Shares of Cheniere Energy, Inc. (LNG) are lower by more than 3% to $55.01 in pre-market trading on Wednesday after renowned short-seller Jim Chanos revealed a new short position in the natural gas exporter, saying the liquefied natural gas market is “a disaster” because producers have committed to building expensive plants just as demand flattens out.
Earlier this month, Carl Icahn disclosed an 8.18% stake in the company. The billionaire investor spent more than $1 billion to accumulate 19.4 million shares of Cheniere Energy.
Yahoo! Inc. (YHOO) shares are down 2.04% to $30.27 in pre-market trading after the web portal’s plans for a tax-free spinoff of its stake in Alibaba Group hit a snag. Yahoo said on Tuesday the IRS denied its request to have the $23 billion planned spinoff declared tax-free.
At least eight Wall Street firms cut their price targets on the stock following the news.
Shares of Tetraphase Pharmaceuticals Inc. (TTPH) have plunged 80 percent in early trading Wednesday after the company announced that its “eravacycline”, an experimental drug being developed for deadly, drug-resistant infections, wasn’t better than a standard generic treatment.
“We are disappointed that the IGNITE2 trial did not achieve its primary endpoint. We plan to further analyze the data and provide an update after we have discussed the data and our plans for a path forward with the regulatory agencies,” stated Guy Macdonald, President and CEO of Tetraphase.
Shares of Viggle Inc. (VGGL) are up $0.20, or over 15.38%, at $1.50, after the company this morning announced an agreement with Sportech, Inc to form DraftDay Gaming Group to purchase fantasy sports assets, specifically DraftDay, the third-largest operator in the daily fantasy sports industry, from MGT Capital Investments Inc. (MGT).
Alibaba Group Holding Ltd (BABA) — The Chinese e-commerce giant cut its sales estimates for its second quarter saying the company is “observing some negative impact to the magnitude of the spending” by Chinese consumers on their online platforms.
Alibaba believes its gross merchandise value will be “mid-single-digits lower than…initial expectations”. The company also said this “will have an impact on the September quarter.”