Notable movers of interest
The following are some of today's most notable movers of interest, categorized by market capitalization (large cap over $10 billion and mid cap between $2-10 billion) and ranked by % change (all stocks over 100K average daily volume).
Large Cap Gainers
MPEL (18.99 +6.09%): Casino names outperforming on reports that China will re-extend transit visas to encourage more visitors to Macau; also helping was MGM Resorts (MGM) activist shareholder Land & Buildings issuing additional letter to shareholders reiterating their bullish stance on the name citing undervaluation and rumors of industry consolidation (LVS also higher).
PNR (68.08 +5.67%): Activist investor Trian Fund Management disclosed 7.24% stake, says has met and engaged in discussions with management about ways to create shareholder value through various methods including accretive M&A.
LFC (21.65 +3.79%): Chinese ADSs outperforming after the sell off in Shanghai loses momentum with the SSE Composite Index gaining 5.5%; Shanghai had fallen over 20% in just two weeks (JD, VIPS, NTES also higher).
Large Cap Losers
SNY (49.23 -1.23%): Announced it will issue new shares, commence a secondary offering and issue convertible bonds for expected net proceeds of ~321 bln yen (~$3.6 bln).
SYY (36.04 -3.22%): Downgraded to Hold from Buy at Deutsche Bank.
ERIC (10.36 -3%): Weakness in European names as markets there sell-off, extending yesterday's declines (BBL, MT, RIO, ABB, TOT, NOK also lower).
Mid Cap Gainers
JUNO (54.96 +18.7%): Entered into a ten-year collaboration with Celgene (CELG) for the development and commercialization of immunotherapies; Celgene to make initial payment of ~$1 bln, which includes the purchase of ~9.1 mln shares of Juno's stock at $93/share.
FIT (36.53 +9.76%): Initiated with a Outperform at RBC Capital Mkts; tgt $45.
JMEI (22.45 +6.9%): Upgraded to Buy from Hold at HSBC; also rebounding in conjunction with other Chinese names.
Mid Cap Losers
BPOP (28.48 -3.79%): Continued weakness as a result of Puerto Rico's intensifying debt concerns.
KORS (42.16 -2.79%): Specialty retailers underperforming following cautious analyst comments (KATE also lower).
BBRY (8.06 -2.77%): Price target lowered to $10 from $11 at Cowen.
