Options Wonderland

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ups and downs 3-13

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08:24 SUMRX Gapping up/down: NFP +11.2%, BA +0.6%... EXPR -15.1%, DOLE -8.8% on earnings/guidance, BBRY -1.2%
Gapping up:
In reaction to strong earnings/guidance: DRL +23.1% (thinly traded, light volume), GSIG +8.6%, PPHM +7.6%, GNMK +4.1% (light volume), PUK +3.5%, ESLT +2.9% (very thinly traded), PNM +2.6%, XOMA +2.3% (ticking higher), PHMD +1.9% (ticking higher), ACAD +1.1% (light volume, target raised to $9 at Ladenburg Thalmann).

M&A news: NFP +11.2% (reports indicate the co may explore sale), LIFE +0.3% (continued M&A speculation, Bloomberg discusses that a LIFE takeover at this valuation may be better than nothing).

Other news: NSPH +6.6% (obtains CE Mark for gram-negative blood culture test), GLUU +2.5% (continued strength), WAGE +1.8% (prices follow-on public offering of 5,631,115 shares of its common stock at a price to the public of $24.00 per share), BA +0.6% (receives FAA approval of certification plan for 787 battery solution, Boeing upgraded to Hold from Underweight at BB&T Capital Mkts)

Analyst comments: COH +2.2% (upgraded to Buy from Neutral at Citigroup), FIG +1.5% (upgraded to Buy from Neutral at Goldman), WAG +1.4% (upgraded to Buy from Neutral at UBS)

Gapping down:
In reaction to disappointing earnings/guidance: SPPI -35.2% (provides corporate update with guidance), VELT -26% (also multiple downgrades), COOL -19.4%, KTOS -16.3% (light volume), EXPR -15.1%, DOLE -8.8%, IPAR -3% (light volume, also authorized a 50% increase in the annual dividend to $0.48 per share), KW -0.6% (announces offering of 9 mln shares of common stock).

M&A news: BBRY -1.2% (Several reports out overnight cautious on Lenovo (LNVGY) takeover speculation), .

Select financial related names showing weakness: NBG -3.7%, IBN -2.5%, DB -2.0%, RBS -1.8%, SAN -1.2%, HBC -0.9%.

Other news: TEU -4% (announced $25 mln public offering of common shares), EROC -3.5% (announces public offering of 8 mln common units representing limited partner interests), MLNX -2.4% (modestly pulling back), HLF -1.7% (Consumer Group has asked the FTC to investigate HLF; Pershing Square Capital Management issues statement regarding National Consumers League's Call for FTC investigation into Herbalife; Icahn discloses acquisition of 322,716 shares of HLF at $41.45 per share; ), RPT -1.3% (upsizes offering by 1.05 mln shares and prices 7 mln newly issued common shares at $15.55 per share ), BUD -1% (still checking), JCP -1% ( is considering April trial in bondholders dispute, according to reports ),BHP -0.4% (may face a probe over Beijing Olympics, according to reports).

Analyst comments: HFC -1.3% (downgraded to Neutral from Outperform at Macquarie), VLO -1.2% (downgraded to Neutral from Outperform at Macquarie)

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08:12 ACAD ACADIA Pharmaceuticals target raised to $9 at Ladenburg Thalmann; remains a favorite story (6.31 )
Ladenburg raises its ACAD tgt to $9 from $8. Firm believes ACAD represents an attractive long term investment opportunity. Co is well capitalized ($108 mln), has positive Phase 3 data in Parkinson's Disease Psychosis (PDP) and owns global commercial rights to primanavserin. In addition, primavanserin is a candidate for label expansion (including Alzheimer's disease psychosis) and faces limited competition in the segments it is likely to participate.