The top pre-market NASDAQ Stock Market gainers are: Titan Machinery, Zoran, DryShips, XOMA, JA Solar Holdings, and Lululemon Athletica. The top pre-market NASDAQ Stock Market losers are: Vertex Pharmaceuticals, Urban Outfitters, Brocade Communications Systems, Brigham Exploration, and Aixtron.
Titan Machinery, Inc. (TITN) stock grew 6.65 percent to $28.90 in the pre-market trading. Profit for the first quarter was $7.27 million or $0.40 per share, higher than last year's $1.56 million or $0.09 per share. Revenue grew to $318.17 million from $205.46 million. Analysts had expected profit of $0.22 per share on revenue of $260.49 million. For the full year 2012, the company raised its earnings guidance to range of $1.53 to $1.63 per share from previous forecast of $1.50 to $1.60 per share. The company also increased its revenue outlook to range of $1.31 billion to $1.385 billion from previous range of $1.275 billion to $1.35 billion. Street predicts profit of $1.48 per share on revenue of $1.34 billion for the full year.
Zoran Corp. (ZRAN) stock gained 4.86 percent to $8.20 in the pre-market trading.
DryShips, Inc. (DRYS) stock increased 2.13 percent to $3.84 in the pre-market trading.
XOMA Ltd. (XOMA) stock rose 1.76 percent to $2.89 in the pre-market trading. The company released 6-month top line results from a Phase 2a clinical trial of XOMA 052 in 74 patients with Type 2 diabetes. The results were as expected based on data from the Phase 2a three-month interim review and the Phase 2b trial. XOMA 052 was well tolerated with no significant differences between the XOMA 052 and placebo groups in observations of adverse events.
The company said XOMA 052 continued to show evidence of biological activity as shown by a reduction in levels of C-reactive protein, a biomarker of cardiovascular risk. There were no differences in glycemic control between the drug groups and placebo as measured by hemoglobin A1c levels. This Phase 2a trial was designed as an exploratory trial focused on overall safety and kinetics and was not designed to show statistically significant differences in measures of biological activity.
JA Solar Holdings Co., Ltd. (JASO) stock increased 1.63 percent to $5.30 in the pre-market trading.
Lululemon Athletica Inc. (LULU) stock rose 1.61 percent to $85.70 in the pre-market trading. The company said its stockholders approved a 2-for-1 stock split of its common stock at its annual meeting held on June 8, along with approving a corresponding increase in the number of shares of common stock authorized for issuance. The stock split will become effective upon the filing of an amendment to the company’s Certificate of Incorporation with the Secretary of State of the State of Delaware without any further action on the part of lululemon’s stockholders.
The company expects to file the amendment to its Certificate of Incorporation the week of June 20, 2011. Shares of lululemon common stock are expected to trade on the Nasdaq Stock Market and the Toronto Stock Exchange on a post-split basis commencing two days prior to the record date for the stock split, which will be about 10 trading days after the filing of the amended Certificate of Incorporation. Each shareholder of record as of the record date will receive two shares of common stock for each such share of stock held by the shareholder as of that date. Following the effectiveness of the stock split, the company will have about 108 million shares of common stock issued and outstanding.
Vertex Pharmaceuticals Inc. (VRTX) stock fell 7.88 percent to $48.95 in the pre-market trading. Vertex said a combination of its two experimental drugs showed promise for cystic fibrosis patients in the first part of a Phase 2 study. The company said the study of VX-770 and VX-809 combination regimen met the two primary endpoints -- safety and tolerability, and showing effect on cystic fibrosis transmembrane conductance regulator, or CFTR, function as measured by sweat chloride, a key measure of the function of the CFTR protein.
Cystic fibrosis is a serious inherited disease that impairs the lungs and digestive system. Vertex said there were no serious adverse events reported, and the adverse event profile during the combination-dosing portion of the study was similar to that during the VX-809 monotherapy-dosing portion. In the arm that evaluated VX-809 (200 mg) followed by dosing of VX-770 (250 mg) in combination with VX-809, a statistically significant reduction in sweat chloride of -13.17 mmol/L was observed from baseline through Day 21.
Urban Outfitters Inc. (URBN) stock slid 2.42 percent to $27.80 in the pre-market trading. In a regulatory filing, the company said its second quarter comparable retail segment sales declined in the low single-digits thus far, as a 1.1 percent decrease in first quarter's comparable sales due to its Anthropologie chain.
Brocade Communications Systems, Inc. (BRCD) stock decreased 1.93 percent to $6.60 in the pre-market trading.
Brigham Exploration Co. (BEXP) stock declined 1.25 percent to $26.95 in the pre-market trading.
Aixtron SE (AIXG) stock moved down 0.52 percent to $38.63 in the pre-market trading.