The top pre-market NASDAQ Stock Market gainers are: ASM International, Tibco Software, Comcast, SIRIUS XM Radio, and Sina. The top pre-market NASDAQ Stock Market losers are: Pain Therapeutics, Durect, Micron Technology, Oracle, and Finish Line.
ASM International NV (ASMI) gained 3.48 percent to $37.20 in the pre-market trading.
Tibco Software, Inc. (TIBX) stock increased 2.88 percent to $26.75 in the pre-market trading. Profit for the second quarter was $21.0 million or $0.12 per share, up from $12.8 million or $0.08 per share last year. Adjusted profit was $36.3 million or $0.21 per share, up from $26.2 million or $0.15 per share last year. Revenue rose to $216.4 million from $172.3 million. Analysts had expected profit of $0.18 per share on revenue of 198.47 million.
Comcast Corp. (CMCSA) stock rose 2.07 percent to $24.20 in the pre-market trading.
SIRIUS XM Radio Inc. (SIRI) stock increased 1.47 percent to $2.07 in the pre-market trading.
Sina Corp. (SINA) stock gained 1.37 percent to $89.10 in the pre-market trading.
Pain Therapeutics Inc. (PTIE) stock plunged 55.52 percent to $4.11 in the pre-market trading. The U.S. Food and Drug Administration has rejected the resubmission of a new drug application for REMOXY (oxycodone) Extended-Release Capsules CII from Pain Therapeutics and Pfizer (PFE). REMOXY is an investigational extended-release oral formulation of oxycodone for the relief of moderate to severe pain requiring continuous, around-the-clock opioid treatment. Pain Therapeutics and Pfizer said a Complete Response Letter was received from the FDA. Pfizer is working to evaluate the issues described in the Complete Response Letter and plans to have further discussions with FDA around them.
REMOXY was developed by Pain Therapeutics using Durect Corp.'s (DRRX) ORADUR technology, which is designed to discourage common methods of tampering. In 2005, King Pharmaceuticals, Inc. entered into an agreement with Pain Therapeutics to develop and commercialize REMOXY. Pain Therapeutics filed the initial NDA for REMOXY in June 2008 and received a Complete Response Letter in December 2008. King Pharmaceuticals assumed full control of the development of REMOXY in March 2009 and filed a resubmission to the REMOXY NDA on December 23, 2010. Pfizer obtained rights to REMOXY upon the close of its acquisition of King Pharmaceuticals on February 28, 2011.
Durect Corp. (DRRX) stock plummeted 23.95 percent to $2.35 in the pre-market trading.
Micron Technology Inc. (MU) stock fell 9.25 percent to $7.65 in the pre-market trading. Profit for the third quarter was $75 million or $0.07 per share, lower than last year's $939 million or $0.92 per share. Sales declined 6.6 percent to $2.14 billion. Analysts had expected a profit of $0.16 per share on revenue of $2.37 billion.
Finish Line Inc. (FINL) stock tumbled 4.06 percent to $22.23 in the pre-market trading. Profit for the first quarter was 16.42 million or $0.30 per share, up from $13.65 million or $0.25 per share last year. Sales rose to $299.47 million from $282.40 million. Analysts had expected profit of $0.30 per share on revenue of $301.43 million. Comparable store sales increased 6.5 percent.
Oracle Corp. (ORCL) stock slid 3.29 percent to $31.39 in the pre-market trading. Adjusted profit for the fourth quarter was $3.9 billion or $0.75 per share, up from $3.0 billion or $0.60 per share last year. Revenue grew 13 percent to $10.78 billion, while adjusted revenue rose 12 percent to $10.81 billion. Analysts had expected profit of $0.71 per share on revenue of $10.75 billion.
For the quarter, hardware systems products revenue fell 6 percent to $1.2 billion, while hardware systems support revenue increased 12 percent to $673 million. During a conference call after the earnings release, analysts grilled Oracle executives on the drop in hardware sales. President Safra Catz said that they fell as Oracle had walked away from deals that would have been unprofitable.
Oracle said it expects first quarter adjusted revenue growth of 9 percent to 12 percent and adjusted earnings of $0.45 to $0.48 per share, while Street predicts profit of $0.46 per share on revenue growth of 9.20 percent. The company also expects new software licenses revenue growth of 10 percent to 20 percent and hardware product revenue to be down 5 percent to up 5 percent.