The top pre-market NASDAQ stock market gainers are: Cumberland Pharmaceuticals, Corinthian Colleges, ICAgen, KLA-Tencor, and Applied Materials. The top pre-market NASDAQ stock market losers are: Coinstar, Kandi Technologies, Hasbro, ARM Holdings, and Qiagen.
Cumberland Pharmaceuticals Inc. (CPIX) stock advanced 19.93 percent to $6.80 in the pre-market trading, following FDA approval of its new formulation of Acetadote injection, indicated in the prevention or lessening liver damage due to acetaminophen poisoning. The new formulation also received approval for an extended shelf life of 30 months, up from 24 months for the original formulation.
Cumberland said it would immediately commence the U.S. launch activities for the product. Upon receipt of initial marketing approval for Acetadote, the company made a commitment for a phase IV study to develop new formulation with less side effects. Accordingly, Cumberland has initiated a program for the purpose.
Shares of Corinthian Colleges Inc. (COCO) soared 6.14 percent to $5.01 in the pre-market trading.
ICAgen Inc. (ICGN) stock gained 5.13 percent to $2.05 in the pre-market session.
Shares of KLA-Tencor Corp. (KLAC) increased 5.03 percent to $41.75 in the pre-market session.
Applied Materials, Inc. (AMAT) stock rose 3.86 percent to $14.79 in the pre-market trading.
Coinstar Inc. (CSTR) stock lost 24.86 percent to $42.79 in the pre-market trading, following its cut to fourth quarter guidance. The company lowered fourth quarter earnings from continuing operations outlook to range of 65 cents to 69 cents a share from previous range of 79 cents to 85 cents a share. The company reduced its revenue guidance to $391 million from previous forecast of $415 million to $440 million. Analysts expect profit of 84 cents a share on revenue of $426.64 million.
Coinstar also lowered its full year 2011 earnings from continuing operations guidance to range of $2.60 to $3.10 a share from previous forecast of $3.00 to $3.50 a share. The company reduced its 2011 revenue outlook to range of $1.70 billion to $1.85 billion from previous range of $1.80 billion to $1.95 billion. Analysts expect profit of $3.34 a share on revenue of $1.88 billion.
Shares of Kandi Technologies, Corp (KNDI) tumbled 5.32 percent to $4.98 in the pre-market session.
Hasbro Inc. (HAS) stock declined 4.82 percent to $42.50 in the pre-market trading, following its modest growth expectations for fiscal 2010 earnings. The company expects fiscal 2010 adjusted earnings to increase modestly from last year and revenue of about $4 billion. Analysts expect profit of $2.69 a share on revenue of $4.12 billion.
For the fourth quarter, Hasbro expects revenue of about $1.3 billion, lower-than analysts forecast of $1.4 billion. The company no longer believes it will grow revenues for the year 2010 due to a slowdown in U.S. consumer demand, which it experienced late in the fourth quarter. The company is confident of its brand innovation and strong entertainment initiatives which should enable it to deliver both revenue and earnings growth in 2011.
Shares of ARM Holdings plc (ARMH) decreased 4.37 percent to $26.03 in the pre-market session. However, the stock reached a new 52-week high of $27.95 during Thursday's regular trade.
Qiagen NV (QGEN) stock moved down 3.70 percent to $18.72 in the pre-market trading.