Morning Buzz: Fairchild Semiconductor (FCS), Anavex Life Sciences (AVXL), Citrix Systems (CTXS), Lowe’s (LOW)

Shares of Fairchild Semiconductor International Inc. (FCS) are up 9.28% ahead of the open following reports that the company agreed to be bought by rival chip maker ON Semiconductor Corp. (ON) for about $2.4 billion cash. The price tag of $20 per share values Fairchild at nearly 13% premium to where the stock closed Tuesday.

Shares of Anavex Life Sciences Corp. (AVXL) are skyrocketing by nearly 26% to $4.06 in pre-market trading on Wednesday after the company today announced that it is moving forward with the development program for ANAVEX 2-73, a treatment of Alzheimer’s disease, in a larger double-blinded, randomized, placebo-controlled Phase 2/3 trial.

“Working with a highly vulnerable patient population, the Company is proceeding in a rational, step-wise process. Armed with the necessary data from the Phase 2a study to optimally design future trials, we look forward to expanding our development program,” said in a statement Kristina M. Capiak, Vice President Regulatory Affairs of Anavex.

Citrix Systems, Inc. (CTXS) — The company announced plans late Tuesday to spin off its GoTo software business as a separate public company. Citrix said that the decision follows a “thorough review of strategic alternatives” and will allow Citrix to enhance its strategic focus while permitting operational efficiency improvement. The company also said it would cut about 1,000 jobs.

Shares of Lowe’s Companies Inc. (LOW) rallied $2.04 to $74.89 after the company released its earnings results on Wednesday. The number 2 U.S. home improvement retailer posted Q3’15 EPS of $0.80 per share vs. $0.79 consensus. Revs came in at $14.36 billion, up 5.0% from a year ago. Analysts had been modeling $14.35 billion.

For FY15, Lowe’s provided EPS guidance of $3.29 versus consensus of $3.31 per share. The company also issued revenue projection of $58.75 to $59.0 billion, compared to the consensus revenue estimate of $58.99 billion.

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