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At least three analyst downgrades weighed on shares of Openwave Systems Inc. in early trading Tuesday, after its board rejected a partial tender offer from a shareholder wanting to buy 49 percent of the company's outstanding shares.
Shares of Openwave dropped $1.74, or 16.8 percent, to $8.63 in premarket electronic trading, from their $10.37 finish in Monday's regular trading session.
Openwave rejected the offer from Harbinger Capital Partners -- one of the company's largest shareholders -- and said it wasn't adequate. The offer valued Openwave at $8.30 per share. Bed Bath & Beyond Inc. also fell in the early session, after the home furnishings retailer warned that fiscal first-quarter earnings may miss Wall Street's expectations. Shares gave up $2.67, or 6.6 percent, to $37.80, from their $40.47 Monday close.
American Woodmark Corp., which makes kitchen cabinets and vanities, blamed a sluggish homebuilding market for its sharp decline in fiscal fourth-quarter profit and sales. Shares declined $2.02, or 5.3 percent, to $35.90, from their close at $37.92 on Monday.
Meanwhile, FuelCell Energy Inc. shares rose 20 cents, or 3 percent, to $7.58 premarket. Shares of FuelCell ended at $7.38 on Monday.
News continued to flow from a major cancer meeting in Chicago, where Canadian biotechnology company Oncolytics Biotech Inc. said cancer treatment candidate Reolysin showed positive results in an early stage study. In premarket trading, the stock rose 33 cents, or 15.9 percent, to $2.41, from their $2.08 close Monday.
Source: AP

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