The top pre-market NASDAQ stock market gainers are: Hercules Offshore, Openwave Systems, STEC, EMCORE, and Falconstor Software. The top pre-market NASDAQ stock market losers are: Seahawk Drilling, MannKind, Green Mountain Coffee Roasters, Hughes Communications, and Interphase.
Hercules Offshore, Inc. (HERO) stock jumped 20.99 percent to $4.38 in the pre-market trading. The company said it agreed to buy 20 jackup rigs and related assets from Seahawk Drilling Inc. (HAWK) for about 22.3 million shares of Hercules Offshore common stock and cash consideration of $25 million. The company anticipates closing of this transaction to occur during the second quarter of 2011.
Shares of Openwave Systems Inc. (OPWV) climbed 17.45 percent to $2.49 in the pre-market session. The company said Juniper Networks (JNPR) has selected Openwave as a strategic partner to integrate its Media Optimizer into Juniper’s Media Flow solution for mobile video optimization. The combined solution is expected to dramatically improve the economics of delivering video over mobile networks while revolutionizing the user viewing experience.
Shares of STEC, Inc. (STEC) rose 6.98 percent to $25.45 in the pre-market session, as its fourth quarter earnings exceeded Street view. Adjusted earnings from continuing operations were $18.48 million or 35 cents a share, down from $26.33 million or 51 cents a share last year. Revenue declined to $93.92 million from $106.0 million. Analysts had expected profit of 33 cents a share on revenue of $90.02 million.
STEC predicts adjusted earnings for the first quarter of 32 cents to 34 cents a share and revenue of $90 million to $92 million, while Street analysts expect profit of 24 cents a share on revenue of $85.04 million.
EMCORE Corp. (EMKR) stock gained 4.78 percent to $2.41 in the pre-market trading.
Falconstor Software Inc. (FALC) stock increased 4.60 percent to $5 in the pre-market session.
Seahawk Drilling, Inc. (HAWK) stock plunged 58.86 percent to $3.25 in the pre-market trading, as it has filed for bankruptcy protection and plans to sell its fleet of offshore drilling rigs to Hercules Offshore (HERO). The sale will be carried out as part of Chapter 11 bankruptcy protection and is expected to close in the second quarter. Seahawk filed for bankruptcy protection Friday, and will seek expedited hearings for court approval of the deal.
Shares of MannKind Corp. (MNKD) fell 6.33 percent to $3.55 in the pre-market session.
Green Mountain Coffee Roasters Inc. (GMCR) stock lost 3.98 percent to $41.73 in the pre-market session.
Hughes Communications, Inc. (HUGH) stock fell 3.69 percent to $59.50 in the pre-market trading. EchoStar Corp. (SATS) said it would acquire all of the outstanding equity ofHughes Communications and its subsidiaries including its main operating subsidiary, Hughes Network Systems, LLC in a transaction valued at around $2 billion, including Hughes debt expected to be refinanced in connection with the transaction.
Hughes' shareholders will receive $60.70 per share without interest, which represents a premium of 31 percent over Hughes' unaffected closing share price of $46.43 on January 19, 2011. The transaction is expected to close later this year.
Shares of Interphase Corp. (INPH) slid 3.66 percent to $3.95 in the pre-market trading.