Stock futures were pointing to a lower opening following a worse than expected Empire State manufacturing index number of 4.14%.
Here are some early-market movers for Wednesday.
Savient Pharmaceuticals (NASDAQ: SVNT)
Shares jumped 26.7% in pre-market trading following the company’s announcement the FDA has approved its Krystexxa drug as an alternative treatment of gout.
Cypress Bioscience Inc (NASDAQ: CYPB)
Shares were up 12.5% in pre-market trading after Value and Opportunity Advisors initiated a tender offer to acquire all outstanding shares for $4.24 per share.
UTStarcom, Inc. (NASDAQ: UTSI)
The company announced it won the bid to become the exclusive broadband solution provider to Jinan Radio & TV Network Center for that company’s network upgrade initiative. Shares gained 7.2% in pre-market trading.
Arena Pharmaceuticals (NASDAQ: ARNA)
Shares continued to slip Wednesday, losing another 5.3% in pre-market trading, following safety and effectiveness concerns over the company’s weight loss drug, Lorcaserin following an FDA review.
Sonic Corp. (NASDAQ: SONC)
The fast-food restaurant reported a 6.4% drop in fourth-quarter same store sales. Shares slipped 5.2% in pre-market trading.
El Paso Pipeline Partners (NYSE: EPB)
The natural gas pipeline and storage company announced it will sell 10 million common unit shares.Existing shares fell 4% in pre-market trading.