Morning Movers: EXLP, ACMP, PMC, RVBD, LXRX

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Exterran Partners (NASDAQ:EXLP) said it has agreed to buy natural gas compression assets from Chesapeake Energy’s (NYSE:CHK) subsidiary Perrigo Company (NYSE:PRGO) said it has acquired a number of over-the-counter products sold in Australia and New Zealand from Aspen Global for $51 million in cash.

The maker and distributor of among others OTC and generic prescription pharmaceuticals said the products include Herron analgesics, vitamins and supplements that are primarily sold through the mass retail channel. The products are expected to generate at least $20 million in annual sales.

The assets include 334 compression units, with a total horsepower of approximately 440,000, currently being used to provide compression services to Access MLP Operating, a subsidiary of Access Midstream Partners LP (NYSE:ACMP). Exterran Partners and Access have agreed to a seven-year deal for Exterran to provide compression services to Access. The deal is expected to close in Q214.

PharMerica (NYSE:PMC), a pharmacy services company, said Q4 adjusted diluted earnings per share rose 22% to $0.44, topping analysts’ estimates for $0.33, according to Capital IQ. Q4 revenues were $450.5 million compared with $433.2 million a year ago and handily beating forecasts for $421 million. The company expects 2014 revenue in the range of $1.67 billion to $1.72 billion and adjusted diluted earnings per share in the range of $1.35 to $1.50. Analysts are expecting revenue of $1.7 billion and EPS of $1.46. Pharmerica said its 2014 guidance does not include the effect of any potential 2014 acquisitions. It’s targeting acquisitions that generate at least $100 million of annualized sales, in each of 2014 and 2015.

Riverbed Technology (NASDQ:RVBD) said it has rejected a $21-per-share offer from Elliot Management Corporation, saying it undervalues the company. RVBD closed lower 2.2% at $20.65 per share on Thursday. The bid is $2 higher than Elliott’s previous $19-per-share bid. Elliott has a 10.5% stake in the provider of IT performance hardware and software.

Lexicon Pharmaceuticals (NASDAQ:LXRX) shares edged higher before the market open after reporting a smaller-than-expected loss in Q4 while sales were short of estimates. The biopharmaceutical company said its Q4 net loss narrowed to $0.03 from a $0.05 loss the year earlier compared to the $0.06 average loss expected by analysts, while the consolidated net loss was $17.4 million compared to a $24.9 million loss in Q412. Sales jumped to $1.41 million from $0.2 million but were short of the $1.7 million average estimate from analysts polled by Capital IQ.

 

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