Morning Buzz: Citigroup (C), Canadian Solar (CSIQ), Corbus Pharmaceuticals (CRBP), Dot Hill Systems (HILL)

Shares of Citigroup Inc. (C) are down marginally in pre-market hours on news the bank’s Global Markets Inc (CGMI) unit has agreed with New York Attorney General Eric Schneiderman’s office to return $4.5 million in account management fees charged on some 15,000 frozen accounts.

As a result of the agreement, a total of more than $20 million to more than 31,000 Citi customers will be refunded for overcharges.

Mr. Schneiderman is expected to announce the agreement Thursday.

Canadian Solar Inc. (CSIQ) shares are down $2.84, or 11.50%, to $21.85 in pre-market trading Wednesday after the company reported its second quarter earnings results.

The solar energy firm posted earnings of $0.31 per share on revenues of $636.7 million, up 2.1% from a year ago. Analysts were expecting EPS of $0.29 on revenues of $596.4 million.

For Q3/15, Canadian Solar provided revenue guidance of $570 to $620 million, compared to the consensus revenue estimate of $757.06 million.

CSIQ currently prints a one year loss of 28.50% and a year-to-date return of around 2%.

Corbus Pharmaceuticals Holdings, Inc. (CRBP) is ripping 52.64% higher this morning on news the company’s investigational drug Resunab has been granted Fast Track Status by the FDA for the treatment of systemic sclerosis.

“We are very pleased to have achieved another significant regulatory milestone for Resunab for the treatment of systemic sclerosis, following the recently granted FDA Orphan Drug Designation in this indication,” stated Yuval Cohen, Ph.D., CEO of Corbus. “With Fast Track status, we expect to have the opportunity to accelerate Resunab’s clinical development timeline to more expediently bring this potentially impactful drug therapy to individuals with systemic sclerosis.”

Dot Hill Systems Corp. (HILL) is a big mover this pre-market session with its shares spiking nearly 88%. The move comes after the company announced its acquisition by hard disk drive maker Seagate Technology (STX)  for $9.75 per share in cash, or about $694 million. The per share price represents an 88% premium to HILL’s Tuesday’s close.

The companies expect the sale to close during the 4Q/15.

Be the first to comment

Leave a Reply

Your email address will not be published.


*