U.S. Movers: Complete Genomics, Lowe

Mukesh Buch
17 Sep, 2012
New York City

Complete Genomics is agreed to be acquired by China based company. Lowe''s withdrew its C$1.8 billion offer for Canada based Rona. Waste Connections agreed to acquire subsidiaries of R360 Environmental for $1.3 billion in cash.

[R]10:50 AM New York – Complete Genomics is agreed to be acquired by China based company. Lowe''s withdrew its C$1.8 billion offer for Canada based Rona. Waste Connections agreed to acquire subsidiaries of R360 Environmental for $1.3 billion in cash.[/R]

Complete Genomics, Inc. ((GNOM)) surged 14.2% or 38 cents to $3.06 after the biotechnology company said China based BGI-Shenzhen will acquire the company for $3.15 a share in cash, a premium of 54% to $2.04 closing price on June 4. The aggregate value of transaction of $117.6 million and is expected to complete in early 2013.

Lowe’s Companies, Inc. ((LOW)) slid 11 cents to $29.29 after the home improvement retailer withdrew its C$1.8 billion takeover bid for Canada based Rona Inc. Lowe’s had offered C$14.50 per share in on July 31 and the management rejected the offer.

Finance Minister of Quebec (a home province of Rona), was not in favor of the acquisition proposal and worried about loss of jobs despite assurances given by Lowe’s.

LDK Solar Co., Ltd ((LDK)) slumped 4% or 5 cents to $1.19 after the solar wafer maker reported revenues in the second quarter ending in June declined 53% to $235.4 million from $499.4 million in the same period of last year. Net loss in the quarter widened to $254.3 million or $2 per diluted share compared to $87.7 million or 62 cents per share a year ago earlier.

Office Depot, Inc. ((ODP)) advanced 7.2% or 18 cents to $2.65 after the office products supplier received offer from Starboard Value L.P., a hedge fund operator, to take stake of more than 10% common stocks to be the largest share holder of the company.

Threshold Pharmaceuticals, Inc. ((THLD)) plunged 25.1% or $2.17 to $6.55 and the biotechnology company is scheduled to update data from phase-2b clinical trial of TH-302 in combination with Gemcitabine in advanced pancreatic cancer at the European Society for Medical Oncology 2012 congress in Vienna at the end of this month.

Tesla Motors, Inc. ((TSLA)), climbed 5.1% or $1.56 to $31.95 on a broker upgrade.

Waste Connections, Inc. ((WCN)) climbed 7.8% or $2.34 to $32.01 after the waste management service provider agreed to acquire subsidiaries of R360 Environmental Solutions Inc, a oilfield waste treatment provider for $1.3 billion in cash. The transaction is expected to close in fourth quarter of this year.