Monday's Mid-Day Movers: Greece Reaches Deal, Dow Up Triple Digits
Update: A previous version of this story incorrectly reported Carl Icahn increased his stake in Voltari by 600 percent today. That move occurred in March.
The Eurozone leaders announced Monday that they are willing to lend Greece a total of 86 billion euros ($96 billion) in bailout loans. According to the Wall Street Journal, the bailout will be executed as long as Alexis Tsipras, prime minister of Greece, manages to carry out a round of “punishing austerity measures.” The deal requires Greece’s left wing to surrender to its creditor’s demands, yet gives the country hope as it remains in the Eurozone.
German Chancellor Angela Merkel added that most of the money raised will be used to pay off Greece’s debt and to recapitalize the country’s broken banks; while 12.5 billion euros will be used for investments.
Exports in China in the month of June were up 2.8 percent from a year earlier, in dollar terms, while imports in June were down 6.1 percent from a year earlier. Although exports grew, they are still weak in respect to previous years in China and a combination of weak exports alongside an even weaker imports continues to widen, according to the Wall Street Journal.
As Greece reached a deal, the U.S. markets are rallying.
Anacor Pharmaceuticals Inc (NASDAQ: ANAC) skyrocketed 55 percent as the company released positive results from two pivotal late-stage trials from crisaborole topical ointment.
OHR Pharmaceutical Inc (NASDAQ: OHRP) was up 39 percent after the biotechnology company reported positive results from a Phase II clinical study of its OHR-102 to treat retinal vein occlusion.
Aoxing Pharmaceutical Company Inc (NYSE: AXN) moved up 31 percent as the pharmaceutical company reported positive results of registration trial of Buprenorphine/Naloxone Sublingual tablets to treat Opioid Depend
Voltari Corp (NASDAQ: VLTC) was lifted 30 percent on no apparent news. Carl Icahn, who holds a position in the company, is scheduled to present at CNBC's Delivering Alpha conference on Wednesday, July 15.
Applied Optoelectronics Inc (NASDAQ: AAOI) heightened 17 percent as the vertically integrated technology company raises its guidance for Q2; Now sees EPS of $0.36-$0.38, versus previous $0.27. Revenue guidance raised from range of $43-$45 million to now $49.6 million.
Ascena Retail Group Inc (NASDAQ: ASNA) dwindled 14 percent after the specialty retailer cut its profit forecast to earnings of $0.57-$0.60 per share, from previous projections of $0.70-$0.75 per share.
Plexus Corp. (NASDAQ: PLXS) declined 10 percent after the Electronic Manufacturing Services company reported negative guidance for Q3. It announced Q3 sales of ~$670 million and a diluted EPS of $0.67-$0.70 per share versus previous estimates of $670-$700 million revenue projections alongside diluted EPS of $0.71-$0.79.
Windstream Holdings, Inc. (NASDAQ: WIN) was down 7 percent after UBS downgraded the telecommunications company from Neutral rating to Sell rating; price target lowered from $11.50 to $5.00
Linn Energy LLC (NASDAQ: LINE) lessened 5 percent after Jim Cramer announced that he does not recommend the oil and natural gas company on CNBC’s Mad Money.
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