Sunedison Inc (NYSE:SUNE) is up over 40% in pre-market trading following today’s news that Vivint Solar is terminating its merger with the company due to failure of SUNE to provide necessary financial statements to secure loans associated with the acquisition. In July, SudEdison agreed to buy Vivint for about $2.2 billion. The deal stated that TerraForm power, SunEdison’s yieldco, would acquire Vivint’s rooftop portfolio business for $799 million. The original price was $922 million, but hedge fund Appaloosa Management was able to drive the price down as part of its efforts to stop the deal, believing that Vivint’s assets on TerraForm’s balance sheet did not benefit SUNE shareholders and threatened the company’s business model.
According to TipRanks’ statistics, out of the 14 analysts who have rated the company in the past 3 months, 4 gave a Buy rating, 2 gave a Sell rating, and 8 remain on the sidelines. The average 12-month price target for the stock is $5.17, marking a 172% upside from where shares last closed.
Linn Energy LLC (NASDAQ:LINE) is up more than 14% in pre-market trading as Brent crude rose 1.1 per cent to $41.35. Meanwhile, West Texas Intermediate crude added 0.9 per cent to $38.24. Yesterday, Brent oil reached a 2016 high above $40 a barrel. This news comes after Ecuador’s announcement to hold a meeting with Latin American crude oil producers in the midst of OPEC’s efforts to secure higher oil prices, aimed at $50 a barrel. Ecuador Foreign Minsiter Guillame Long hopes “to reach consensus over oil, especially prices” in the meeting with Venezuela, Columbia, Ecuador, and Mexico, set for Friday. Another factor for rising prices is data which indicates a lower supply in stockpiles in Oklahoma.
According to TipRanks’ statistics, out of the 6 analysts who have rated the company in the past 3 months, 5 gave a Sell rating and 1 remains on the sidelines. The average 12-month price target for the stock is $0.67, marking a 65% downside from where shares last closed.
Shake Shack Inc (NYSE:SHAK) is falling over 9% in pre-market trading after releasing fourth-quarter earnings yesterday after market close. The company posted revenues of $51.1 million and earnings of $0.08 per share compared to estimates of $50.44 million and earnings of $0.07 per share. Despite slightly better than expected earnings, investors were mostly focused on weak guidance, as the company expects same-store sales to increase by only 2.5-3% for 2016, compared to the growth rate of 13.3% for FY15.
Following earnings, analyst Paul Westra of Stifel Nicolaus weighed in on the stock with a Hold rating.
According to TipRanks’ statistics, only 1 analyst rated the company in the past 3 months with a Buy rating.