The top after-market NASDAQ Stock Market gainers are: Metabolix, Cognex, Advanced Energy Industries, DENTSPLY International, and VIVUS. The top after-market NASDAQ Stock Market losers are: Parexel International, Banner Corp., Swisher Hygiene, Brightpoint, and Texas Roadhouse.
Metabolix, Inc. (MBLX) stock jumped 12.50 percent to $9 in the after-market trading.
Cognex Corp. (CGNX) stock climbed 11.50 percent to $34.62 in the after-market trading, as it guided second quarter revenue above Street view. The company expects second quarter revenue of $79 million to $82 million, while Street predicts $77.43 million. Based on the current level of bookings and our careful management of expenses, we now expect to report strong sequential growth on both the top and bottom lines for the second quarter, said Robert Willett, chief executive officer of Cognex.
The company reported first quarter earnings of $13.6 million or $0.32 per share, up from $8.5 million or $0.22 per share last year. Revenue grew to $74.4 million from $59 million. Analysts had expected profit of $0.25 per share on revenue of $71.73 million. Separately, Cognex said its board of directors declared a 12.5 percent higher quarterly cash dividend of $0.09 per share, payable on June 17, to all shareholders of record at the close of business on June 3, 2011.
Advanced Energy Industries, Inc. (AEIS) stock advanced 11.03 percent to $15 in the after-market trading, as its first quarter earnings exceeded Street view. Profit was $18.9 million or $0.43 per share, up from $6.2 million or $0.15 per share last year. Sales increased to $137.7 million from $69.7 million. Analysts had expected earnings of $0.35 per share on revenue of $137.50 million. For the second quarter, the company expects earnings from continuing operations of $0.36 to $0.44 per share and sales of $148 million to $160 million, while Street estimates profit of $0.38 per share on revenue of $144.17 million.
DENTSPLY International Inc. (XRAY) stock grew 9.34 percent to $41.56 in the after-market trading. The company's chief executive officer Bret Wise sells 27,000 shares of XRAY on April 28 at an average price of $38.01 a share. The company's chief financial officer William Jellison sells 17,250 shares of XRAY on April 28 at an average price of $38.01 a share. The company's senior vice president Robert Size sells 2,441 shares of XRAY on April 28 at an average price of $37 a share.
VIVUS Inc. (VVUS) stock gained 6.03 percent to $8.27 in the after-market trading, as it plans to resubmit its application to market obesity drug Qnexa in the fourth quarter due to limited indication. The company also said it met with the FDA on April 14 and agreed on the goals of a feasibility study on Qnexa. Vivus's Qnexa combines topiramate, which has been used for seizures and migraines, with another drug, phentermine. The resubmission of marketing approval for Qnexa for a limited indication would include only men and women of non-child bearing potential.
The company's first quarter loss narrowed to $9.85 million or 12 cents a share from $18.82 million or 23 cents a share last year. Loss from continuing operations narrowed to $9.87 million or 12 cents a share from $16.61 million or 21 cents a share last year. Total operating expenses declined to $9.91 million from $15.38 million. Analysts had expected a loss of 15 cents a share for the first quarter.
Parexel International Corp. (PRXL) stock plunged 18.39 percent to $22.05 in the after-market trading, as it guided fourth quarter below Street view. The company expects fourth quarter adjusted earnings of $0.05 to $0.09 per share and revenue of $300 million to $310 million, while Street predicts profit of $0.32 per share on revenue of $317.37 million. For fiscal 2011, the company lowered its adjusted earnings guidance to range of $0.90 to $0.94 per share from previous forecast of $1.18 to $1.24 per share. The company reduced its revenue outlook to range of $1.20 billion to $1.21 billion from previous range of $1.22 billion to $1.24 billion. Analysts expect profit of $1.21 per share on revenue of $1.23 billion for fiscal 2011.
Parexel reported third quarter adjusted earnings of $16.1 million or $0.27 per share, down from $16.8 million or $0.28 per share last year. Revenue rose to $352.96 million from $344.41 million. Analysts had expected profit of $0.30 per share on revenue of $309.29 million.
Banner Corp. (BANR) stock fell 9.42 percent to $2.50 in the after-market trading. The company said its board of directors voted to proceed on a 1-for-7 reverse stock split to be effective June 1, 2011. As previously disclosed, the company's shareholders approved an amendment to the company's Articles of Incorporation to effect a reverse split at the annual meeting of shareholders held on April 26. The company expects that the reverse stock split will take effect prior to the opening of the NASDAQ Global Select Market on June 1 and will be effective with respect to shareholders of record at the close of business on May 31. At the effective time of the reverse stock split, every 7 shares of Banner's pre-split common shares will automatically be consolidated into 1 post-split share.
Swisher Hygiene Inc. (SWSH) stock slid 8.05 percent to $8 in the after-market trading. The company said it has agreed to combine its Southwest operations with ProClean of Arizona, Inc. It is expected that the combination will provide even greater service and products to the commercial customers of Swisher Hygiene and ProClean. The entire ProClean team is expected to join Swisher Hygiene upon completion of the transaction, with Richard Chiate remaining as President of the ProClean subsidiary and Mark LeBrun managing the combined ProClean and Swisher Hygiene chemical operations in the Southwest.
In addition to the ProClean transaction, Swisher Hygiene said it has acquired the hygiene and chemical business of Sarner Enterprises, Inc., its Redondo Beach, California franchisee. Total consideration to be paid by Swisher Hygiene for both transactions will include about $7.8 million in cash, the assumption of certain liabilities and the issuance of 1,947,273 shares of its common stock. It is expected that both transactions will be completed no later than May 15.
Brightpoint Inc. (CELL) stock declined 4.10 percent to $9.01 in the after-market trading.
Texas Roadhouse Inc. (TXRH) stock decreased 3.55 percent to $15.48 in the after-market trading, as its first quarter earnings missed Street view. Profit was $19.79 million or $0.27 per share, compared to $19.24 million or $0.27 per share last year. Revenue rose to $283.79 million from $259.62 million. Analysts had expected earnings of $0.29 per share on revenue of $281.68 million. Comparable restaurant sales for the first four weeks of the second quarter of fiscal 2011 increased about 5.4 percent.
Texas Roadhouse expects fiscal 2011 earnings per share growth of 5 percent to 10 percent compared to 2010. Previously, the company estimated earnings growth to be about 10 percent compared to 2010. Analysts expect profit of $0.89 per share for fiscal 2011. The company now expects comparable restaurant sales growth of 3.5 percent to 5 percent for fiscal 2011.