The top pre-market NASDAQ Stock Market gainers are: SGOCO Group, Spreadtrum Communications, Transcept Pharmaceuticals, Logitech International, and Golar LNG. The top pre-market NASDAQ Stock Market losers are: Progress Software, ARM Holdings, Star Scientific, Glu Mobile, and Microsoft.
SGOCO Group, Ltd. (SGOC) stock jumped 30 percent to $6.63 in the pre-market trading. Profit for the first quarter was $5.1 million or $0.32 per share, up from $0.6 million or $0.06 per share last year. Revenue climbed 347 percent to $87 million. The strong growth was the result of increased customer demand for the company’s products and expanded production capacity. The company believes its success stems from its continued focus on its multiple-brand, multiple channel strategy. With the addition of POVIZON and No.10, SGOCO now has 6 brands in its portfolio. The company continues to target 1,000 SGOCO Image stores by the end of 2011, SGOCO Group said in statement.
Spreadtrum Communications Inc. (SPRD) grew 8.81 percent to $13.59 in the pre-market trading. The company said its board of directors has approved a quarterly cash dividend of $0.05 per American Depositary Share or about $0.0167 per Ordinary Share (each American Depositary Share represents 3 Ordinary Shares). The first quarterly dividend will be payable on July 26, 2011 to holders of record of Ordinary Shares (which includes holders of American Depositary Shares) as of the close of business on July 11, 2011. This dividend represents a quarterly payout of about $2.45 million in aggregate. The payment of any future quarterly dividends will be at the discretion of the board and will be dependent upon Spreadtrum's financial position, results of operations, available cash, cash flow, capital requirements and other factors deemed relevant by the board.
Spreadtrum, the latest U.S.-listed Chinese company targeted by Muddy Waters, defended itself on Wednesday, saying the short-seller's accusations of a likely misstatement in financial reports are groundless, according to a Reuters report. An investor relations official told Reuters that the company would release a statement and hold a conference call with investors late on Wednesday in response to Muddy Waters' negative open letter to its Chairman Leo Li.
Transcept Pharmaceuticals, Inc. (TSPT) stock gained 5.07 percent to $10.98 in the pre-market trading.
Logitech International SA (LOGI) stock increased 4.96 percent to $11 in the pre-market trading.
Golar LNG Ltd. (GLNG) stock rose 3.64 percent to $34.74 in the pre-market trading.
Progress Software Corp. (PRGS) stock fell 4.90 percent to $22.14 in the pre-market trading. Profit for the second quarter was $17.96 million or $0.26 per share, down from $19.06 million or $0.29 per share last year. Adjusted earnings were $26.63 million or $0.38 per share, compared to $26.26 million or $0.40 per share last year. Revenue grew to $134.68 million from $127.66 million, while adjusted revenue rose to $134.71 million from $128.26 million. Analysts had expected profit of $0.38 per share on revenue of $134.08 million.
The company expects third quarter adjusted earnings of $0.34 to $0.36 per share and revenue of $133 million to $136 million, while Street predicts profit of $0.41 per share on revenue of $137.31 million. For the fiscal 2011, the company lowered its adjusted earnings guidance to range of $1.60 to $1.65 per share from previous forecast of $1.74 to $1.80 per share. The company reduced its 2011 revenue outlook to range of $550 million to $560 million from previous range of $560 million to $570 million. Street predicts profit of $1.71 per share on revenue of $560.16 million for the fiscal 2011.
ARM Holdings plc (ARMH) stock moved down 0.77 percent to $28.47 in the pre-market trading.
Star Scientific, Inc. (CIGX) stock moved down 0.67 percent to $4.48 in the pre-market trading.
Glu Mobile, Inc. (GLUU) stock moved down 0.39 percent to $5.16 in the pre-market trading.
Microsoft Corp. (MSFT) stock moved down 0.31 percent to $25.72 in the pre-market trading.