The top pre-market NASDAQ stock market gainers are: EDAP TMS, iGo, Electronic Arts, Matrixx Initiatives, and Acme Packet. The top pre-market NASDAQ stock market losers are: Key Tronic, Axcelis Technologies, Intevac, Alvarion, Nuance Communications, and Broadcom.
EDAP TMS SA (EDAP) stock advanced 16.97 percent to $4.55 in the pre-market session. The company said it has received a special temporary reimbursement for Ablatherm-HIFU for the treatment of localized prostate cancer by the French National Authority for Health. The grant follows a comprehensive review of Ablatherm-HIFU clinical results.
EDAP said this step by French National Authority for Health reflects a new reimbursement process dedicated to innovative therapies, which allows Ablatherm-HIFU technology to be granted temporary reimbursement while setting up a dedicated treatment registry for the next five years.
iGo, Inc. (IGOI) stock climbed 11.59 percent to $3.85 in the pre-market session.The company said it has been awarded first two Great Britain patents related specifically to the use of iGo Green technology as a primary side controller in a laptop power adapter. A power adapter using iGo Green technology recognizes when a device does not require power and automatically shuts itself off, thus reducing the power draw to ultra-low levels. When the device needs power again, the power adapter turns itself on, automatically.
Shares of Electronic Arts Inc. (ERTS) jumped 11.08 percent to $17.35 in the pre-market trading, following its better-than-expected third quarter earnings. Adjusted profit was $196 million or 59 cents a share, up from $109 million or 33 cents a share last year. Adjusted revenue rose 4 percent to $1.41 billion. Analysts had expected profit of 57 cents a share on revenue of $1.44 billion. The company expects fourth quarter adjusted earnings of 15 cents to 20 cents a share and adjusted revenue of $850 million to $950 million, while Street predicts profit of 20 cents a share on revenue of $936.13 million.
Electronic Arts narrowed its fiscal 2011 adjusted profit guidance to range of 60 cents to 70 cents a share from previous forecast of 50 cents to 70 cents a share. The company also narrowed its 2011 adjusted revenue outlook to range of $3.682 billion to $3.782 billion from previous range of $3.65 billion to $3.90 billion. Street analysts predict profit of 63 cents a share on revenue of $3.79 billion.
Matrixx Initiatives Inc. (MTXX) stock grew 8.68 percent to $8.70 in the pre-market trading. Private equity firm H.I.G. Capital, LLC said its affiliates have increased their offer to buy shares of Matrixx Initiatives to $8.75 per share in cash, without interest and less any applicable withholding taxes, representing a 9.4 percent increase over $8 a share initial offer. The tender offer, which was previously scheduled to expire on February 4, 2011, is extended to February 14.
Acme Packet, Inc. (APKT) stock gained 8.15 percent to $60.48 in the pre-market session, following its better-than-expected fourth quarter earnings. Adjusted profit was $17.9 million or 26 cents a share, up from $6.8 million or 11 cents a share last year. Revenue rose 70 percent to $70.23 million. Analysts had expected profit of 22 cents a share on revenue of $60.22 million.
Acme Packet raised full year 2011 adjusted earnings guidance to about $1.05 a share from previous forecast of $0.99 to $1.00 a share. The company increased its 2011 revenue outlook to about $300 million from previous range fo $286 million to $287 million. Street analysts predict profit of $1.04 a share on revenue of $295.81 million.
Key Tronic Corp. (KTCC) stock plunged 21.49 percent to $4.71 in the pre-market session, following a cut to its fiscal 2011 guidance. The company lowered its fiscal 2011 earnings guidance to range of 55 cents to 65 cents a share from previous forecast of 75 cents to 85 cents a share. The company also reduced its revenue outlook to range of $250 million to $260 million from previous range of $270 million to $280 million.
Key Tronic posted second quarter earnings of $1.73 million or 17 cents a share, compared to $1.67 million or 17 cents a share last year. Sales rose 36 percent to $61.04 million, helped by production ramp up of new programs. The company guided third quarter earnings of 5 cents to 10 cents a share and revenue of $60 million to $62 million.
Shares of Axcelis Technologies Inc. (ACLS) lost 10.39 percent to $3.19 in the pre-market session. Profit for fourth quarter was $4.33 million or 4 cents a share, of which 2 cents was attributable to a one time tax benefit. This compares to a loss of $10.04 million or 10 cents a share last year. Revenue rose to $93.40 million from $38.74 million. Analysts had expected profit of 3 cents a share on revenue of $89.31 million.
We continue to experience robust demand for our products, and anticipate market share gains. Moving forward, we believe these accomplishments have laid the foundation for sustainable growth and profitability in the future, Axcelis Chief Executive Mary Puma said.
Intevac Inc. (IVAC) stock plummeted 10.01 percent to $12.50 in the pre-market trading, following its lower-than-expected fourth quarter revenue. Revenue rose to $36.2 million from $34.20 million. Profit was $1.1 million or 5 cents a share, down from $1.96 million or 9 cents a share last year. Analysts had expected profit of 2 cents a share on revenue of $37 million.
As we look into 2011 for our Equipment business, we will introduce several new products to expand our product portfolio for the large and growing solar cell manufacturing market, while maintaining our technology and operational leadership in the hard disk drive media processing market. In the first quarter, we expect to ship our first Lean SolarTM crystalline silicon deposition system, and to recognize revenue on our first ContinuumTM semiconductor mainframe shipments. In our Photonics business, we expect to continue to ramp our product based revenue, Intevac's Chief Executive Kevin Fairbairn said.
Shares of Alvarion Ltd. (ALVR) declined 6.79 percent to $2.06 in the pre-market session, following its narrower-than-expected fourth quarter loss. Adjusted loss was $11.2 million or 18 cents a share, compared to profit of $0.7 million or 1 cent a share last year. Revenue fell 16.6 percent to $50.3 million. Analysts had expected a loss of 5 cents a share on revenue of $56.02 million.
Q1 will be a period of transition, during which we will right-size the organization to a level appropriate to the carrier opportunity, and make modest strategic investments in the enterprise market to improve our position and accelerate growth. We will begin with an immediate headcount reduction as well as other related expense reductions. Our goal for 2011 is to bring blended gross margin to the high 30’s with operating expenses below 35% of revenues, on a quarterly basis, and to lay the foundation for sustainable growth from a lower, but profitable, revenue base beginning in Q2, Alvarion's Chief Executive Eran Gorev said.
Nuance Communications, Inc. (NUAN) stock lost 6.20 percent to $19.50 in the pre-market trading.
Shares of Broadcom Corp. (BRCM) fell 5.45 percent to $43.86 in the pre-market session. Earnings for the fourth quarter were $266.2 million or 47 cents a share, up from $59.2 million or 11 cents a share last year. Results for the latest quarter included 11 cents a share of non-recurring settlement and asset impairment charges. Revenue rose 45 percent to $1.94 billion. Analysts had expected profit of 74 cents a share on revenue of $1.9 billion.
Broadcom expects first quarter revenue of $1.75 billion to $1.85 billion, while Street predicts $1.80 billion. Separately, the company said its board has approved a 12.5 percent increase in the quarterly cash dividend to 9 cents a share, payable to holders of the company's Class A and Class B common stock on March 7 to shareholders of record February 18. The company also announced a $300 million accelerated share repurchase plan under its existing evergreen share repurchase program.