The top pre-market NASDAQ stock market gainers are: Atrinsic, BroadSoft, Repligen, RadNet and EMCORE. The top pre-market NASDAQ stock market losers are: Urban Outfitters, Hutchinson Technology, Casey's General Stores, TiVo, and Randgold Resources.
Atrinsic, Inc. (ATRN) stock climbed 24.78 percent to $7.10 in the pre-market trading. The stock touched a new 52-week high of $6.90 during Monday's trading, as it said that subscribers to its Kazaa digital music subscription service are already entitled and can access the Kazaa music service on the iPad, iPhone and on Android compatible mobile devices by simply navigating to Kazaa website, without the requirement of downloading and installing a dedicated application.
Atrinsic said this exciting innovation allows Kazaa subscribers to immediately stream music via a broad range of wireless devices, and is especially significant in light of Apple's recent announcement that it will now keep 30 percent of revenue generated by new subscriptions and media purchases made in an iPhone or iPad application through its App Store. The Kazaa digital music subscription service allows customers to pay or charge their subscription to a credit card, mobile phone bill or home telephone bill.
BroadSoft, Inc. (BSFT) stock jumped 19.34 percent to $41.65 in the pre-market trading, as its fourth quarter earnings exceeded Street view. Adjusted profit was $12.2 million or $0.44 a share, up from $1.0 million or $0.07 a share last year. Revenue rose to $35.8 million from $19.3 million. Analysts had expected profit of $0.30 a share on revenue of $31.65 million.
BroadSoft expects first quarter adjusted earnings of $0.04 to $0.11 a share and revenue of $27 million to $29 million, while Street predicts profit of $0.04 a share on revenue of $24.31 million. The company projects full year 2011 adjusted earnings of $0.56 to $0.66 a share and revenue of $116 million to $120 million, while Street predicts profit of $0.56 a share on revenue of $113.89 million.
Repligen Corp. (RGEN) stock advanced 11.58 percent to $3.95 in the pre-market trading.
RadNet, Inc. (RDNT) stock increased 7.78 percent to $3.74 in the pre-market trading, as its fourth quarter earnings exceeded Street view. Adjusted profit was $3.2 million or 8 cents a share, up from $1.5 million or 4 cents a share last year. Revenue rose to $145.32 million from $131.82 million. Analysts had expected profit of 4 cents a share on revenue of $140.24 million. RadNet expects fiscal 2011 revenue of $575 million to $605 million, while Street predicts $578.15 million.
EMCORE Corp. (EMKR) stock gained 7.10 percent to $3.32 in the pre-market trading. The company said it has reached a significant milestone having shipped over 100,000 EMCORE Connects Cables, making it the market leader in active optical cables.
Urban Outfitters Inc. (URBN) stock plunged 12.21 percent to $33.35 in the pre-market trading, as its fourth quarter earnings and revenue missed Street view. Profit was $75.2 million or 45 cents a share, compared to $77.7 million or 45 cents a share last year. Sales rose 14 percent to $668.39 million. Analysts had expected profit of 52 cents a share on revenue of $674.92 million.
Urban Outfitters said comparable retail segment net sales, which include its direct-to-consumer channels, improved 4 percent for the quarter, while comparable store net sales decreased 2 percent for the quarter.
Hutchinson Technology Inc. (HTCH) stock plummeted 11.29 percent to $2.75 in the pre-market trading, as it announced restructuring plan to reduce 30 percent to 40 percent of current U.S. workforce. The company said it will consolidate its Hutchinson, Minnesota components operations into its operations in Eau Claire, Wisconsin. Meanwhile, the company's site in Hutchinson will continue to serve as its corporate headquarters and its center for research and development and other specialized operations.
The manufacturing consolidation and restructuring plan is intended to help achieve the goal of being the lowest cost manufacturer of suspension assemblies and the plan includes a 30-40% reduction of its current U.S. workforce, which totaled around 2,275 at the end of February. These actions are expected to take place over the next 12 months and to lower the company's costs by $45 million to $60 million on an annualized basis.
Hutchinson estimates its financial results over the next 12 months will include $8 million to $10 million of severance and other costs and $5 million to $10 million of asset impairment charges and accelerated depreciation related to the consolidation of operations. Hence, the company now expects its second quarter suspension assembly shipments to decline and expects a negative gross margin and a larger operating loss compared to last quarter.
Casey's General Stores Inc. (CASY) stock tumbled 6.29 percent to $38 in the pre-market trading, as its third quarter earnings missed Street view. Earnings were $12.87 million or $0.34 a share, compared to $17.24 million or $0.34 a share last year. Adjusted earnings were $0.37 a basic share. Revenue rose to $1.37 billion from $1.11 billion. Analysts had expected profit of $0.50 a share on revenue of $1.29 billion.
TiVo Inc. (TIVO) stock fell 6.18 percent to $8.50 in the pre-market trading. The company said it plans to offer $120 million of Convertible Senior Notes due 2016 in a private offering. The company said the notes will be offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended.
Besides, TiVo expects to grant the initial purchaser of the notes an over-allotment option to buy up to an extra $18 million aggregate principal amount of notes. TiVo said the notes will be convertible, at the option of the holders, into shares of the company's common stock.
Randgold Resources Ltd. (GOLD) stock slid 3.86 percent to $74.04 in the pre-market trading.