The top after-market NASDAQ stock market gainers are: CDC Corp., Ener1, RC2 Corp., Clean Energy Fuels, and Sangamo Biosciences. The top after-market NASDAQ stock market losers are: Energy Conversion Devices, Zumiez, Jamba, Stereotaxis, and Clearwire.
CDC Corp. (CHINA) stock jumped 18.46 percent to $3.08 in the after-market trading.
Ener1, Inc. (HEV) stock climbed 14.65 percent to $3.60 in the after-market trading, as its fourth quarter loss was narrower than Street view. Loss narrowed to 8 cents per share from 13 cents a share. Sales surged 202 percent to $33.1 million. Analysts had expected a loss of 10 cents a share on revenue of $24.51 million.
We are seeing U.S. based customers express an interest in cooperating with the Zhejiang Wanxiang Ener1 Power Systems Limited JV agreement on potential complementary business strategies. With the JV expected to officially launch May 1, Ener1 and Wanxiang are in the process of building the management team that will be headquartered in Hangzhou. Mike Alma, Regional Vice President, Ener1 Korea and Jeff Seidel, CFO, will sit on the Board of Directors on behalf of Ener1. We expect the JV to generate revenue in 2011., an Ener1 executive said in the conference call.
Looking forward, Ener1 said it would continue to focus on the growing grid energy storage and heavy-duty transportation markets. The company said the need for energy-dense, transportable storage for the grid is urgent and the opportunities are large in scale.
The bus and truck market segments are increasingly demanding lithium-ion solutions, and we're optimistic that our products provide optimum characteristics for meeting these customer needs. Ener1 will also continue to pioneer new products for pure electric and hybrid passenger vehicles, Ener1 Chief Executive Charles Gassenheimer said.
RC2 Corp. (RCRC) advanced 8.43 percent to $27.66 in the after-market trading, as it agreed to be acquired by Japan-based Tomy Co. Ltd. for $27.90 s share in cash or about $640 million. The acquisition will be through an all-cash tender offer and second-step merger. RC2 said the tender offer price represents a 27.2 percent premium over the closing price of its common stock on March 9 of $21.93.
The tender offer is scheduled to commence in 10 business days and is expected to close during the second quarter of 2011. After the completion of tender offer, Tomy will acquire the balance outstanding shares of RC2's common stock for $27.90 a share through a second-step merger. The transaction was approved by the board of directors of both companies. RC2's board has recommended its stockholders to tender their shares to the offer.
Under the terms of the deal, RC2 may solicit acquisition proposals from third parties for a period of 30 calendar days continuing through April 9, subject to extension for an additional 15 calendar days in limited circumstances.
Clean Energy Fuels Corp. (CLNE) stock gained 4.92 percent to $13.64 in the after-market trading, as its fourth quarter earnings exceeded Street view. Profit was $13.8 million or 18 cents a share, compared to a loss of $1.9 million or 3 cents a share last year. Adjusted earnings were $12.7 million or 17 cents a share, up from $1.14 million or 2 cents a share last year. Reveue grew 97 percent to $83.15 million. Analysts had expected breakeven a share on revenue of $67.62 million.
Sangamo Biosciences Inc. (SGMO) stock increased 3.99 percent to $7.55 in the after-market trading.
Energy Conversion Devices, Inc. (ENER) stock plunged 22.47 percent to $2.45 in the after-market trading, as it cut third quarter production of thin-film solar products on changes in solar incentive regime in France and Italy. The company reduced its third quarter production to 25 megawatts, and is also aggressively pulling back on its cost structure.
The dramatic and abrupt shift in the French and Italian solar incentive structures has impacted our business and forced us to reconsider our near-term financial outlook. Recent events have injected disruptive uncertainty into the markets which is causing financing sources to put projects on hold and may impact as much as 50 percent of this quarter's forecasted revenue, said Mark Morelli, Chief Executive of Energy Conversion Devices.
We expect better visibility on the timing of our projects after the announcement of the new Italian feed-in-tariff program and the French tender process. Nevertheless, for the March quarter, we are reducing production to 25 megawatts and are also aggressively pulling back on our cost structure. Thus our financial results will be affected due to restructuring and factory under-utilization charges, said Morelli.
Zumiez, Inc. (ZUMZ) stock fell 6.85 percent to $26.25 in the after-market trading, as it sees first quarter below Street view. The company expects firs quarter results between loss of 3 cents and breakeven a share, based on an anticipated comparable store sales growth of mid to high single digit range. Street estimates earnings of 1 cent a share. The company currently plans to pen about 44 new stores in fiscal 2011, including its first stores in Canada, with an opening cadence similar to fiscal 2010.
Zumiez posted fourth quarter earnings of $15.0 million or 49 cents a share, up from $8.8 million or 29 cents a share last year. Sales grew 17.9 percent to $156.2 million. Analysts had expected profit of 48 cents a share on revenue of $155.689 million. Comparable store sales grew 13 percent, compared to a decline of 1.7 percent last year.
Jamba, Inc. (JMBA) stock slid 6.06 percent to $2.17 in the after-market trading, as its fourth quarter loss was wider than Street view. Loss was $12.2 million or 21 cents a share, compared to a loss of $11.4 million or 23 cents a share last year. Revenue fell to $42.1 million from $50.6 million. Analysts had expected a loss of 15 cents a share on revenue of $39.16 million. Comparable store sales from company-owned rose 0.2 percent compared to a 5.3 percent drop last year.
Stereotaxis Inc. (STXS) stock declined 4.36 percent to $3.51 in the after-market trading.
Clearwire Corp. (CLWR) stock decreased 4.35 percent to $5.50 in the after-market trading, as its chief executive officer Bill Morrow has resigned citing personal reasons. Morrow will continue to serve as an advisor during the transition period. The company appointed its chairman of the board John Stanton as interim chief executive officer. A search committee, chaired by board member Dennis Hersch, will lead the hiring process for a new chief executive officer.
The company also said Mike Sievert, chief commercial officer, and Kevin Hart, chief information officer, are both leaving the company to pursue other opportunities. Clearwire promoted Erik Prusch to the newly created position of chief operating officer. Prusch will be responsible for day-to-day operations, including wholesale and retail sales, marketing, customer service, supply chain, human resources, IT and network operations. Also, Clearwire's senior vice president and treasurer Hope Cochran, has been promoted as chief financial officer.