E2open (EOPN -7.6%) has priced its 4.7M-share stock offering at $25, well below yesterday's closing price of $26.17. (PR)
The cloud procurement/supply chain software firm is selling 2.11M new shares (gross proceeds of $53M), and 2.55M on behalf of existing shareholders. The shareholders have given underwriters a 699K-share overallotment option.
E2open says it will use the proceeds for "general corporate purposes and other operating expenses," and potentially for future acquisitions.
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Ruckus (RKUS +2.9%) has been started at Buy by Craig-Hallum. Stephens started coverage at Overweight yesterday afternoon, Goldman upgraded shares to Buy on Dec. 2, and Stifel launched coverage at Buy on Nov. 27.
Demand Media (DMD +9.3%) has been upgraded to Market Perform by JMP.
Radware (RDWR +2.5%) has been upgraded to Outperform by Wells Fargo.
E2open (EOPN +2.2%) has been started at Buy by Janney.
Though its FQ2 results beat estimates, E2open's (EOPN) guidance fell well short of expectations.
The cloud supply-chain management software vendor expects FQ3 revenue of $18.1M-$18.6M and EPS of -$0.21 to -$0.18, below a consensus of $21M and -$0.04. FY14 (ends Feb. '14) guidance is for revenue of $73.2M-$74.2M and EPS of -$0.57 to -$0.53, below a consensus of $77.6M and -$0.34.
No explanation is given in the earnings PR for the shortfalls.
E2open Inc is a provider of cloud-based, on-demand software solutions delivered on an integrated platform that enables companies to collaborate with their trading partners to manage demand they cannot predict with supply they do not control.