The top pre-market NASDAQ Stock Market gainers are: Glu Mobile, PetSmart, Exelixis, Lam Research, and Dollar Tree. The top pre-market NASDAQ Stock Market losers are: Smart Technologies, Melco Crown Entertainment, Metabolix, KLA-Tencor, Yongye International, Applied Materials, and Intel.
Glu Mobile, Inc. (GLUU) stock jumped 7.87 percent to $3.70 in the pre-market trading.
PetSmart, Inc. (PETM) stock grew 4.97 percent to $44.60 in the pre-market trading. Profit for the first quarter was $71 million or $0.61 per share, up from $56 million or $0.46 per share last year. Sales rose 6.8 percent to $1.5 billion. Analysts had expected earnings of $0.55 per share on revenue of $1.48 billion. Comparable store sales, or sales in stores open at least a year, grew 5.0 percent. The company expects second quarter earnings of $0.47 to $0.51 per share, and comparable store sales growth in the mid-single digit range, while Street predicts profit of $0.49 per share.
For the full year 2011, PetSmart increased its earnings guidance to range of $2.32 to $2.42 per share from previous forecast of $2.23 to $2.35 per share, while Street predicts $2.36 per share. The company still expects 2011 sales growth in the mid-single digit range, while Street predicts revenue growth of 6 percent. The company now expects 2011 comparable store sales growth in the low- to mid-single digit range, while previously the company had expected comparable-store sales growth in the 3 percent to 4 percent range.
Exelixis, Inc. (EXEL) stock gained 4.03 percent to $12.13 in the pre-market trading. The company's experimental cancer drug cabozantinib was shown in a mid-stage trial to help control advanced prostate, ovarian and liver cancers, according to research study presented on Wednesday. The drug was also found to fully or partly eliminate cancer that had spread to the bone in patients with breast cancer, prostate cancer and melanoma, according to the American Society of Clinical Oncology.
Cabozantinib, also known as XL184, is the lead product for Exelixis. It is an oral drug designed to block the pathway that tumors need to form new blood vessels. In the data released, for 398 evaluated patients with all types of cancer, 9 percent experienced partial tumor shrinkage. But the rates of cancer stabilization were much higher -- 76 percent of liver cancer patients, 71 percent of prostate cancer patients and 58 percent of ovarian cancer patients saw their tumors either shrink or remain unchanged. Also, 59 of 68 patients with cancer that had spread to the bone (mostly from prostate cancer, but also from breast cancer and melanoma) had either partial or complete disappearance of the cancer on bone scans.
Lam Research Corp. (LRCX) stock rose 2.69 percent to $48.45 in the pre-market trading.
Dollar Tree, Inc. (DLTR) stock increased 2.64 percent to $62.95 in the pre-market trading. Profit for the first quarter was $101.0 million or $0.82 per share, higher than $63.6 million or $0.49 per share last year. Sales rose to $1.55 billion from $1.35 billion. Analysts had expected profit of $0.75 per share on revenue of $1.51 billion. Comparable store sales increased 7.1 percent.
Dollar Tree expects second quarter earnings of $0.68 to $0.75 per share and sales of $1.51 billion to $1.55 billion, while Street predicts profit of $0.73 per share on revenue of $1.53 billion. The company also anticipates second quarter comparable store sales growth of low-to-mid single digit. For the full year 2011, the company raised its earnings guidance to range of $3.69 to $3.85 per share from previous forecast of $3.55 to $3.76 per share. The company increased 2011 sales outlook to range of $6.50 billion to $6.63 billion from previous range of $6.43 billion to $6.60 billion. Street predicts profit of $3.76 per share on revenue of $6.54 billion for the full year 2011.
Smart Technologies Inc. (SMT) stock plunged 18.21 percent to $7.95 in the pre-market trading. Profit for the fourth quarter was $7.6 million, down from $10.5 million last year. Earnings per share for the quarter were $0.06, flat with last year on a lower share count for the recent quarter. Adjusted earnings declined to $0.8 million or $0.01 per share from $5.7 million or $0.03 per share last year. Revenue grew 7.5 percent to $167.3 million. Analysts had expected earnings of $0.08 per share on revenues of $162.95 million.
Smart Technologies expects fiscal 2012 adjusted earnings to be consistent with last year, and revenue to be flat to 5 percent down compared to fiscal 2011. This represents adjusted profit of $0.65 per share and revenue of $750.6 million to $790.1 million, while Street predicts profit of $0.83 per share on revenue of $844.8 million.
Melco Crown Entertainment Ltd. (MPEL) stock fell 5.45 percent to $9.55 in the pre-market trading. Profit for the first quarter was $7.15 million or $0.013 per American Depository Share (ADS), compared to a loss of $12.47 million or $0.023 per ADS last year. Adjusted earnings were $7.78 million or $0.015 per ADS, compared to a loss of $8.91 million or $0.017 per ADS last year. Revenue grew to $806.59 million from $567.61 million.
Metabolix, Inc. (MBLX) stock slid 4.94 percent to $7.31 in the pre-market trading. The company said it has commenced a public offering of shares of its common stock pursuant to the company’s effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC). J.P. Morgan Securities LLC will serve as the sole book-running manager and Stifel Nicolaus Weisel will serve as the co-manager for this offering. The company expects to offer 4.75 million newly issued shares.
The underwriters also have the option to purchase up to an additional 15 percent of the offered amount of common stock from the company at the public offering price, less underwriting discounts and commissions, within 30 days, to cover over-allotments, if any. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. The company intends to use the net proceeds it receives from the offering for working capital and other general corporate purposes.
KLA-Tencor Corp. (KLAC) stock tumbled 3.74 percent to $41.23 in the pre-market trading. Goldman Sachs downgraded its rating on shares of KLA-Tencor to sell from neutral citing expectations of lower capital expenditure spending by Intel and foundries. The brokerage firm also downgraded its rating on shares of Intel Corp. (INTC) to sell from neutral citing excess process supply concerns. The firm also downgraded its rating on shares of Applied Materials Inc. (AMAT) to neutral from buy. Applied Materials fell 2 percent to $14.21, while Intel declined 1.72 percent to $23.47 in the pre-market.
Yongye International, Inc. (YONG) stock declined 3.00 percent to $4.20 in the pre-market trading.