Morning Buzz: SinoCoking Coal (SCOK), Arena (ARNA), Netflix (NFLX), Eldorado Gold (EGO), Acacia Research (ACTG)

Shares of SinoCoking Coal and Coke Chemical Industries (SCOK) are up 36.82% to $3.53 in early trade Wednesday following the company’s announcement that the Henan Pingdingshan Shilong District Science and Technology Bureau has approved the company’s Underground Coal Gasification program.

SCOK said that as a qualified State Scientific Demonstration project, its UCG program will be entitled to receive a series of benefits and financial support from the government, including 30% reimbursement of total capital investment, 25% refunds for taxes paid to local and state tax authorities, and access to coal for gasification purposes in Shilong District’s 27 square kilometers of coal reserves.

On valuation measures, SinoCoking Coal and Coke Chemical Industries is currently valued at $61.34 million. In the past 52 weeks, shares of coal and coke producer in the People’s Republic of China have traded between a low of $0.83 and a high of $9.37 with the 50-day MA and 200-day MA located at $2.88 and $2.94 levels, respectively. Additionally, shares of SCOK have a Relative Strength Index (RSI) and MACD indicator of 36.17 and -0.22, respectively.

SCOK currently prints a one year return of about 98.45% and a year-to-date loss of around 9%.

Arena Pharmaceuticals, Inc. (ARNA) today announced that it has sold 21 million shares of common stock to Jefferies LLC and Piper Jaffray & Co. as underwriters for its previously announced public offering, which is expected to close on or about January 26, 2015. In addition, Arena said that it has granted the underwriters a 30-day option to purchase up to an aggregate of 3 million additional shares of common stock.

ARNA shares recently lost 5.22% to $5.01. The stock is down more than 31% year-over-year but has gained roughly 44% year-to-date. In the past 52 weeks, shares of San Diego, California-based biopharmaceutical company have traded between a low of $3.26 and a high of $7.58.

Arena Pharmaceuticals has a current market cap of $1.10 billion.

Shares of Netflix, Inc. (NFLX) are surging 59 points, or 17%, to $408.18 in early trade Wednesday, after the video streaming service reported yesterday an adjusted Q4 profit of $0.72 per share, topping analysts’ estimates of $0.45 per share. Revenue came in at $1.48 billion, slightly below analysts’ expectations of $1.49 billion. Netflix also said it added 4.33 million video streaming customers during the fourth quarter, better than its prior forecast.

Following the company’s results, analysts at JPMorgan (JPM) raised their price target on the name to $511 from $450 with an ‘Overweight’ rating.

Shares of Eldorado Gold Corporation (EGO) are down 21% in early trading Wednesday, after the company was downgraded to ‘Sell’ from ‘Hold’ by analysts at Canccord this morning.

Analysts at the equity research firm also lowered their 12-month base case estimate on the name to $8.75 from $9.00, citing concerns over the name’s premium valuation and deteriorating fundamentals. Separately, EGO was downgraded to ‘Neutral’ from ‘Outperform’ at Credit Suisse (CS). Price target lowered to $7 from $8.

Eldorado Gold Corp. shares are down 8% over the past 52 weeks, while the S&P 500 index has gained 9.63% in the same period.

Eldorado’s shares dropped $1.65 to $6.13 in recent trading.

Acacia Research Corporation (ACTG) shares are down 11.50% to $14.15 this morning following an announcement that Acacia’s CEO and President Matt Vella will discuss the January 20 ruling received by Adaptix, Inc., a subsidiary of Acacia Research Corporation, relating to patent cases pending in California.

The Court’s ruling granted a motion finding no infringement of certain method claims asserted by Adaptix against Apple (AAPL), Verizon (VZ), AT&T (T), and HTC (HTCKF). The call will take place at 9am ET January 21.

In other ACTG news this morning, the name’s price target was lowered to $17 from $23 at Northland Capital.

Be the first to comment

Leave a Reply

Your email address will not be published.


*