The top after-market NASDAQ Stock Market gainers are: Exelixis, KIT digital, Tibco Software, Layne Christensen, and Schnitzer Steel Industries. The top after-market NASDAQ Stock Market losers are: Micrel, Extreme Networks, TranS1, Lionbridge Technologies, and NPS Pharmaceuticals.
Exelixis, Inc. (EXEL) stock jumped 9.69 percent to $12.12 in the after-market trading. The company is working with Goldman Sachs Group Inc. (GS) to field potential takeover bids after clinical-trial results showed an experimental drug helped prostate-cancer patients, a Bloomberg report quoted people familiar with the matter. Exelixis has drawn interest from some large pharmaceutical companies, the report said.
KIT digital, Inc. (KITD) stock grew 5.81 percent to $12.20 in the after-market trading. The company said it has agreed to buy the entire capital stock of ioko365 Ltd for about $79.4 million, which includes future performance-based incentive payments. KIT said the acquisition will broaden its portfolio of cloud-based video management solutions. Upon adjustment, the net upfront consideration would be $63.4 million. As well, performance-based earn-outs and incentive and personnel retention payments not to exceed $16 million over a period of two and a half years after closing, is payable in KIT digital restricted stock, for a total aggregate value of $79.4 million.
KIT digital raised its full year 2011 revenue guidance to $210 million, citing the acquisitions made lately, from previous forecast of $137.5 million, while Street predicts $176.45 million. The company projects first quarter revenue of nearly $34 million, while Street predicts $36.09 million.
Tibco Software, Inc. (TIBX) stock gained 3.71 percent to $27.99 in the after-market trading. Hewlett-Packard Co (HPQ) had considered buying Tibco Software until two weeks ago when talks fizzled, a Reuters exclusive report quoted sources familiar with the matter. Tibco had been working with its long time financial adviser Goldman Sachs to explore the opportunity, the sources said.
Layne Christensen Co. (LAYN) stock increased 3.49 percent to $31.10 in the after-market trading.
Schnitzer Steel Industries Inc. (SCHN) stock rose 3.11 percent to $63.26 in the after-market trading.
Micrel Inc. (MCRL) stock plunged 10.97 percent to $12.82 in the after-market trading, following a cut to its first quarter guidance. The company lowered its first quarter earnings guidance to range of about 13 cents to 14 cents a share from previous forecast of 17 cents to 19 cents a share, while Street predicts 18 cents a share. The company reduced its revenue outlook to range of minus 10 percent to minus 11 percent from previous range of minus 2 percent to minus 6 percent.
Micrel said a Korea-based customer took lesser deliveries to control inventory levels. The same was implemented by its sell-in channel partners as a result of the inventory over-build that took place in the last half of 2010. Overall demand was also impacted by disruptions in the worldwide electronics supply chain due to the earthquake and tsunami in Japan. Micrel, however, expects second quarter revenue to grow sequentially over last quarter.
Extreme Networks Inc. (EXTR) stock plummeted 10.03 percent to $3.05 in the after-market trading, as it guided third quarter revenue below Street view. The company expects third quarter revenue of $75.5 million to $76.5 million, while Street predicts $83.87 million. The company said revenue for the quarter was impacted by the deferral of $2.6 million in product revenue for a large customer and the timing of several large and relatively complex customer transactions.
We expect to be able to complete our obligations under these deals in future quarters, which will represent additional revenue for Extreme Networks at that time. In addition, we have begun to execute on our stated strategic company transformation, and have announced new products and are consolidating our product portfolio to reduce expense and eliminate under-performing or obsolete products, said Oscar Rodriguez, chief executive officer of Extreme Networks.
As a result, we experienced some customer purchase decision delays, as we worked to transition our customers to new products and architectures. Other factors impacting this quarter's results were a relative slowdown in our EMEA sales and longer sales cycles for business in the U.S., and increased competitive pressures related to customers in the horizontal enterprise IT market, Rodriguez added.
TranS1, Inc. (TSON) stock fell 6.17 percent to $4.26 in the after-market trading.
Lionbridge Technologies Inc. (LIOX) stock slid 5.11 percent to $3.53 in the after-market trading.
NPS Pharmaceuticals, Inc. (NPSP) stock declined 4.95 percent to $9.03 in the after-market trading. The company said it commenced an underwritten public offering of 9 million shares of its common stock pursuant to an effective shelf registration statement. NPS plans to grant to the underwriters a 30-day option to purchase up to an additional 1.35 million shares of common stock. Citigroup Global Markets Inc. and Leerink Swann LLC are acting as joint book-running managers for the offering.