The top pre-market NASDAQ Stock Market gainers are: Repligen, Bed Bath & Beyond, Cavium Networks, JetBlue Airways, and Pain Therapeutics. The top pre-market NASDAQ Stock Market losers are: GTX, Logitech International, F5 Networks, Discovery Communications, Melco Crown Entertainment, Apple, and Google.
Repligen Corp. (RGEN) increased 4.72 percent to $3.55 in the pre-market trading. The company said that the FDA has granted Fast Track designation for RG3039, a potential treatment for Spinal Muscular Atrophy (SMA). Fast Track is a process designed to facilitate the development and expedite the review of drugs that treat serious diseases and fill an unmet medical need. Once a drug receives Fast Track designation, frequent communication between the FDA and the sponsor is encouraged throughout the development and review process. In addition, RG3039 has received a positive opinion for orphan medicinal product designation from the European Medicines Agency. European orphan medicinal product designation aims to encourage the development of drugs involved in the diagnosis, prevention or treatment of a life-threatening or chronically debilitating condition that affects no more than five in 10,000 persons in the European Union.
Repligen has received approval from the FDA to initiate a Phase 1 clinical trial of RG3039, the first clinical trial of a novel drug specifically designed to treat SMA and the first treatment approach which seeks to increase levels of the deficient protein SMN. This is a double-blind study to evaluate the pharmacokinetic and safety profile of escalating doses of RG3039 in up to 40 healthy volunteers. Repligen’s ongoing research efforts are funded in part with grants from the Muscular Dystrophy Association.
Bed Bath & Beyond, Inc. (BBBY) stock gained 1.74 percent to $55 in the pre-market trading. Profit for the first quarter was $180.6 million or $0.72 per share, up from $137.6 million or $0.52 per share last year. Sales rose about 9.7 percent to $2.11 billion. Analysts had expected profit of $0.63 per share on revenue of $2.08 billion. Comparable-store-sales increased about 7 percent.
The company expects second quarter earnings of $0.77 to $0.82 per share, while Street predicts $0.82 per share. For the full year 2011, the company increased its earnings growth guidance to range of about 15 percent to 20 percent from previous forecast of 10 percent to 15 percent growth, while Street predicts 15.60 percent growth with profit estimate of $3.55 per share.
Cavium Networks, Inc. (CAVM) stock moved up 0.61 percent to $39.50 in the pre-market trading.
JetBlue Airways Corp. (JBLU) stock moved up 0.58 percent to $6.11 in the pre-market trading. As schools across the country let out this month, a joint project launched today by New York's hometown value carrier JetBlue Airways and PBS KIDS aims to keep children reading wherever they go this summer -- with a combination of in-flight and online literacy resources, community reading events and a partnership with First Book, a nonprofit organization that provides new books to children in need. At the center of the program is the newly launched SoarwithReading.com, where parents can download a free reading activity kit, create a summer reading list with recommendations from Random House Children's Books and log their children's reading minutes, among other activities. For every reader who registers on SoarwithReading.com, JetBlue will make a book donation to a child through First Book, up to 10,000 books.
Pain Therapeutics Inc. (PTIE) stock moved up 0.23 percent to $8.77 in the pre-market trading.
GTX Inc. (GTXI) stock slid 4.40 percent to $5 in the pre-market trading. The company said it plans to offer and sell its common shares in an underwritten public offering. All of the shares in the offering are to be sold by the company. GTX plans to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the amount sold to cover over-allotments, if any.
Logitech International SA (LOGI) stock tumbled 3.15 percent to $10.76 in the pre-market trading.
F5 Networks, Inc. (FFIV) stock slid 3.11 percent to $101.55 in the pre-market trading.
Discovery Communications, Inc. (DISCA) stock declined 2.85 percent to $40.50 in the pre-market trading.
Melco Crown Entertainment Ltd. (MPEL) stock decreased 2.61 percent to $10.82 in the pre-market trading.
Apple Inc. (AAPL) stock declined 1.24 percent to $318.64 in the pre-market trading. Apple may face hurdles in stopping Amazon.com Inc. (AMZN) from using Apple's App Store name through a trademark lawsuit, according to a Reuters report. Apple filed a lawsuit saying that Amazon has improperly used Apple's App Store name to solicit software throughout the United States.
At the hearing in an Oakland federal court on Wednesday, U.S. District Judge Phyllis Hamilton said she would reread some of the supporting papers in the case, Reuters reported citing a persion who was at the hearing. However, Hamilton said Apple had a stumbling block in proving that anyone would confuse Apple's App Store for Amazon's Appstore for Android, the individual told Reuters. Hamilton did not make a final ruling at the hearing, court records show.
Google Inc. (GOOG) stock moved down 0.72 percent to $483.50 in the pre-market trading. Google's reluctance to provide a top executive for testimony to a Senate panel probing its market power has prompted threats of subpoenas for Chief Executive Officer Larry Page and Chairman Eric Schmidt, according to a Bloomberg report. The Democratic chairman and leading Republican on the antitrust subcommittee asked Google to provide one of the company’s two senior executives before Congress’s August recess, according to copy of letter dated June 10 obtained by Bloomberg. The letter urged a resolution by agreement to avoid more formal procedures.
The threat of subpoenas is one of the ways the committee is pressuring Google to send Page or Schmidt, Bloomberg reported citing people familiar with negotiations between the panel and the company. The possibility of subpoenas was discussed with Google in connection with the letter. The letter asked Google to respond by June 15. Google has offered to have Chief Legal Officer David Drummond appear at the hearing, according to the letter.