The top pre-market NASDAQ Stock Market gainers are: Questcor Pharmaceuticals, CalAmp, Trius Therapeutics, RF Micro Devices, Amazon.com, and Affymax. The top pre-market NASDAQ Stock Market losers are: Illumina, P.F. Chang's China Bistro, CIENA, JDS Uniphase, Level 3 Communications, and Virgin Media.
Questcor Pharmaceuticals, Inc. (QCOR) stock jumped 15.38 percent to $30 in the pre-market trading. Adjusted earnings for the second quarter were $15.2 million or $0.23 per share, up from $9.9 million or $0.15 per share last year. Sales increased to $45.98 million from $28.32 million. Analysts had expected profit of $0.20 per share on revenue of $41.75 million.
CalAmp Corp. (CAMP) stock climbed 13.60 percent to $4.26 in the pre-market trading.
Trius Therapeutics, Inc. (TSRX) stock grew 9.76 percent to $8.55 in the pre-market trading. The company and Bayer Pharma AG announced that they have signed an exclusive agreement to develop and commercialize Trius' lead Phase 3 antibiotic, torezolid phosphate (torezolid), in China, Japan and all other countries in Asia, Africa, Latin America and the Middle East, excluding North and South Korea. Under the collaboration agreement Trius retains full development and commercialization rights outside the licensed territory including the United States, Canada and the European Union.
In exchange for development and commercialization rights in its licensed territory, Bayer will pay Trius $25 million upfront and will support about 25 percent of the future development costs of torezolid required for global approval in acute bacterial skin and skin structure infections (ABSSSI) and pneumonia. In addition, Trius is eligible to receive up to $69 million upon the achievement of certain development, regulatory and commercial milestones and will receive double-digit royalties on net sales of torezolid in the licensed territory.
RF Micro Devices Inc. (RFMD) stock increased 6.36 percent to $6.86 in the pre-market trading. Adjusted profit for the first quarter was $21.3 million or $0.08 per share, down from $44.3 million or $0.16 per share last year. Revenue fell 21.8 percent to $214.2 million. Analysts had expected profit of $0.07 per share on revenue of $207.3 million. Looking forward, the company expects adjusted gross margin to increase about 50 basis points sequentially and quarterly revenue growth of 6 percent sequentially.
Amazon.com Inc. (AMZN) stock gained 5.58 percent to $226.13 in the pre-market trading. Profit for the second quarter was $191 million or $0.41 per share, down from $207 million or $0.45 per share last year. The latest quarter results were positively impacted by equity-method investment activity of $15 million, including a $49 million gain on the sale of an equity position partially offset by $34 million in losses from equity-method investments. Sales grew 51 percent to $9.91 billion. Excluding the $477 million favorable impact from year-over-year changes in foreign exchange rates throughout the quarter, net sales would have grown 44 percent over last year. Analysts had expected profit of $0.35 per share on revenue of $9.37 billion.
Amazon said the U.S. Kindle Store now has more than 950,000 books, including New Releases and 110 of 111 New York Times Bestsellers. Over 800,000 of these books are $9.99 or less, including 65 New York Times Bestsellers. Millions of free, out-of-copyright, pre-1923 books are also available to read on Kindle. Looking ahead, the company expects third quarter sales of $10.3 billion to $11.1 billion, representing a growth of 36 percent to 47 percent over last year, while Street predicts $10.35 billion.
Affymax, Inc. (AFFY) stock rose 3.91 percent to $7.18 in the pre-market trading. Affymax and Takeda Global Research & Development Center Inc., U.S., announced that the U.S. Food and Drug Administration, or FDA, accepted for review the New Drug Application, or NDA, for peginesatide for the treatment of anemia associated with chronic kidney disease, or CKD, in adult patients on dialysis. According to Affymax, if approved, peginesatide will be the first once-monthly erythropoiesis stimulating agent available for the treatment of anemia associated with CKD patients on dialysis in the US. Peginesatide is a synthetic, PEGylated peptidic compound that binds to and activates the erythropoietin receptor and thus acts as an ESA.
Illumina Inc. (ILMN) stock tumbled 9.48 percent to $63.05 in the pre-market trading. Adjusted profit for the second quarter was $52.5 million or $0.38 per share, up from $34.0 million or $0.26 per share last year. Revenue grew 36 percent to $287.5 million. Analysts had expected profit of $0.37 per share on revenue of $281.62 million. Looking ahead into the fiscal 2011, the company now expects adjusted earnings per share growth of 33 percent to 36 percent from last year's $1.06 per share, and revenue growth of 24 percent to 26 percent from last year's $902.7 million. Street analysts predict earnings growth of 43.40 percent on revenue growth of 27.50 percent. Previously, the company expected adjusted earnings per share growth of more than 30 percent and revenue growth of about 20 percent.
P.F. Chang's China Bistro, Inc. (PFCB) stock fell 9.43 percent to $35.55 in the pre-market trading. Profit for the second quarter was $9.09 million or $0.40 per share, down from $12.77 million or $0.55 per share last year. Revenue declined to $311.01 million from $312.84 million. Analysts had expected profit of $0.55 per share on revenue of $311.36 million. Looking ahead into the fiscal 2011, the company lowered its earnings guidance to range of $1.60 to $1.70 per share from previous forecast of $2.15 to $2.20 per share, while Street predicts $2.08 per share.
CIENA Corp. (CIEN) stock declined 5.46 percent to $16.62 in the pre-market trading.
JDS Uniphase Corp. (JDSU) stock declined 3.67 percent to $14.45 in the pre-market trading.
Level 3 Communications Inc. (LVLT) stock decreased 3.59 percent to $2.15 in the pre-market trading. Loss for the second quarter widened to $181 million or $0.11 per share from $169 million or $0.10 per share last year. Revenue rose to $932 million from $908 million. Analysts had expected a loss of $0.09 per share on revenue of $937.42 million.
"We continue to expect sequential revenue growth in Core Network Services revenue for the rest of 2011 and low double-digit Consolidated Adjusted EBITDA growth in 2011 compared to 2010. Capital expenditures are expected to be about 12 percent of Communications revenue for the full year 2011, and Free Cash Flow is expected to be roughly breakeven for the last three quarters of 2011 in aggregate. These expectations exclude any effect from the pending Global Crossing acquisition, which we continue to expect to close before the end of the year," said Sunit Patel, chief financial officer of Level 3.
Virgin Media, Inc. (VMED) stock decreased 2.91 percent to $27.33 in the pre-market trading. Profit for the second quarter was 98.2 million pounds or 0.30 pence per share, compared to a loss of 59.9 million pounds or 0.18 pence per share last year. For the quarter, earnings from continuing operations before income taxes were 96.1 million pounds, compared to a loss of 82.5 million pounds last year. Revenue increased to 985.8 million pounds from 964.2 million pounds.