MGI, OMED, and LNCE are among the stocks in the news today
Stocks are trading higher this morning, despite growing political tension between the U.S. and North Korea. Among specific equities in focus are money transfer name
Moneygram International Inc (NASDAQ:MGI), cancer treatment specialist
Oncomed Pharmaceuticals Inc (NASDAQ:OMED), and food stock
Snyder's-Lance. Here's a quick roundup of the news moving shares of MGI and OMED, as well as LNCE stock.
Moneygram Stock Hits New High After Ant Sweetens Buyout Bid
MGI stock earlier touched a roughly three-year high of $17.66, and was last seen up 6.4% at $17.57, after Alibaba's financial division,
Ant Financial, raised its buyout bid for Moneygram International Inc by 36%. The new all-cash offer equates to $18 per MGI share, or about $1.2 billion -- easily surpassing Euronet Worldwide, Inc.'s (NASDAQ:EEFT) rival bid for
MoneyGram, though EEFT said it intends to review its amended merger agreement. With MGI already up 40% year-to-date heading into today's trading, short sellers have been throwing in the towel amid the stock's M&A-related surge. Short interest plunged 78.2% in the most recent reporting period, and now accounts for just 1.1% of MGI's available float.
Oncomed Pharmaceuticals Shares Plunge on Cancer Drug Woes
After being halted in electronic trading, OMED was last seen down 18.2% at $3.96, and earlier hit a record low of $3.76. Weighing on the shares is data that showed
Oncomed Pharmaceuticals Inc's treatment for small-cell lung cancer, tarextumab, didn't meet its goals in a mid-stage study, and that it will discontinue an early trial for its combination colorectal cancer drug. This is the latest in a string of fundamental hits for OMED, with the shares now staring at a 49% year-to-date deficit. More losses could be ahead should analysts start issuing downgrades Currently, seven of nine brokerages maintain a "strong buy" rating on OMED stock, with not a single "sell" to be found.
LNCE Stock Gets Smacked on Weak Guidance, CEO Split
LNCE stock is trading down 21% at $31.50, after the snack maker offered up weak first-quarter guidance, and that President and CEO Carl Lee has retired. Lee will be replaced by the former head of Diamond Foods and current
Snyder's-Lance board member, Brian Driscoll. Longer term, LNCE stock has been in a long-term uptrend. In fact, the shares hit a record high of $40.86 last Thursday. Not surprisingly, most analysts are upbeat toward LNCE stock, with two-thirds of those following the shares maintaining a "strong buy" rating, and the average 12-month price target of $43.14 standing in uncharted territory.