Wednesday’s Biggest Early Market Movers

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The broad markets have hit new highs over the past two weeks on the back of a strong earnings season. But Tuesday was a huge step back for these major indexes. The broad markets seemed to be recovering in early trading indications on Wednesday after what was a brutal session Tuesday. 24/7 Wall St. has taken a look at some of the biggest movers in early indications that are making headlines.

We have included a recent trading history, as well as the consensus analyst price target and some color on why each stock is making a move.

Spectranetics Corp. (NASDAQ: SPNC) shares made a solid gain after it was announced that Royal Phillips would be acquiring the company. According to the terms of the agreement, Philips will commence a tender offer to acquire all the issued and outstanding shares of Spectranetics for $38.50 per share, to be paid in cash upon completion. This represents a 27% premium to Spectranetics closing price on June 27. The implied enterprise value is roughly $2.1 billion, inclusive of cash and debt. The transaction is expected to close in the third quarter of 2017.

Shares of Spectranetics were last seen up 26% at $38.40, with a consensus analyst price target of $32.55 and a 52-week range of $17.76 to $31.00.

Shares of Nutanix Inc. (NASDAQ: NTNX) also saw a solid gain early Tuesday after the company announced a partnership with Alphabet. According to the deal, Nutanix customers will be able to easily move application workloads to Google’s cloud. Nutanix intends to support application deployment on AWS and Azure, although at this point it’s working most closely with at Google.

Nutanix shares were up 9% at $20.39, with a 52-week range of $14.38 to $46.78 and a consensus price target of $27.76.

InVivo Therapeutics Holdings Corp. (NASDAQ: NVIV) jumped early on Tuesday after the firm provided an update from its Inspire study of the Neuro-Spinal Scaffold. The company announced that two patients have improved from sensory incomplete AIS B spinal cord injury (SCI) to motor incomplete AIS C SCI in their most recent Inspire assessments. These are the second and third patients in the study to have reached AIS C motor incomplete classifications.

InVivo was trading up about 13% at $3.10, with a consensus price target of $14.63 and a 52-week range of $1.90 to $7.94.

AirMedia Group Inc. (NASDAQ: AMCN) has filed an amendment to its merger agreement. Under the terms of the merger agreement, either the company or parent could terminate the agreement if the merger contemplated by the agreement has not been completed by June 30, 2017. However, the amendment extends the date to July 31, 2017. The firm will acquire all the outstanding shares of the company not already owned by the Buyer Group for $4.00 per American depositary share or $2.00 per ordinary share in cash.

Shares of AirMedia were trading up about 17% at $2.70, with a 52-week range of $1.35 to $4.00 and a consensus analyst price target of $6.90.