The top pre-market NASDAQ Stock Market gainers are: Quantum Fuel Systems Technologies Worldwide, California Pizza Kitchen, LTX-Credence, VIVUS, and Avago Technologies. The top pre-market NASDAQ Stock Market losers are: Akorn, Exterran Partners, Avanir Pharmaceuticals, Applied Materials, and Costco Wholesale.
Quantum Fuel Systems Technologies Worldwide Inc. (QTWW) stock jumped 24.35 percent to $4.80 in the pre-market trading. The company said it has received a contract to deliver 100+ plug-in hybrid electric (PHEV) pickup truck fleet vehicles powered by Dow Kokam lithium ion battery technology to The Dow Chemical Company (DOW).
Quantum developed the new hybrid drive system Quantum F-Drive specifically for the Ford F-150 pickup truck, one of the highest volume selling fleet vehicles in America. Quantum's research and development group designed the system to meet the demanding truck applications of America's largest fleet operators and to provide a mission-ready solution to meet President Barack Obama's goal of converting the Federal government's vehicle fleet to hybrids, electric vehicles and other alternative-fuel vehicles.
California Pizza Kitchen Inc. (CPKI) stock jumped 12.51 percent to $18.80 in the pre-market trading. The company said it agreed to be acquired by an affiliate of Golden Gate Capital for $18.50 per share in cash, or about $470 million. The transaction is currently expected to close in the third quarter of this year. The board of directors unanimously recommends that the company’s stockholders tender their shares in the tender offer. Affiliate of Golden Gate Capital will commence a tender offer for all of the outstanding shares of the company no later than June 8, 2011.
LTX-Credence Corp. (LTXC) stock grew 7.05 percent to $8.35 in the pre-market trading. Profit for the third quarter was $23.6 million or $0.47 per share, higher than last year's $6.8 million or $0.14 per share. Adjusted earnings increased to $12.3 million or $0.24 per share from $7.2 million or $0.15 per share. Sales rose to $58.7 million from $56.1 million. Analysts had expected profit of $0.19 per share on revenue of $59.64 million. For the fourth quarter, the company expects adjusted earnings of $0.25 to $0.26 per share and revenue of $63 million to $67 million, while Street predicts profit of $0.29 per share on revenue of $68.15 million.
VIVUS Inc. (VVUS) stock grew 6.08 percent to $8.90 in the pre-market trading. The company announced positive results from a phase 3, placebo-controlled clinical trial of the investigational drug avanafil for the treatment of erectile dysfunction in patients following a radical prostatectomy. The company said the study (REVIVE-RP, TA-303) met all primary endpoints by demonstrating improvement from baseline in erectile function as measured by the Sexual Encounter Profile and improvements in the International Index of Erectile Function. VIVUS expects to file the NDA for avanafil in the second quarter of 2011.
Avago Technologies Ltd. (AVGO) stock gained 5.64 percent to $33.50 in the pre-market trading. Profit for the second quarter was $135 million or $0.54 per share, up from $90 million or $0.37 per share last year. Adjusted earnings rose to $165 million or $0.64 per share from $117 million or $0.47 per share. Revenue grew 9 percent to $560 million. Analysts had expected profit of $0.60 per share on revenue of $554.40 million. In addition, brokerage firm Kaufman Bros. upgraded its rating on shares of Avago to buy from hold and raised its price target to $40 from $34. The brokerage believes Avago is well positioned for earnings and revenue growth into 2012.
Akorn, Inc. (AKRX) stock fell 6.69 percent to $6.56 in the pre-market trading. The company said it intends to offer $100 million principal amount of Convertible Senior Notes due 2016. Further, the company plans to grant to the initial purchasers of the notes a 30-day over-allotment option to buy up to an additional $20 million aggregate principal amount of the notes.
Akorn said the notes will be convertible into shares of its common stock, cash, or a combination thereof. The interest rate, conversion rate, conversion price and other terms of the notes will be determined at the time of pricing of the offering, the company added. Akorn plans to use the net proceeds from the sale of the Notes for general corporate purposes, including potential future acquisitions and strategic transactions. Akorn has no pending agreement or understanding with respect to any such acquisition or transaction.
Exterran Partners, L.P. (EXLP) stock slid 4.95 percent to $25.53 in the pre-market trading. The company said it commenced an underwritten public offering of 5 million common units representing limited partner interests. The Partnership has also granted the underwriters a 30-day option to purchase up to an aggregate of 750,000 additional common units to cover over-allotments, if any.
The Partnership said it intends to use the net proceeds of the offering to repay about $61.5 million of borrowings outstanding under its revolving credit facility and for general partnership purposes, including to fund a portion of the consideration for the previously announced acquisition of compression and processing assets from Exterran Holdings, Inc. pursuant to that certain Contribution, Conveyance and Assumption Agreement, dated as of May 23, if consummated.
Avanir Pharmaceuticals (AVNR) stock tumbled 3.47 percent to $4.45 in the pre-market trading.
Applied Materials Inc. (AMAT) stock slid 2.48 percent to $13.37 in the pre-market trading. The company expects third quarter adjusted earnings of $0.31 to $0.37 per share and a sequential sales growth of 3 percent to 10 percent, implying revenue of $2.57 billion to $2.77 billion, while Street predicts profit of $0.39 per share on revenue of $2.82 billion.
While near-term economic conditions have tempered our growth expectations, our outlook for the year remains strong driven by our customers' plans to invest in the advanced technologies needed to meet growing demand for mobile devices and consumer electronics, said Mike Splinter, chairman and chief executive officer of Applied Materials. In February, the company forecast adjusted profit of $1.50 per share and sales of more than $11 billion for the fiscal 2011.
Applied Materials reported second quarter earnings of $489 million or $0.37 per share, up from $264 million or $0.20 per share last year. Adjusted earnings were $501 million or $0.38 per share, up from $292 million or $0.22 per share last year. Sales rose to $2.86 billion from $2.3 billion. Analysts had expected profit of $0.37 per share on revenue of $2.77 billion.
Costco Wholesale Corp. (COST) stock decreased 2.41 percent to $79.39 in the pre-market trading. Profit for the third quarter was $324 million or $0.73 per share, up from $306 million or $0.68 per share last year. The latest quarter results included a $49 million pre-tax LIFO charge or $0.07 per share. Sales grew 16 percent to $20.19 billion, while revenue rose to $20.62 billion from $17.78 billion. Analysts had expected profit of $0.77 per share on revenue of $20.09 billion. Comparable sales growth, including Mexico operations for this year and last year, were 12 percent. Excluding gasoline prices and foreign currency effects, comparable sales rose 7 percent.