Following are the notable movers in the opening session on Tuesday:-
WellPoint, Inc.(NYSE:WLP) shares has been the subject of a number of research report. Leerink Swann reaffirmed their market perform rating on shares of WellPoint in a research note released on Sept. 19. Additionally, analysts at Jefferies Group reiterated a hold rating on shares of WellPoint in a research note to investors last week. They now have a $60.00 price target on the stock
Union Drilling, Inc.(NASDAQ:UDRL) shares climbed 5.87% to $6.49 after UDRL and Sidewinder Drilling Inc. announced that the two companies have entered into a definitive agreement and plan of merger pursuant to which Sidewinder will acquire all of the outstanding shares of Union Drilling common stock in an all-cash tender offer valued at approximately $242 million. Under the terms of the agreement and plan of merger, which has been unanimously approved by Union Drilling's Board of Directors, Sidewinder's acquisition subsidiary, Fastball Acquisition, Inc., will commence a cash tender offer to purchase all of the outstanding shares of Union Drilling for $6.50 per share.
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Additionally, UDRL stock was downgraded by analysts at BMO Capital Markets from an outperform rating to a market perform rating. They currently have $7.00 price target on the stock, up from their previous price target of $6.00.
Michael Kors Holdings Ltd(NYSE:KORS) shares fell 0.31% to $54.38 after the company announced the pricing of the secondary offering of 23,000,000 ordinary shares by certain selling shareholders at a price of $53.00 per share. In addition, the selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 3,450,000 ordinary shares. The secondary offering is expected to close on or about September 28, 2012.
Tesla Motors Inc(NASDAQ:TSLA) shares declined 9.07% to $27.91 in pre-market hour after the company said it now expects 2012 revenue of $400 million - $440 million, owing to a drop in the number of Model S vehicles it plans to deliver in 2012.
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Further, the company foresee that third-quarter revenue would range between $44 million and $46 million, reflecting lower deliveries of Model S as well as the deferral of revenue associated with development services.
C.H. Robinson Worldwide, Inc.(NASDAQ:CHRW) announced that it has reached a stock purchase agreement to acquire Phoenix International, Inc. (Phoenix) for $571.5 million in cash and approximately $63.5 million in newly-issued C.H. Robinson stock. The agreement is subject to certain customary closing conditions, including regulatory approval. Closing of the acquisition is expected to occur in the fourth quarter of 2012.