Tuesday Morning Pre-Market Insights: GoPro Inc (GPRO), Micron Technology, Inc. (MU), Spirit Airlines Incorporated (SAVE), Biocept Inc (BIOC)
GoPro Inc (NASDAQ:GPRO) shares jumped 3.20% in pre-market trading to $53.78 after the action camera company released the Hero 4 Session. The new camera is half the size and 40% the weight of the Hero 4. The Hero 4 Session is a small square, waterproof without a case, and has improved sound quality. The new camera retails for $400. Furthermore, the company received some publicity after a seagull snagged a GoPro from a tourist visiting a Spanish island and managed to take a selfie with it. According to the 17 analysts polled by TipRanks in the past 3 months, 11 are bullish on GoPro and 6 are neutral. The average 12-month price target on the stock is $71.82, marking a 38% upside from where the stock is currently trading.
Micron Technology, Inc. (NASDAQ:MU) shares shot up nearly 13% in pre-market trading to $19.86 after reports came out that Tsinghua Unigroup in China is preparing to buy Micron for $23 billion, or $21 per share. This is 19% more than the company’s closing price on Monday. If the deal goes through, it will be the largest Chinese acquisition of a U.S. company. However, the deal will need to be approved by U.S. regulators to ensure there are no national security risks associated with the deal. This news comes after David Einhorn, billionaire hedge fund manager, sent a letter predicting that Micron will be worth more than Netflix in the next several years. According to the 23 analysts polled by TipRanks in the past 3 months, 17 are bullish on the stock, 3 are neutral, and 3 are bearish. The 12-month average price target is $29.78, marking a 70% potential upside from where the stock is currently trading.
Spirit Airlines Incorporated (NASDAQ:SAVE) shares fell more than -6% in pre-market trading to $59.59 after the airline company lowered its FY15 forecast. The company attributed the lowered outlook to a series of flight cancellations due to severe weather. Major airport hubs including Dallas, Chicago, New York and Detroit were all impacted by storms throughout the second quarter, which produced a “domino effect” on flight cancellations. The company estimates the impact of the cancellations and delays will result in a $20 million hit to its operating income. Looking forward, the company lowered its full year guidance as well as its forecast for the remainder of the year due to pricing pressures and the impact of flight cancellations. According to the 6 analysts polled by TipRanks in the past 3 months, 5 are bullish on the stock and 1 is neutral. The 12-month average price target is $88.40, marking a 39% potential upside from where the stock is currently trading.
Biocept Inc (NASDAQ:BIOC) shares rose 12.50% in pre-market trading to $2.97 following an announcement that the biopharmaceutical company launched a diagnostic test to help doctors identify patients who could potentially benefit from Biocept’s available treatments. The diagnostic test will focus on patients with BRAF mutations with melanoma. The company also announced that it has commercialized blood tests for breast, lung, and gastric cancer biomarkers. Biocept plans to launch more biomarkers this year.