The top pre-market NASDAQ Stock Market gainers are: Cintas, Motricity, Sky-mobi, Infosys Technologies, and IncrediMail. The top pre-market NASDAQ Stock Market losers are: XOMA, Cree, Rubicon Technology, Veeco Instruments, and Aixtron AG.
Cintas Corp. (CTAS) stock jumped 6.25 percent to $29.90 in the pre-market trading, as its third quarter earnings and revenue exceeded Street view. Profit was $59.1 million or 41 cents a share, up from $49.0 million or 32 cents a share last year. Revenue rose 8.8 percent to $937.83 million. Analysts had expected profit of 36 cents a share on revenue of $907.56 million.
Cintas tightened its full year 2011 earnings guidance to range of $1.60 to $1.63 a share from previous forecast of $1.55 to $1.63 a share. The company raised its revenue outlook to range of $3.75 billion to $3.77 billion from previous range of $3.55 billion to $3.75 billion. Analysts predict profit of $1.58 a share on revenue of $3.73 billion.
Motricity, Inc. (MOTR) stock grew 5.69 percent to $15.22 in the pre-market trading.
Sky-mobi Ltd. (MOBI) stock grew 4.54 percent to $9.91 in the pre-market trading. The company said it has entered into an advertising contract with Sohu.com Inc (SOHU). Sky-mobi will publish advertisements for Sohu's advertising clients on Sky-mobi's MRP ad network. Sky-mobi will be paid at an agreed minimum target rate, and will share revenue with Sohu that exceeds the minimum target rate.
Infosys Technologies Ltd. (INFY) stock gained 1.77 percent to $65.66 in the pre-market trading. Shares in Indian market closed higher in heavy trade Wednesday on bargain buying in selected stocks and gains in heavyweight ICICI Bank.
IncrediMail, Ltd. (MAIL) stock increased 1.72 percent to $7.08 in the pre-market trading.
XOMA Ltd. (XOMA) stock plunged 34.46 percent to $3.29 in the pre-market trading, as its lead type-2 diabetes drug failed to lower glucose levels in patients in a mid-stage study. The company said its phase 2b trial of XOMA 052 in type 2 diabetes patients did not achieve the primary endpoint of reduction in glycosylated hemoglobin, or HbA1c, after six monthly treatments with XOMA 052 compared to placebo. XOMA is developing XOMA 052 in collaboration with Servier.
Biological activity of XOMA 052 supporting its potential in cardiovascular disease was observed with highly significant decreases in C-reactive protein, or CRP, a biomarker for the risk of heart attack, stroke and other cardiovascular diseases, in all dose groups versus placebo. In addition, statistically significant improvements in high-density lipoprotein, or good cholesterol were observed in two of four XOMA 052 dose groups versus placebo.
Cree Inc. (CREE) stock tumbled 7.12 percent to $45.51 in the pre-market trading, as it lowered third quarter revenue guidance primarily due to lower sales of LED chips and LED components. The company reduced its third quarter revenue outlook to range of $215 million to $220 million from previous forecast of $245 million to $265 million, while Street predicts $254.82 million.
The LED components business appears to be turning the corner. Despite the challenges we faced in Q3, distributor sell-through has improved and we target solid growth next quarter. Based on our preliminary outlook for Q4, we are currently targeting revenue to increase 10 to 12% in fiscal Q4 led by growth in LED components, said Chuck Swoboda, Cree’s Chief Executive Officer.
Rubicon Technology, Inc. (RBCN) stock fell 5.65 percent to $25.06 in the pre-market trading.
Veeco Instruments Inc. (VECO) stock slid 4.58 percent to $47.07 in the pre-market trading.
Aixtron AG (AIXG) stock declined 3.38 percent to $40.28 in the pre-market trading.