The top pre-market NASDAQ stock market gainers are: Glu Mobile, Orexigen Therapeutics, Veeco Instruments, Progenics Pharmaceuticals, and InterDigital. The top pre-market NASDAQ stock market losers are: Questcor Pharmaceuticals, Yongye International, Kandi Technologies, China Agritech, and Cognizant Technology Solutions.
Shares of Glu Mobile, Inc. (GLUU) advanced 4.48 percent to $3.50 in the pre-market session.
Orexigen Therapeutics, Inc. (OREX) stock increased 4.30 percent to $3.76 in the pre-market trading.
Shares of Veeco Instruments Inc. (VECO) rose 4.17 percent to $46.43 in the pre-market trading, ahead of its fourth quarter earnings results. Analysts are expecting Veeco to earn $1.61 a share on revenue of $302.17 million for fourth quarter.
Progenics Pharmaceuticals Inc. (PGNX) stock gained 4.17 percent to $6 in the pre-market trading. Salix Pharmaceuticals, Ltd. (SLXP) said it entered into an exclusive worldwide agreement with Progenics Pharmaceuticals. As part of the deal, Salix has licensed rights to RELISTOR, or methylnaltrexone bromide. RELISTOR subcutaneous injection is indicated for the treatment of opioid-induced constipation in patients with advanced illness who are receiving palliative care, when response to laxative therapy has not been sufficient.
The methylnaltrexone license includes intellectual property from the University of Chicago, Progenics Pharmaceuticals, and Wyeth Pharmaceuticals, including patents and applications with expiration dates that will range from 2017 through 2031.
Shares of InterDigital, Inc. (IDCC) rose 3.98 percent to $52.83 in the pre-market session.
Questcor Pharmaceuticals, Inc. (QCOR) stock plunged 9.74 percent to $14 in the pre-market trading.
Yongye International, Inc. (YONG) stock fell 3.98 percent to $6.99 in the pre-market trading.
Shares of Kandi Technologies, Corp (KNDI) lost 3.33 percent to $3.77 in the pre-market session.
Shares of China Agritech Inc. (CAGC) declined 2.40 percent to $9.75 in the pre-market session.
Cognizant Technology Solutions Corp. (CTSH) stock moved down 1.35 percent to $74.40 in the pre-market trading. Profit for fourth quarter was $206.2 million or 66 cents a share, up from $144 million or 47 cents a share last year. Adjusted earnings were 70 cents, up from 50 cents a share. Revenue rose 45.2 percent to $1.31 billion. Analysts had expected profit of 65 cents a share on revenue of $1.28 billion.
Cognizant anticipates first quarter adjusted earnings of 67 cents a share and revenue of at least $1.36 billion, while Street predicts profit of 64 cents a share on revenue of $1.31 billion. The company expects fiscal 2011 adjusted profit of $2.85 a share and revenue of at least $5.79 billion, while Street predicts profit of $2.70 a share on revenue of $5.73 billion.
Separately, Cognizant announced plans to further expand its real estate construction program in India. As part of the expansion program, Cognizant would invest over $500 million through the end of 2014 to expand its owned campus footprint with the addition of over 8 million square feet, which would have the capacity to house over 55,000 employees.