The top after-market NASDAQ stock market gainers are: Cumberland Pharmaceuticals, Sterling Bancshares, Acorda Therapeutics, RadNet, and Move. The top after-market NASDAQ stock market losers are: Coinstar, Seahawk Drilling, Telestone Technologies, Shuffle Master, and SORL Auto Parts.
Cumberland Pharmaceuticals Inc. (CPIX) stock advanced 21.69 percent to $6.90 in the after-market trading, following FDA approval of its new formulation of Acetadote injection, indicated in the prevention or lessening liver damage due to acetaminophen poisoning. The new formulation also received approval for an extended shelf life of 30 months, up from 24 months for the original formulation.
Cumberland said it would immediately commence the U.S. launch activities for the product. Upon receipt of initial marketing approval for Acetadote, the company made a commitment for a phase IV study to develop new formulation with less side effects. Accordingly, Cumberland has initiated a program for the purpose.
Shares of Sterling Bancshares Inc. (SBIB) soared 8.29 percent to $8.10 in the after-hours trading. The company has put itself on the auction block and may be sold for $8 a share, putting a value of $825 million on Sterling Bancshares, the Wall Street Journal reported citing people familiar with the matter.
A sale may be announced as early as next week after Sterling invited bids for the company; BB&T Corp. and Comerica Inc. are two banks that have already expressed interest, and bids are expected from at least two other banks with a presence in Texas, the newspaper said.
Acorda Therapeutics, Inc. (ACOR) stock gained 6.34 percent to $29.18 in the after-market session.
Shares of RadNet, Inc. (RDNT) increased 6.31 percent to $3.54 in the after-hours session.
Move, Inc. (MOVE) stock rose 6.23 percent to $2.73 in the after-market trading, following its agreement with AOL Inc. (AOL). The company gets exclusive rights to power the AOL Real Estate homes for sale search experience. The financial terms of the agreement were not disclosed. The agreement delivers a powerful ad network for agents and advertisers to expand their reach and visibility to AOL.com's millions of monthly visitors.
Shares of Coinstar Inc. (CSTR) lost 24.41 percent to $43.05 in the after-hours trading, following its cut to fourth quarter guidance. The company lowered fourth quarter earnings from continuing operations outlook to range of 65 cents to 69 cents a share from previous range of 79 cents to 85 cents a share. The company reduced its revenue guidance to $391 million from previous forecast of $415 million to $440 million. Analysts expect profit of 84 cents a share on revenue of $426.64 million.
Coinstar also lowered its full year 2011 earnings from continuing operations guidance to range of $2.60 to $3.10 a share from previous forecast of $3.00 to $3.50 a share. The company reduced its 2011 revenue outlook to range of $1.70 billion to $1.85 billion from previous range of $1.80 billion to $1.95 billion. Analysts expect profit of $3.34 a share on revenue of $1.88 billion.
Seahawk Drilling, Inc. (HAWK) stock tumbled 6.70 percent to $7.10 in the after-market trading.
Shares of Telestone Technologies Corp. (TSTC) declined 5.77 percent to $8.17 in the after-hours session. The Law Office of Robbins Umeda LLP announced commencement of an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Telestone. The investigation concerns whether Telestone's directors and officers caused the company to issue materially false and misleading statements regarding the company's operations and its business and financial results.
Shuffle Master Inc. (SHFL) stock decreased 5.01 percent to $11 in the after-market session, following its lower fourth quarter earnings results. Profit was $5.7 million or 10 cents a share, down from $6.2 million or 12 cents a share last year. Earnings for the latest quarter included one-time charges of 3 cents a share for a legal settlement with Prime Table Games and 1 cent a share for the company's previous credit agreement's financing costs. Revenue rose 7 percent to $58.6 million. Analysts had expected profit of 13 cents a share on revenue of $54.56 million.
Shares of SORL Auto Parts, Inc. (SORL) moved down 4.81 percent to $8.12 in the after-hours trading.