (JBL) climbed 10% in after-hours trading after it reported Q1 core EPS of 69 cents, higher than consensus of 64 cents.

Finisar (FNSR) dropped over 6% in after-hours trading after it proposed a $450 million offering of convertible senior notes due 2036.

Merck (MRK) gained over 1% in after-hours trading after it won a $2.54 billion patent judgement against Gilead in Hepatitis C royalties.

Gilead (GILD) fell over 1% on the news.

Centene (CNC) slid over 1% in after-hours trading after it said it sees 2017 adjusted EPS of $4.40-$4.85, lower than the consensus range of $4.56-$5.04.

 

Sources: FoxBusiness, Barchart, CNBC, Reuters, Bloomberg