The top after-market NASDAQ stock market gainers are: Mecox Lane, Shanda Games, Trustmark, Cytori Therapeutics, Hercules Offshore, and Yahoo!. The top after-market NASDAQ stock market losers are: Datalink, Wonder Auto Technology, Sina, ArQule, and Ener1.
Mecox Lane Ltd. (MCOX) stock jumped 9.15 percent to $6.20 in the after-market trading. SINA Corp. (SINA) and a unit of China Dongxiang Co., Ltd. reached separate agreements to buy 117.5 million ordinary shares of Mecox Lane from two major shareholders, Maxpro Holdings Ltd. and Ever Keen Holdings Ltd., both wholly owned by Sequoia Capital. The purchase price is $0.8571 per share, equivalent to $6.00 per ADS.
Mecox Lane reported fourth quarter earnings of $1.1 million or $0.018 per American depositary share (ADS), down from $2.9 million or $0.054 per ADS last year. Adjusted profit was $2 million, down from $3.7 million. Revenue rose 5.7 percent to $64.2 million.
Shanda Games Ltd. (GAME) stock climbed 8.01 percent to $6.20 in the after-market trading, as its fourth quarter earnings exceeded Street view. Profit was $55.4 million or 20 cents per ADS, while adjusted earnings were 22 cents per ADS. Revenue fell 13.7 percent to $174 million. Analysts had expected profit of 17 cents a share on revenue of $168.80 million.
Trustmark Corp. (TRMK) stock gained 4.38 percent to $23.83 in the after-market trading.
Cytori Therapeutics, Inc. (CYTX) stock increased 3.39 percent to $5.80 in the after-market trading.
Hercules Offshore, Inc. (HERO) stock rose 3.19 percent to $5.18 in the after-market session.
Yahoo! Inc. (YHOO) stock gained 3.11 percent to $16.60 in the after-market trading. The company is in talks to dispose of its 35 percent stake in its Japanese joint venture with Softbank Corp., Bloomberg reported citing people familiar with the matter. The talks focus on transferring its stake in Yahoo Japan Corp. to Softbank, confirming an earlier Reuters report.
The disposal may not be structured as an outright sale to help Yahoo avoid taxes on the proceeds, the people told Bloomberg. Different options include an asset swap or possibly a tracking stock, with an agreement possibly coming within weeks, according to Reuters.
Datalink Corp. (DTLK) stock plunged 8.81 percent to $6 in the after-market trading. The company plans to offer shares of its common stock in an underwritten public offering pursuant to an effective shelf registration statement for an offering of 2.2 million shares by Datalink and an additional 800,000 shares by the selling shareholder.
Datalink plans to use the net proceeds from the offering for potential acquisitions of other businesses that will complement its current business model and growth plans. Any amount of the net proceeds of the offering not used for acquisitions will be used for general corporate purposes. The company will not receive any proceeds from the sale of shares by the selling shareholder.
Wonder Auto Technology, Inc. (WATG) stock fell 6.46 percent to $6.23 in the after-market trading, as it announced its financial restatements to fiscal 2008 and 2009. The Company has concluded on Feb. 23 that its financial statements as of and for the years ended December 31, 2008 and 2009, included in its Annual Report on Form 10-K for the year ended December 31, 2009, as well as the financial statements included in its Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30 and September 30 during each of the years 2008 and 2009, should no longer be relied upon due to a cutoff error regarding timing of revenue in such periods.
Wonder Auto is continuing to evaluate the impact of the cutoff errors on its quarterly reports on Form 10-Q for the periods ended March 31, June 30 and September 30, 2010. Although the company has not completed its analysis, it currently is expected that the net effect of these adjustments on its financial statements will be an increase in revenues and income in 2008 and 2009.
Sina Corp. (SINA) stock slid 5.82 percent to $77.23 in the after-market trading. The company and a unit of China Dongxiang Co., Ltd. reached separate agreements to buy 117.5 million ordinary shares of Mecox Lane Ltd. (MCOX) from two major shareholders, Maxpro Holdings Ltd. and Ever Keen Holdings Ltd., both wholly owned by Sequoia Capital. The purchase price is $0.8571 per share, equivalent to $6.00 per ADS.
Sina reported fourth quarter adjusted earnings of $30.6 million or $0.46 a share, up from $19.1 million or $0.31 a share last year. Revenue rose to $110 million from $98.2 million, while adjusted revenue grew to $105 million from $93.5 million. Analysts had expected profit of $0.45 a share on revenue of $104.67 million. The company expects first quarter adjusted revenue of $93 million to $96 million, while Street predicts $95.18 million.
ArQule Inc. (ARQL) stock declined 5.11 percent to $5.94 in the after-market trading, as it guided 2011 loss wider than Street view. The company expects full year 2011 loss of 66 cents to 75 cents a share and revenue of $27 million to $32 million, while Street predicts a loss of 61 cents a share on revenue of $44.17 million. ArQule expects to end 2011 with cash and marketable securities of $85 million to $90 million. This guidance includes certain milestone assumptions from corporate partnership deals.
ArQule posted fourth quarter net loss of $5.76 million or 13 cents a share, compared to a loss of $9.87 million or 22 cents a share last year. Revenue rose to $7.52 million from $7.29 million. Analysts had expected profit of 15 cents a share on revenue of $8.27 million.
Ener1, Inc. (HEV) stock decreased 3.94 percent to $3.41 in the after-market trading.