The top pre-market NASDAQ stock market gainers are: Ener1, Inspire Pharmaceuticals, NuVasive, Telestone Technologies, and Apple. The top pre-market NASDAQ stock market losers are: Cree, DepoMed, WSB Holdings, Intervest Bancshares, and Crescent Financial.
Ener1, Inc. (HEV) stock advanced 6.67 percent to $4.48 in the pre-market session.
Shares of Inspire Pharmaceuticals, Inc. (ISPH) advanced 5.13 percent to $4.30 in the pre-market session.
Spinal-surgery products maker NuVasive, Inc. (NUVA) stock increased 4.95 percent to $29.25 in pre-market trading. The company said Cigna Corp. and Humana Inc. recently changed their lumbar spinal fusion policy to include coverage for NuVasive’s eXtreme Lateral Interbody Fusion (XLIF) procedure, reversals from their previous policies that labeled XLIF as non-covered.
Shares of China Valves Technology, Inc. (CVVT) rose 3.26 percent to $7.91 in the pre-market session.
Telestone Technologies Corp. (TSTC) stock gained 3.19 percent to $8.45 in the pre-market trading.
Apple Inc. (AAPL) stock rose 2.09 percent to $347.77 in the pre-market trading, following its better-than-expected first quarter earnings, despite its CEO Steve Jobs' indefinite leave if absence on medical grounds. Profit was $6 billion or $6.43 a share, higher than $3.4 billion or $3.67 a share last year. Revenue rose to $26.7 billion from $15.7 billion. Analysts had expected profit of $5.38 a share on revenue of $24.38 billion.
Apple's Mac unit shipments rose 23 percent to 4.13 million and iPhone unit shipments soared 86 percent to 16.24 million, while sales of iPod declined 7 percent to 19.45 million. The company said it sold 7.33 million iPads during the first quarter. The company expects second quarter earnings of about $4.90 a share and revenue of about $22 billion, while Street expects profit of $4.43 a share on revenue of $20.62 billion.
Cree Inc. (CREE) stock lost 15.64 percent to $52.90 in the pre-market trading, following its lower-than expected second quarter results. Adjusted profit was $60.7 million or 55 cents a share, up from $40.2 millino or 38 cents a share last year. Revenue rose to $257 million from $199.5 million. Analysts had expected profit of 58 cents a share on revenue of $276.59 million.
Cree expects third quarter adjusted earnings of 38 cents to 45 cents a share and revenue of 245 million to $265 million. Street analysts expect earnings of 58 cents a share on revenue of $287.93 million. The company expects adjusted operating costs to increase by about $62 million as higher spending to support new product development, additional sales and application resources.
Shares of DepoMed Inc. (DEPO) lost 14.44 percent to $5.63 in the pre-market session. The company said its marketing partner Abbott Laboratories (ABT) has informed that it does not believe it is obligated to launch and market Depomed's pain drug. The experimental drug, DM-1796, which is awaiting regulatory decision by Jan. 30 on its use to treat neuropathic pain, was developed by Depomed and is licensed to Abbott Products.
WSB Holdings, Inc. (WSB) stock declined 8.62 percent to $2.65 in the pre-market trading.
Shares of Intervest Bancshares Corp. (IBCA) decreased 6.46 percent to $2.75 in the pre-market session.
Crescent Financial Corp. (CRFN) stock moved down 5.77 percent to $2.45 in the pre-market trading.