5 Early Buzzers: AIG Sinks 6%, Vertex Surges 53%
Shares of American International Group Inc. (NYSE:AIG) fell more than 6 percent early Monday morning. The Treasury department recently announced a public offering of AIG common stock. The insurer announced it is committed to take $2 billion of the offering sold at the IPO price.
Avis Budget Group Inc. (NYSE:CAR) shares declined in pre-market trading. The company reported a loss of $23 million (22 cents per share) for the first-quarter, compared to a net income of $7 million (6 cents per share) a year earlier.
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Vertex Pharmaceuticals Inc. (NASDAQ:VRTX) shares surged 53 percent before the opening bell. The drug company’s new cystic fibrosis drug led to significant improvement in lung function when combined with experimental treatment. “These improvements were clinically very, very meaningful for these patients. This is really a game-changing combination therapy,” explained Brian Skorney, an analyst with Brean Murray, Carret & Co., according to Reuters.
Talbots Inc. (NYSE:TLB) shares jumped 2.16 percent in early trading. On Monday, the company announced it received a $3.05 per share buyout offer from Sycamore Partners, a private equity firm.
Shares of Tyson Foods Inc. (NYSE:TSN) declined nearly 2 percent in pre-market trading. The company said second-quarter profit came in at $166 million (44 cents per share), compared to $159 million (42 cents per share) a year earlier. Revenue in the quarter increased 3 percent to $8.27 billion, below estimates of $8.47 billion.
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