Morning Market Movers April 19, 2017

The markets are up slightly ahead of the bell. Morgan Stanley and BlackRock reported earnings this morning, and they did not follow the same trend as Goldman Sachs. American Express is set to report after the close, as well as eBay and Kinder Morgan. There was not much all that interesting in the mid- and large-cap markets during the pre-market. However, we’re more focused on small-cap stocks, and there were some morning market movers ahead of the bell. Here’s what we’re watching today.

Morning Market Movers

Diana Shipping Inc. (NYSE:DSX) shares are falling over 7% during the pre-market, after the company filed an SEC Form 6K, in which the company announced it commenced an underwritten public offering of approximately $70M worth of common shares. Now, Diana Shipping CEO and Chairman, executive officers and certain directors, as well as Simeon Palios affiliated entities have agreed to purchase around $20M worth of common shares at the public offering price. As of yesterday’s close, Diana Shipping Inc had a market cap of around $432.80M.

Here’s a look at DSX on the daily chart, as of yesterday’s close:

Source: TradingView

 

Upland Software Inc (NASDAQ:UPLD) was initiated with a Buy rating at Craig-Hallum. Craig-Hallum analyst Jeff Van Rhee initiated UPLD with a Buy rating and a $20 price target, and indicated Upland Engine is “poised to shine.” The stock closed at $15.72 per share, and a market cap of around $280M yesterday.

 

Take a look at UPLD on the daily chart:

Source: TradingView

 

Agios Pharmaceuticals Inc (NASDAQ:AGIO) initiated its public offering of common stock on Monday, and it offered 4.5M shares of common stock, and it granted its underwriters to purchase up to an additional 675K shares. Moreover, Celgene Corp. indicated that it was interested in purchasing an aggregate of up to approximately 556K shares of AGIO’s common stock. Yesterday, after the market close, AGIO priced its $250M public offering at $49.50. Shares were down slightly ahead of the open.

 

Look at AGIO’s performance on the daily chart, as of yesterday’s close:

Source: TradingView

 

ADTRAN, Inc. (NASDAQ:ADTN) shares are up over 4% ahead of the open, after the company reported its 1Q 2017 financial results. ADTRAN’s EPS came in at 18 cents, which beat the Capital IQ consensus by 3 cents. Revenues rose to $170.3M in the quarter, nearly a 20% increase from its revenue in same period, in the prior fiscal year. The company reported net income of $6.7M during 1Q 2017, compared to $5M during 1Q 2016.


Source: TradingView

Stillwater Mining Company (NYSE:SWC) announced that it notified the New York Stock Exchange of its intention to delist its common stock, after its merger with Sibanye Gold Ltd (ADR) (NYSE:SBGL).  Now, the closing of this merger is still subject to the approval of the Merger Agreement by SWC shareholders, approval of the transaction by SBGL shareholders, and the approval of related issuance of shares by SBGL in a rights offering by the holders of at least 75% of the shares present and voting, as well as other customary conditions. SWC shareholders will vote at the annual meeting next week. Now, Sibanye Gold Ltd shares were down nearly 5%, after it noted that it would raise $2B in debt and equity to fund the Stillwater Mining takeover. SBGL plans to raise $1B in debt and $1B in equity for the acquisition.

 

Here’s a look at SBGL on the daily chart:


Source: TradingView

Some economic indicators to watch today are: EIA Petroleum Status Report at 10:30 AM ET and Beige Book at 2:00 PM ET.

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