Top Morning Hour Movers (LLEN, CKEC, WOLF, SPPI)
L&L Energy, Inc. (NASDAQ:LLEN) shares increased 7.15% to $2.70 after the company announced that it has signed a long-term sales contract with Datang International Power Generation Co., Ltd. to provide thermal coal for its HeShan power plant. The contract is expected to generate approximately $31 million in revenues, using an average sales price of $130 per ton.
Under the agreement, L&L’s DaXing wholesale subsidiary in Guizhou Province will provide 20,000 tons of thermal coal per month over 12 months to Datang Utility’s HeShan power plant in neighboring Guangxi Province.
Carmike Cinemas, Inc. (NASDAQ:CKEC) shares plunged 5.71% to $13.70. The company yesterday announced the pricing of its previously announced underwritten public offering of 4,000,000 shares of its common stock at $13.00 per share. The company plans to use the net proceeds from this offering for general corporate purposes. Macquarie Capital is acting as the sole book-running manager for the offering
Great Wolf Resorts, Inc. (NASDAQ:WOLF) shares increased 12.81% to $6.41. The company yesterday announced that it has received an unsolicited letter from KSL Capital Partners proposing to acquire Great Wolf for $6.25 per share in cash, subject to certain conditions, including due diligence and certain conditions related to debt waivers. The company’s Board of Directors will consider and evaluate the proposal and will pursue the course of action that is in the best interests of Great Wolf and its stockholders.
Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI) shares declined 9.10% to $11.10 after the company said that its experimental drug to treat bladder cancer failed to meet the main goals of late-stage trials. The company was testing the drug apaziquone in two late-stage trials for non-muscle invasive bladder tumors.
Additionally, Spectrum Pharmaceuticals Inc and Allos Therapeutics, Inc. announced that they have entered into an agreement under which Spectrum will acquire all of outstanding shares of Allos for $1.82 per share in cash plus one Contingent Value Right (CVR).