Reuters UK
NEW YORK, Nov 24 (Reuters) - EMC Corp (EMC.N) shares fell more than 1 percent in extended trading on Tuesday after the company said its board approved a ...
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Sequenom, Inc. (NASDAQ: SQNM) is getting clipped this morning before the open. At 9:25 AM EST we have shares down 7.9% from the $4.42 close down at $4.07 this morning. All we have seen is a call on the wires from a Skymark Research and that is just an advertisement of a call that is not seen for free. Today’s 679,440 to the downside is after a large rise yesterday, so it possible that traders are just dumping into the long weekend.
-JON OGG
Incyte Corp (NASDAQ:INCY) announced that it has signed a collaboration and license agreement with Novartis (NYSE: NVS) for two of its investigational haematology and oncology therapies. Novartis could end up paying $1.1 billion in total under the pact if milestones are reached. Novartis will pay $150 million to Incyte up front, with an immediate $60 million in milestone payment on top of that for its phase III European trial of the myelofibrosis therapy which commenced in July. Shares had been up over 15% earlier this morning. At 8:26 AM EST shares are up 11.2% at $8.59 on almost 700,000 shares. The 52-week trading range is $1.96 – $8.32 and the average daily volume is 2.9 million shares. Call that a 52-week high.
JON OGG
Origin Agritech Limited (NASDAQ: SEED) is continuing yesterday’s surge on a genetic corn approval. At 8:43 AM EST we have already seen 1.45 million shares trade hands and the stock is up 7% at $11.19. Shares had been up as high as $11.40 in earlier indications but that is pre-market and won’t count unless the trades happen during hours as the prior 52-week range is $1.70 to $10.58. This one effectively doubled in price yesterday and traded a whopping 45 million shares. Its market cap after the double is $235 million.
JON OGG
Netlist Inc. (NASDAQ: NLST) is losing its way. Last week was actually a very large surprise after seeing it rise after an apparent and false fall from grace. But maybe reality is setting in that stocks don’t usually rise from under $1.00 in the penny stock category up to over $7.00. It would be easy to throw the rationale out, but Netlist is a purely trader-driven stock now that ebbs and flows with the direction that the money goes in and out of it. Shares today have traded over 12.2 million shares at 3:50 PM EST and the market cap is $129 million. A dollar-weighted average of $6.70 day (mid-point of $6.10 to $7.30) shows that $81.7 or so traded in share price volume. That is not an exact number, but is close enough and gives you a feel for how much stock traded versus what is really out there. It traded more than its whole float on Friday.
As of the most recent balance sheet, Netlist had close to $16.5 million in cash and investments and a net tangible assets of almost $21.6 million. Its revenues last quarter were almost $6.45 million.
As we have noted, this one feels a lot like K-Tel from the 1990’s.
JON OGG
Diedrich Coffee, Inc. (NASDAQ: DDRX) is soaring on a ceffeinated buyout offer. Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR)) confirmed that it has submitted a proposal to acquire Diedrich Coffee for $30.00 per share in a transaction with a total enterprise value of approximately $247 million.  Diedrich announced that its board of directors had determined that the Green Mountain offer constituted a superior proposal over the offer from Peetâs Coffee & Tea, Inc. (NASDAQ: PEET) and Diedrich also announced today that is has received a revised offer from Peetâs.
The new $30.00 per share in cash has no financing and no due diligence contingencies that will be through cash on hand and existing bank lines of credit. This offer represents a 47% premium to the closing market price of Diedrich common stock on November 2, 2009 and a 15% premium over the original cash and stock proposal from Peetâs. Here are the moves at 8:55 AM EST:
DDRX is up 27% at $33.20 on 92,000 shares
GMCR is down only 0.5% at $64.71 on 6,000 shares
PEET is down 2.5% at $37.07 on 8,2000 shares
JON C. OGG