The top pre-market NASDAQ Stock Market gainers are: Research In Motion, Polycom, and Yandex. The top pre-market NASDAQ Stock Market losers are: Alnylam Pharmaceuticals, Oracle, Conceptus, ARM Holdings, ASML Holding, Baidu, and Paychex.
Research In Motion Ltd. (RIMM) stock grew 8.47 percent to $13.58 in pre-market trading. The company has turned down takeover overtures from Amazon.com Inc. (AMZN) and other potential buyers as the BlackBerry maker prefers to fix its problems on its own, according to Reuters citing people familiar with the situation. Amazon hired an investment bank this summer to review a potential merger with RIM, but it did not make a formal offer. It is not clear whether informal discussions between Amazon and RIM ever led to specific price talk, or who else had approached RIM about a takeover, according to Reuters.
Polycom, Inc. (PLCM) stock gained 1.51 percent to $16.11 in pre-market trading.
Yandex N.V. (YNDX) stock moved up 0.90 percent to $18 in pre-market trading.
Alnylam Pharmaceuticals, Inc. (ALNY) stock plunged 11.88 percent to $6.97 in pre-market trading.
Oracle Corp. (ORCL) stock plummeted 9.98 percent to $26.26 in pre-market trading. Profit for the second quarter was $2.19 billion or $0.43 per share, up from $1.87 billion or $0.37 per share last year. Adjusted profit was $2.78 billion or $0.54 per share, up from $2.63 billion or $0.51 per share last year. Revenue rose to $8.79 billion from $8.58 billion, while adjusted revenue grew to $8.81 billion from $8.65 billion. Analysts had expected profit of $0.57 per share on revenue of $9.23 billion. Oracle said its board of directors authorized the repurchase of up to an additional $5.0 billion of common stock under its existing share repurchase program in future quarters. The company declared a quarterly cash dividend of $0.06 per share, payable on Feb. 1, 2012 to shareholders of record on Jan. 11, 2012.
In the conference call, the company said it expects third quarter adjusted earnings of $0.56 to $0.59 per share in constant currency and $0.55 to $0.58 per share in U.S. dollars, while Street predicts $0.59 per share. The company anticipates third quarter adjusted revenue growth of 3 percent to 7 percent in constant currency and 1 percent to 5 percent in U.S. dollars, while Street predicts 7.40 percent growth.
Conceptus, Inc. (CPTS) stock slid 8.96 percent to $12.50 in pre-market trading. The company has said it has entered into separate, privately-negotiated exchange agreements with certain holders of its outstanding 2.25 percent Convertible Senior Notes due 2027 to exchange $50.04 million of its $86.25 million of the Existing Notes outstanding for $50.04 million of new 5.00 percent Convertible Senior Notes due 2031. The new senior notes will mature on Dec. 15, 2031, unless earlier purchased, redeemed or converted, and will pay interest semiannually at a rate of 5 percent per year beginning on June 15, 2012. Upon satisfaction of certain conditions, the new senior notes will be convertible at the holder's option, into cash, shares of the company's common stock or a combination of cash and shares of common stock, at its election. The initial conversion rate is 60.8365 shares of the company's common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of about $16.44 per share), subject to adjustment in certain events. The initial conversion price represents a 25 percent premium over the closing sale price of the common stock on Dec. 19.
The company has the option to redeem the notes on or after Dec. 20, 2014. Holders of the new senior notes have the option to require the company to buy the new senior notes then outstanding on Dec. 20, 2014, Dec. 20, 2018, Dec. 20, 2021 and Dec. 20, 2026, or upon the occurrence of certain corporate events. The company will also adjust the conversion rate for holders who convert their New Notes in connection with certain corporate events that occur prior to Dec. 20, 2014. The company entered into the private exchange agreements to refinance a portion of the Existing Notes prior to the Feb. 15, 2012 put date, at which date the holders of the Existing Notes may require the company to repurchase all or a portion of the remaining $36.21 million aggregate principal amount of Existing Notes.
ARM Holdings plc (ARMH) stock declined 2.57 percent to $26.49 in pre-market trading.
ASML Holding NV (ASML) stock decreased 2.25 percent to $40.32 in pre-market trading.
Baidu, Inc. (BIDU) stock declined 1.89 percent to $116.16 in pre-market trading. The United States has removed Baidu from its list of notorious markets for piracy in a nod to the firm's efforts to clean up its music offerings, according to Reuters.
Paychex, Inc. (PAYX) stock decreased 1.79 percent to $29.70 in pre-market trading. Profit for the second quarter was $140.4 million or $0.39 per share, up from $133.9 million or $0.37 per share last year. Revenue rose to $545.7 million from $512 million. Analysts had expected profit of $0.38 per share on revenue of $551.66 million. Looking ahead into the fiscal 2012, the company still expects earnings growth of 5 percent to 7 percent and service revenue growth of 7 percent to 9 percent, while Street predicts profit growth of 6.30 percent on revenue growth of 6.90 percent.