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Pre-market Movers For Apr 2 (AVP, THRX, KERX, AEZS, AVII, GRPN, SINA, ESRX, MHS)

Gainers:

Avon Products, Inc. (AVP) is gaining 19 percent to $23.08. Coty Inc. has submitted a non-binding proposal to acquire the company for $23.25 per share in cash. In response, Avon rejected Coty's offer.

Decliners:

Keryx Biopharmaceuticals Inc. (KERX) is plunging 59 percent to $2.04. AEterna Zentaris Inc. (AEZS) is plunging 55 percent to $0.95. The companies announced that the Phase 3 X-PECT clinical trial evaluating perifosine (KRX-0401) + capecitabine (Xeloda) in patients with refractory advanced colorectal cancer did not meet the primary endpoint of improving overall survival versus capecitabine + placebo. The trial involving 468 patients in 65 sites in the U.S was conducted by AEterna Zentaris' North American licensee partner, Keryx.

AVI BioPharma, Inc. (AVII) is falling 34 percent to $1.02. The company announed that treatment with its eteplirsen met the primary efficacy endpoint in a randomized, double-blind, placebo-controlled Phase IIb study in boys with Duchenne muscular dystrophy.

Groupon, Inc. (GRPN) is falling 11 percent to $16.31. The company announced a revision to its reported results for its fourth quarter and year ended December 31, 2011, primarily related to an increase to its refund reserve accrual to reflect a shift in fourth quarter deal mix and higher price point offers, which have higher refund rates.

SINA Corp. (SINA) is falling 6 percent to $61.00 amidst the news that China has launched censorship move in an effort to beat back the rumors following the ouster of Bo Xilai.

Trading halt:

Trading in shares of Express Scripts (ESRX) and Medco Health Solutions (MHS) were halted. Express Scripts completed its previously announced $29.1 billion acquisition of Medco today.

Trading in shares of ChinaCast Education Corp. (CAST) was halted. Ron Chan, ex Chairman and CEO of the company has resigned from the board. Ron Chan attributed his decision to serious disagreements he had with the group of directors who recently has come to control the board and the company. Additionally, the company said it received NASDAQ notification letter regarding delayed Form 10-K filing.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Saudi Arabia is reportedly considering to list its state-run oil behemoth Saudi Aramco in New York Stock Exchange. According to a WSJ report, citing people familiar with the matter, Aramco prefers to float its shares on the NYSE, or in London or Toronto after discussion to list on an Asian stock exchange... Anglo-Australian mining giant BHP Billiton plc reported Tuesday a profit in its first half, compared to last year's hefty loss on sharply lower one charges. Underlying EBITDA, a key earnings metric, climbed 65 percent with higher production and prices. The company further lifted its dividend by 150 percent. Shares of HSBC Holdings Plc declined around 4 percent in Hong Kong trading after the Asia-focused lender reported wider net loss in its fourth quarter amid weak net interest income. Further, the company maintained its dividend, and said its Board plans a further $1.0 billion share buy-back, which is expected to complete in the first half of 2017.
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