The top pre-market NASDAQ stock market gainers are: Ener1, Eagle Bulk Shipping, Sinovac Biotech, LM Ericsson Telephone, and Silicon Laboratories. The top pre-market NASDAQ stock market losers are: MIPS Technologies, RF Micro Devices, Pacific Sunwear of California, CIENA, Gilead Sciences, and Yahoo!.
Shares of Ener1, Inc. (HEV) jumped 7.54 percent to $4.28 in the pre-market session.
Eagle Bulk Shipping, Inc. (EGLE) stock advanced 4.49 percent to $4.19 in the pre-market trading. FBR Capital Markets upgraded rating of the company to 'outperform' from 'market perform' as smaller vessels to benefit from strong grain trade and Korea Line risk overdone. FBR said Korea Line originally was seeking a maximum of $20,000 per day for its chartered-in Supramax vessels. Almost all of Eagle's vessels are below $20,000 per day and thus FBR does not expect Eagle to experience a material negative impact.
Sinovac Biotech Ltd. (SVA) stock rose 3.35 percent to $4.93 in the pre-market trading.
LM Ericsson Telephone Co. (ERIC) stock gained 3.28 percent to $12.59 in the pre-market session. The company was selected to perform a substantial network modernization program for Telefónica O2 UK in the north of the UK. Ericsson said the partnership will deliver greater coverage, voice and data capacity for O2 customers via a new generation network, specifically designed to handle significant growth in smartphones and smartphone applications. Ericsson will deploy state of the art multi-standard base stations and be the sole supplier of the core network infrastructure.
Shares of Silicon Laboratories, Inc. (SLAB) increased 3.15 percent to $49.12 in the pre-market session, following its higher-than-expected fourth quarter earnings. Profit was $12.9 million or 28 cents a share, down from $40.3 million or 84 cents a share last year. Adjusted profit was $20.81 million or 46 cents a share. Revenue declined to $111.9 million from $127.2 million. Analysts had expected profit of 37 cents a share on revenue of $107.97 million. The company expects first quarter revenue of $116 million to $122 million, while Street forecasts $111.34 million.
Shares of MIPS Technologies Inc. (MIPS) lost 9.45 percent to $13.70 in the pre-market trading, following its lower-than-expected second quarter revenue. Adjusted profit was $7.5 million or 14 cents a share, up from $4.1 million or 9 cents a share last year. Revenue rose 44 percent to $21.86 million. Analysts had expected profit of 12 cents a share on revenue of $22.12 million.
RF Micro Devices Inc. (RFMD) stock slid 8.36 percent to $7.02 in the pre-market session, following its lower-than-expected third quarter revenue and fourth quarter revenue outlook. Adjusted profit for third quarter was $52.6 million or 19 cents a share, up from $38.8 million or 14 cents a share last year. Revenue rose 11.4 percent to $278.79 million. Analysts had expected profit of 18 cents a share on revenue of $285.80 million.
RF Micro Devices expects fourth quarter revenue to seasonally decline about 10 percent to 15 percent sequentially, implying revenues of $237 million to $251 million, based on third quarter revenue of $278.79 million. Street analysts predict revenue of $259.29 million.
Pacific Sunwear of California Inc. (PSUN) stock tumbled 3.33 percent to $4.35 in the pre-market session.
Shares of CIENA Corp. (CIEN) declined 1.86 percent to $23.74 in the pre-market trading.
Shares of Gilead Sciences Inc. (GILD) fell 0.94 percent to $37.80 in the pre-market session, following its receipt of a 'refuse to file' notification from FDA regarding Gilead's New Drug Application for the single-tablet regimen of Truvada or emtricitabine and tenofovir disoproxil fumarate and Tibotec Pharmaceuticals' investigational non-nucleoside reverse transcriptase inhibitor TMC278 for HIV-1 infection in adults. FDA requested additional information with respect to the Chemistry, Manufacturing and Controls section of the Truvada/TMC278 NDA submission.
Gilead's adjusted profit for fourth quarter was $779.3 million or 95 cents a share, compared to $864.4 million or 93 cents a share last year. Revenue declined to $2.0 billion from $2.03 billion. Analysts had expected profit of 94 cents a share on revenue of $1.99 billion.
Yahoo! Inc. (YHOO) stock decreased 0.69 percent to $15.91 in the pre-market trading. Fourth quarter profit was $312 million or 24 cents a share, up from $153 million or 11 cents a share last year. Revenue excluding traffic acquisition costs declined 4 percent to $1.21 billion. Analysts had expected profit of 22 cents a share on revenue of $1.19 billion. The company expects first quarter revenue excluding traffic acquisition costs of $1.02 billion to $1.08 billion, while analysts forecast $1.13 billion.