The top after-market NASDAQ Stock Market gainers are: Radiant Systems, Clean Energy Fuels, Idenix Pharmaceuticals, Micromet, and Nasdaq OMX Group. The top after-market NASDAQ Stock Market losers are: Microchip Technology, Novellus Systems, China Gerui Advanced Materials Group, KLA-Tencor, and Intersil.
Radiant Systems Inc. (RADS) stock jumped 30.30 percent to $27.95 in the after-market trading. NCR Corp. (NCR) said it agreed to buy Radiant Systems for $28 per share in a cash tender offer. The transaction, which has an equity value of $1.2 billion, has been approved by both boards and is slated to close in the third quarter of 2011. The tender offer is expected to commence on or before July 25, 2011.
Clean Energy Fuels Corp. (CLNE) stock grew 7.62 percent to $14.12 in the after-market trading. Chesapeake Energy Corp. (CHK) announced plans for a $1 billion fund for investment in new Infrastructure and technologies to stimulate market adoption of compressed natural gas, liquefied natural gas, and natural gas-to-liquids fuels. Chesapeake said it will redirect about 1 percent to 2 percent of its annual drilling budget forecast away from efforts to increase natural gas supply toward projects that stimulates increased natural gas demand. Chesapeake will create a $1.0 billion venture capital fund, Chesapeake NG Ventures Corporation, dedicated to identifying and investing in companies and technologies that would replace the use of gasoline and diesel derived primarily from OPEC oil.
Chesapeake's investment includes $150 million investment in newly issued convertible debt of Clean Energy Fuels, in equal $50 million tranches, the first already made, and the other two in June 2012 and June 2013. Clean Energy will use the investment to accelerate its build-out of LNG fueling infrastructure for heavy-duty trucks across interstate highways in the U.S. The investment is to help fund the development of nearly 150 LNG truck fueling stations at strategic truck-stop locations. Chesapeake will make the investment in Clean Energy through its newly formed, wholly-owned subsidiary, Chesapeake NG Ventures Corp. The first $50 million investment closed on July 11, 2011, and the second and third tranches are expected to close in June 2012 and June 2013, respectively.
Idenix Pharmaceuticals Inc. (IDIX) stock gained 5.94 percent to $5.89 in the after-market trading.
Micromet, Inc. (MITI) stock increased 5.18 percent to $6.50 in the after-market trading. The company said it entered into a collaboration agreement with Amgen Inc. (AMGN) for the research of BiTE antibodies against three undisclosed solid tumor targets. BiTE antibodies are designed to direct the body's cytotoxic, or cell-destroying, T cells against tumor cells, and represent a new therapeutic approach to cancer therapy. Micromet will be primarily responsible for the discovery and pre-clinical development of the BiTE antibodies. Amgen will have the right to pursue development and commercialization of BiTE antibodies against up to two of these targets, to be selected by Amgen.
Amgen is expected to pay 10 million euros upon deal execution. If milestones in multiple indications and tumor types are achieved, Micromet is eligible to receive up to 342 million euros in clinical and commercial milestone payments. In addition, for the second BiTE program, Micromet is eligible to receive an additional cash payment upon initiation of the program, milestones, royalties and development funding comparable to the first program. The combined potential payments to Micromet from both programs, excluding reimbursement of research and development costs, are around 695 million euros.
Nasdaq OMX Group Inc. (NDAQ) stock rose 5.14 percent to $25.37 in the after-market trading.
Microchip Technology Inc. (MCHP) stock fell 7.36 percent to $34.72 in the after-market trading. The company lowered its first quarter adjusted earnings guidance to range of $0.53 to $0.55 per share from previous forecast of $0.58 to $0.62 per share. Street analysts predict profit of $0.60 per share. The company now expects net sales to decline 1.5 percent sequentially, compared to previous forecast of up 1 percent to 6 percent sequentially. We believe that our overall June quarter results reflect weak global market conditions which we believe will impact the broad-based semiconductor industry in the June or September quarter depending on the individual market exposures and revenue recognition practices of the companies, Chief Executive Steve Sanghi said.
Novellus Systems, Inc. (NVLS) stock slid 5.95 percent to $33.64 in the after-market trading. The company said it projects third quarter bookings to be flat to down 20 percent as chipmakers curb capacity, in line with falling PC shipments. For the third quarter, the company expects earnings of $0.60 to $0.75 per share and revenue of $300 million to $340 million, while Street predicts profit of $0.87 per share on revenue of $362.98 million. The company reported second quarter earnings of $64.7 million or $0.79 per share, up from $63.3 million or $0.66 per share last year. Sales grew 9 percent to $350.2 million. Analysts had expected profit of $0.76 per share on revenue of $352.32 million for the second quarter.
China Gerui Advanced Materials Group Ltd. (CHOP) stock declined 3.47 percent to $3.62 in the after-market trading.
KLA-Tencor Corp. (KLAC) stock decreased 3.45 percent to $40.83 in the after-market trading. The company announced a new generation in the Surfscan family of wafer defect and surface quality inspection systems: the Surfscan SP3. As the first unpatterned wafer inspection platform to incorporate deep-ultraviolet (DUV) illumination, the Surfscan SP3 systems feature dramatic advances in sensitivity and throughput over their industry-benchmark predecessor, the Surfscan SP2XP. The Surfscan SP3 platform is also designed for extension to the next wafer size: 450mm.
Intersil Corp. (ISIL) stock declined 2.68 percent to $12.35 in the after-market trading. The Law Firm of Levi & Korsinsky, LLP said it is investigating Intersil, and its board of directors, in connection with the company's 2008, 2009, and 2010 compensation for its CEO and other executives. At the Company’s recent annual shareholder meeting held May 4, shareholders voted no on Intersil’s say on pay provision. The investigation concerns whether certain senior officers and executives of Intersil were awarded salaries, bonuses, and/or other forms of compensation that were excessive or unwarranted based on the Intersil’s performance.