The top pre-market NASDAQ Stock Market gainers are: Rovi, Amtech Systems, ZAGG, Halozyme Therapeutics, and Magic Software Enterprises. The top pre-market NASDAQ Stock Market losers are: STEC, Ener1, Star Scientific, Harbin Electric, and ASML Holding.
Rovi Corp. (ROVI) stock jumped 12.72 percent to $56 in the pre-market trading. Adjusted earnings for the first quarter was $71.7 million or $0.61 per share, up from $50.3 million or $0.45 per share last year. Revenues grew to $161.5 million from $129.4 million, while adjusted revenue rose to $195.4 million from $174.6 million. Analysts had expected earnings of $0.51 per share on revenue of $188.09 million. For the fiscal 2011, the company raised its adjusted earnings guidance to range of $2.25 to $2.55 per share from previous forecast of $2.20 to $2.50 per share. The company reaffirmed its revenue outlook of $775 million to $825 million. Street predicts profit of $2.38 per share on revenue of $807.06 million.
Amtech Systems Inc. (ASYS) stock climbed 7.70 percent to $22.80 in the pre-market trading. Profit for the second quarter was $7.5 million or $0.77 per share, up from $206,000 or $0.02 per share last year. Revenue grew 281 percent to $61.3 million. Analysts had expected profit of $0.51 per share on revenue of $59.0 million. For the full year 2011, the company raised its revenue guidance to surpass $240 million from previous forecast of $230 million, while Street predicts $235.19 million.
For the third quarter, the company expects revenue of $63 million to $66 million, while Street predicts $60.27 million. Amtech said operating margins in the third quarter could be negatively impacted by a trio of factors; higher revenue deferral due to expected continued ramp up of shipments; expected higher material costs; and increased research and development costs resulting from the company's acquisition of Kingstone Technology Hong Kong Limited.
ZAGG Inc. (ZAGG) stock grew 5.55 percent to $10.08 in the pre-market trading. Profit for the first quarter was $3.31 million or $0.13 per share, up from $791,076 or $0.03 per share last year. Sales grew to $26.98 million from $8.78 million. Analysts had expected profit of $0.10 per share on revenue of $20.59 million. For the fiscal 2011, the company raised its revenue guidance to range of $100 million to $110 million from previous range of $95 million to $100 million, while Street predicts $99.92 million. The company also raised its 2011 operating margin outlook to range of 21 percent to 23 percent from previous forecast of 19 percent to 22 percent, while expecting gross margin percentage of mid-to-upper 40s.
Halozyme Therapeutics, Inc. (HALO) stock increased 4.35 percent to $6.96 in the pre-market trading. The company and ViroPharma Inc. (VPHM) signed worldwide exclusive licensing agreement for the use of recombinant human hyaluronidase or rHuPH20 in the development of a subcutaneous formulation of Cinryze. As per the deal terms, Halozyme may receive up to $83 million, commencing with an upfront payment of $9 million and total potential future milestone payments of $74 million dependent upon the achievement of clinical and regulatory targets, plus a 10 percent royalty on future sales of the combination of Cinryze with rHuPH20.
The license provides ViroPharma with exclusivity to C1 esterase inhibition and to the hereditary angioedema (HAE) indication, along with three additional orphan indications, Halozyme added. ViroPharma would fund all development and commercialization expenses for the program. Additional terms of the transaction have not been disclosed.
Halozyme has granted ViroPharma an exclusive worldwide license to use Halozyme's proprietary Enhanze technology, a proprietary drug delivery platform using Halozyme's recombinant human hyaluronidase enzyme (rHuPH20) technology in combination with a C1 esterase inhibitor. Additionally, Halozyme has agreed not to grant to any third party rights to use rHuPH20 to develop a combination product for the prevention or treatment of hereditary angioedema (HAE), or for three additional orphan disease indications.
Magic Software Enterprises Ltd. (MGIC) stock gained 2.28 percent to $5.82 in the pre-market trading. The company announced the launch of its new uniPaaS offering for mobile deployment of enterprise applications. Magic Software's mobile offering successfully addresses even the most complex work flow scenarios, such as deployment of multiple core enterprise applications across multiple back-end systems, and targets the widest range of smartphones, without compromising functionality or security.
STEC, Inc. (STEC) stock plummeted 13 percent to $17.46 in the pre-market trading. The company expects second quarter adjusted earnings of $0.21 to $0.30 per share and revenue of $80 million to $90 million, while Street predicts profit of $0.31 per share on revenue of $93.74 million. The company reported first quarter adjusted earnings from continuing operations of $16.8 million or $0.32 per share, compared to a loss of $4.0 million or $0.08 per share last year. Revenue surged 144.6 percent to $94.9 million. Analysts had expected profit of $0.32 per share on revenue of $91.59 million for the first quarter.
Ener1, Inc. (HEV) stock tumbled 8.16 percent to $2.25 in the pre-market trading. Loss for the first quarter widened to $84.7 million or $0.51 per share from $15.3 million or $0.13 per share last year. Sales grew 110 percent to $23.08 million. Analysts had expected a loss of $0.07 per share on revenue of $26.76 million.
Star Scientific, Inc. (CIGX) stock slid 4.98 percent to $4.01 in the pre-market trading.
Harbin Electric, Inc. (HRBN) stock fell 4.34 percent to $17.18 in the pre-market trading. Profit for the first quarter declined to $10.8 million or $0.34 per share from $20.6 million or $0.66 per share, due to lower gross profit margin, higher research & development expenses, higher research & development expenses, higher other expenses and higher income tax rate. Revenue declined slightly to $103.8 million from $105.5 million. Analysts had expected profit of $0.59 per share on revenue of $108.85 million.
ASML Holding NV (ASML) stock declined 2.90 percent to $40.50 in the pre-market trading.