The top after-market NASDAQ Stock Market gainers are: AeroVironment, Asia Entertainment & Resources, A-Power Energy Generation Systems, Globus Maritime, and Merge Healthcare. The top after-market NASDAQ Stock Market losers are: NuVasive, Adobe Systems, Atmel, Globe Specialty Metals, Altera, Research In Motion, and Apple.
AeroVironment, Inc. (AVAV) stock jumped 12.76 percent to $32.26 in the after-market trading. Profit for the fourth quarter was $17.6 million or $0.79 per share, up from $15.6 million or $0.71 per share last year. Revenue grew 7 percent to $106.06 million, on higher sales in its Efficient Energy Systems segment. Analysts had expected profit of $0.69 per share on revenue of $99.16 million. The company expects fiscal 2012 earnings of $1.28 to $1.35 per share and revenue of $321 million to $336 million, while Street predicts profit of $1.25 per share on revenue of $320.51 million.
Asia Entertainment & Resources Ltd. (AERL) stock climbed 12.30 percent to $6.30 in the after-market trading. The company said its board of directors has authorized a regular semi-annual cash dividend of $0.10 per outstanding ordinary share each year after the release of its financial results for the six months ending June 30, and, for each year after the release of its financial results, an amount per outstanding ordinary share equal to 15 percent of its adjusted earnings for the most recently completed fiscal year less the amount paid pursuant to the immediately previous six-month dividend, divided by the number of ordinary shares outstanding on the record date for such dividend.
The record date for each period's dividend will be set by the company's management to be as close as practicable to, but no less than, 15 days after the public release by it of the financial results for the applicable six-month period and fiscal year end. The payment date for each period’s dividend will be set by its management to be as close as practicable to, but no less than, 10 days after the record date. The first dividend will be paid after the release of financial results for the six-month period ended June 30, 2011.
Asia Entertainment & Resources also said its board of directors has authorized the establishment of a share repurchase program for the company to buy up to 2 million of its ordinary shares on the open market at prices to be determined by its management. In order to comply with the company's insider trading policy, the program will begin after the release of its financial results for the six-month period ended June 30, 2011 and will expire on June 30, 2012. Purchases pursuant to the program may be made from time to time in accordance with SEC rules and regulations through open market transactions, subject to market conditions, the company’s share price and other factors. The repurchase program may be modified, suspended or discontinued at any time.
A-Power Energy Generation Systems, Ltd. (APWR) stock advanced 10.77 percent to $2.16 in the after-market trading. In a statement, the company said, We are aware of the article published on the Seeking Alpha website on June 17, 2011 by a self- admitted short seller, Eiad Asbahi, who stands to profit if the stock price of A-Power declines. We are reviewing the issues raised in this article and will provide answers by way of a press release as soon as possible. The article raised a number of red flags of fraud at the company, including allegations that the 2009 financial statements filed by A-Power’s main subsidiaries with Chinese regulators showed less than one-tenth of the revenue and cash balances, which appear in A-Power’s financial statements filed with the SEC.
Globus Maritime Ltd. (GLBS) stock grew 10.44 percent to $10.05 in the after-market trading.
Merge Healthcare Inc. (MRGE) stock gained 4.82 percent to $5.65 in the after-market trading.
NuVasive, Inc. (NUVA) stock slid 4.44 percent to $32.72 in the after-market trading. The company said it intends to offer about $325 million convertible senior notes due 2017 in an underwritten public offering. The company also expects to grant the underwriters an option to purchase up to $48.75 million of additional notes solely to cover over-allotments.
The notes will be convertible at the option of the holders into cash, shares of the company's common stock or any combination thereof at the company's election. The interest rate, conversion price and other terms of the notes will be determined by NuVasive and the underwriters. BofA Merrill Lynch and Goldman, Sachs & Co. are acting as joint book-running managers for the offering. NuVasive intends to use the net proceeds for general corporate purposes and to repurchase up to $230 million of its 2.25 percent convertible senior notes due March 2013. The company may consider possible strategic acquisitions of, or investments in, companies, technologies, products or assets, however, it has no present commitments or agreements to enter into any potential acquisitions or investments.
Adobe Systems Inc. (ADBE) stock declined 3.16 percent to $31 in the after-market trading. The company expects third quarter adjusted earnings of $0.50 to $0.56 per share and revenue of $1.0 billion to $1.05 billion, while Street predicts profit of $0.54 per share on revenue of $1.02 billion. The company projects third quarter adjusted operating margin of 34 percent to 36 percent. In addition, Adobe reaffirmed its 10 percent revenue growth objective in fiscal 2011 and anticipates its full year adjusted operating margin of about 37 percent.
Adobe reported second quarter earnings of $229.4 million or $0.45 per share, up from $148.6 million or $0.28 per share last year. Adjusted profit was $279.9 million or $0.55 per share, up from $234.2 million or $0.44 per share last year. Revenue rose 9 percent to $1.02 billion. Analysts had expected profit of $0.51 per share on revenue of $994.78 million.
Atmel Corp. (ATML) stock decreased 3.07 percent to $12.64 in the after-market trading.
Globe Specialty Metals, Inc. (GSM) stock declined 2.68 percent to $20.35 in the after-market trading.
Altera Corp. (ALTR) stock decreased 2.41 percent to $42.93 in the after-market trading.
Research In Motion Ltd. (RIMM) stock moved down 0.04 percent to $28.54 in the after-market trading. Law firm Faruqi & Faruqi, LLP is investigating potential wrongdoing at RIM. The firm seeks to determine whether RIM violated federal securities laws in connection with statements made to its shareholders. The investigation focuses on whether certain individuals violated federal securities laws by, among other things, failing to disclose that: the company’s aging product line and inability to introduce new products to the market was negatively impacting the company’s business and margins; the company was unable to introduce new products in a timely manner, which hurt the company’s ability to maintain its market share in the smartphone market; the company’s resources had become limited as it attempted to develop new products; the company experienced lower-than-expected BlackBerry Smartphone sales and shipments in the United States and Latin America; and the company relied on sales of older-model Smartphones at lower retail price points than their newer, but delayed, products.
Apple Inc. (AAPL) stock moved down 0.02 percent to $325.23 in the after-market trading. The stock closed Tuesday's regular trading up 3.17 percent at $325.30. Research-investment firm Morningstar recently added Apple to its five-star stock list. Morningstar said Apple, down 3.66 percent in the last month, is an attractive stock as it is currently under-priced given that the company nearly doubled second quarter operating income and boosted sales 83 percent, astounding growth considering the company is already established and has a market value of $290 billion. In addition, Apple is expected to introduce new iPod in September, which could happen alongside the launch of a new iPhone and the availability of iOS 5 and iCloud, Barclays Capital said in a note to clients.