Tuesday Morning APPOINTS New CEO and 3 Stocks Reaching 52-Week Highs
Sarepta Therapeutics (SRPT) announced it was awarded a new contract for nearly $3.9 million for the evaluation of the feasibility of an intramuscular route of administration using AVI-7288, which is the company’s candidate for treatment of Marburg virus. The contract is with the U.S. Department of Defense’s Joint Project Manager Transformational Medical Technologies program. The shares closed at $14.92, down $0.9 or 5.69% on the day. They have traded in a 52-week range of $3.00 to $16.32.
Stewart Information (NYSE:STC): Highbridge reports a 5.14 percent passive stake in Stewart. The shares closed at $20.02, up $0.25 or 1.26% on the day. They have traded in a 52-week range of $8.12 to $19.86.
Tuesday Morning (NASDAQ:TUES) announced that Brady Churches would be appointed as Chief Executive Officer, effectively immediately. Churches will also be appointed to the company’s board. Previously, Churches was President of Marketing Results, Ltd. The shares closed at $5.67, up $0.08 or 1.43% on the day. They have traded in a 52-week range of $3.05 to $5.69.
Hanover Capital Mort (AMEX:WAC): Walter Investment announced that it entered into a definitive agreement to purchase Reverse Mortgage Solutions in a transaction totaling nearly $120 million. Consideration in the transaction are $60 million worth of cash, $25 million of WAC stock, and a $35 million seller MSR note. The company predicts that the acquisition of RMS will be significantly accretive to both earnings and cash flow, and believes that, if on a pro forma basis, the acquisition would have been accretive to 2012 core earnings per share by about 25 percent if acquisition had been completed at the beginning of this year. The $120 million transaction value reflects a multiple of about 2.6x RMS’ expected 2012 EBITDA, or 4.1x its 2012 expected core earnings. The shares closed at $31.94, up $3.95 or 14.11% on the day. They have traded in a 52-week range of $17.87 to $28.97.
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