The top pre-market NASDAQ stock market gainers are: Sequenom, Whole Foods Market, Progenics Pharmaceuticals, Clearwire, and Xenoport. The top pre-market NASDAQ stock market losers are: Idenix Pharmaceuticals, EZchip Semiconductor, Amkor Technology, TriQuint Semiconductor, Akamai Technologies, and Cisco Systems.
Sequenom Inc. (SQNM) stock jumped 11.77 percent to $7.50 in the pre-market session. The company announced the publication in the American Journal of Obstetrics and Gynecology of Sequenom CMM's locked assay study. The paper entitled Noninvasive detection of fetal trisomy 21 by sequencing of DNA in maternal blood: a study in a clinical setting is available through the 'Articles Online First' section of the American Journal of Obstetrics and Gynecology website.
Shares of Whole Foods Market, Inc. (WFMI) climbed 9.02 percent to $58.60 in the pre-market trading, as it raised fiscal 2011 earnings guidance above Street view. The company increased its fiscal 2011 earnings outlook to range of $1.76 to $1.80 a share from previous forecast of $1.66 to $1.71 a share. The company also raised its 2011 sales growth outlook to range of 10.7 percent to 12.8 percent from previous range of 10 percent to 12 percent. Street expects earnings of $1.71 a share on revenue of $9.99 billion with sales growth of 10.90 percent.
Whole Foods posted first quarter earnings of $88.7 million or 51 cents a share, up from $49.7 million or 32 cents a share last year. Sales rose 14 percent to $3.0 billion. Analysts had expected profit of 45 cents a share on revenue of $2.98 billion. Comparable and identical store sales increased 9.1 percent, or 12.6 percent and 11.6 percent on a two-year stacked basis, respectively.
Progenics Pharmaceuticals Inc. (PGNX) stock gained 8.20 percent to $6.20 in the pre-market session.
Clearwire Corp. (CLWR) stock rose 4.36 percent to $5.75 in the pre-market session. The company will stop putting money into retail expansion to conserve cash and concentrate on building out its network, the Bloomberg reported on Thursday citing person familiar with the plans. The company will continue to operate its existing retail stores.
Shares of Xenoport, Inc. (XNPT) increased 4.11 percent to $7.60 in the pre-market trading.
Shares of Idenix Pharmaceuticals Inc. (IDIX) plunged 28.93 percent to $2.85 in the pre-market trading. The company said it has discontinued the development of IDX320, an HCV protease inhibitor, based on Idenix's conclusion that the observed toxicity in the drug-drug interaction study was likely caused by IDX320.
The U.S. Food and Drug Administration (FDA) has verbally informed Idenix that the full clinical hold for IDX184 has been removed. The program has been placed on partial clinical hold, and Idenix anticipates initiating a Phase IIb12-week trial of IDX184 in combination with pegylated interferon and ribavirin in the second half of 2011.
Idenix was informed by ViiV Healthcare Co., an affiliate of GlaxoSmithKline (GSK), that '761, a non-nucleoside reverse transcriptase inhibitor drug candidate for the treatment of HIV/AIDS licensed by Idenix to GSK, was placed on clinical hold by the FDA. ViiV has full responsibility for the development of '761, including any regulatory interactions.
EZchip Semiconductor Ltd. (EZCH) stock plummeted 15.52 percent to $27.10 in the pre-market session. Adjusted profit for fourth quarter was $8.62 million or 31 cents a share, up from $5.54 million or 22 cents a share last year. Revenue rose to $17.14 million from $12.87 million. Analysts had expected profit of 29 cents a share on revenue of $16.95 million.
Looking ahead, we believe we have the products, customers and leading market position to continue to grow our business in 2011 and beyond. In the short term, we expect to see a single-digit decline in revenues in the first quarter of 2011 compared to the first quarter of 2010, as we see inventory adjustments from several customers. We believe that growth will resume in the second quarter of 2011, and increase significantly in the second half of 2011 when the NP-3 based systems continue to ramp and the NP-4 based systems enter production, said Eli Fruchter, Chief Executive of EZchip.
Amkor Technology, Inc. (AMKR) stock tumbled 12.09 percent to $7.20 in the pre-market session, as it guided first quarter guidance below Street view. The company anticipates first quarter earnings of 5 cents to 14 cents a share and revenue of $660 million to $690 million, while Street predicts profit of 22 cents a share on revenue of $701.29 million.
Amkor reported fourth quarter earnings of $50.6 million or 20 cents a share, down from $88 million or 33 cents a share last year. Adjusted earnings were 26 cents a share. Sales rose 12 percent to $750.61 million. Analysts had expected profit of 26 cents a share on revenue of $735.85 million.
TriQuint Semiconductor, Inc. (TQNT) stock dropped 12.00 percent to $12.02 in the pre-market session, as it guided first quarter guidance below Street view. The company projects first quarter earnings of 14 cents to 16 cents a share and revenue of $215 million to $225 million, while Street predicts profit of 19 cents a share on revenue of $227.24 million.
For fiscal 2011, the company anticipates the continued robust growth in demand to lead to a revenue growth of about 20 percent, implying annual revenues of $1.05 billion, while analysts project $1.02 billion. TriQuint posted fourth quarter adjusted earnings of $42.8 million or 25 cents a share, up from $22.8 million or 14 cents a share last year. Revenue grew 31 percent to $253.39 million. Analysts had expected profit of 28 cents a share on revenue of $250.73 million.
Shares of Akamai Technologies Inc. (AKAM) lost 11.54 percent to $42.45 in the pre-market trading, as it guided first quarter guidance below Street view. The company guided first quarter normalized earnings of 35 cents to 37 cents a share and revenue of $265 million to $275 million, while Street predicts profit of 38 cents a share on revenue of $283.68 million.
Akamai posted fourth quarter normalized earnings of $76.5 million or 40 cents a share, up from $62.9 million or 34 cents a share last year. Revenue rose 19 percent to $284.67 million. Analysts had expected profit of 38 cents a share on revenue of $283.08 million.
Cisco Systems, Inc. (CSCO) stock fell 10.62 percent to $19.70 in the pre-market trading, as it guided third quarter revenue below Street view. The company expects third quarter net sales to grow 4 percent to 6 percent year-over-year, implying third quarter net sales of $10.78 billion to $10.99 billion, while Street predicts $11.85 billion.
Cisco reported second quarter adjusted profit of $2.1 billion or 37 cents a share, down from $2.3 billion or 40 cents a share last year. Sales rose 6 percent to $10.41 billion. Analysts had expected profit of 35 cents a share on revenue of $10.24 billion.