The top pre-market NASDAQ stock market gainers are: TomoTherapy, Geomet, RAM Energy Resources, James River Coal, and Seagate Technology. The top pre-market NASDAQ stock market losers are: Repligen, CIENA, JDS Uniphase, News Corp., and SanDisk.
TomoTherapy Inc. (TOMO) stock jumped 26.70 percent to $4.65 in the pre-market trading. Accuray Inc. (ARAY) said it has agreed to buy TomoTherapy for $277 million or $4.80 a share in cash and stock, paving the way for the creation of a premier radiation oncology company.
The transaction, which has been approved by the boards of both companies, is expected to close in the second quarter or the beginning of the third quarter of calendar 2011. TomoTherapy shareholders will receive $3.15 in cash and 0.1648 shares of Accuray common stock per share of TomoTherapy's.
Geomet, Inc. (GMET) stock climbed 18.44 percent to $2.12 in the pre-market trading. On Friday, the stock touched a new 52-week high of $1.97.
RAM Energy Resources, Inc. (RAME) stock advanced 14.36 percent to $2.31 in the pre-market trading.
James River Coal Co. (JRCC) stock gained 8.89 percent to $22.05 in the pre-market trading. The company said it agreed to buy International Resource Partners LP and Logan & Kanawha Coal Co. LLC (L&K) and their affiliated companies for $475 million cash. The transaction is expected to close in the first half of 2011. The company plans to issue 2011 guidance after the closing of the pending acquisition of International Resource Partners and Logan and Kanawha.
James River posted fourth quarter earnings of $25.9 million or 93 cents a share, compared to a loss of $3.2 million or 12 cents a share last year. The latest quarter results included an income tax benefit related to the reversal of the deferred income tax valuation allowance of $22.1 million or 79 cents a share. Revenue rose to $162.05 million from $149.47 million. Analysts had expected profit of 26 cents a share on revenue of $171.69 million.
Seagate Technology PLC (STX) stock increased 8.14 percent to $13.45 in the pre-market trading. Western Digital Corp. (WDC), the U.S. maker of hard-disk drives, agreed to buy a rival unit of Hitachi Ltd. for about $4.3 billion in cash and stock. Western Digital had tried to buy rival Seagate Technology Plc and was refused amid concerns the deal would have faced antitrust obstacles, the Bloomberg reported in December citing people familiar with the matter.
Repligen Corp. (RGEN) stock plunged 22.61 percent to $3.80 in the pre-market trading, as its bipolar depression Phase 2b study was disappointing. The company announced results of a Phase 2b clinical trial of RG2417, an oral formulation of uridine, in patients with bipolar depression. RG2417 was well tolerated and there were no serious adverse events related to drug treatment. The study did not demonstrate a statistically significant improvement in the symptoms of depression in all patients receiving RG2417 when compared to placebo over the eight-week treatment period.
A preliminary analysis indicates that the subset of patients (n=50) enrolled through academic medical centers showed a clinically meaningful improvement on the Montgomery-Asberg Depression Rating Scale (MADRS) score from weeks 2 through 8 when compared to placebo. No difference was observed between RG2417 and placebo for patients (n=125) enrolled at the commercial clinical trial sites. A similar pattern of response was observed with several of the secondary endpoints.
CIENA Corp. (CIEN) stock fell 6.63 percent to $26.90 in the pre-market trading, as it guided second quarter revenue below Street view. The company expects second quarter revenue of $415 million to $435 million, below Street view of $438.54 million. The company projects second quarter adjusted gross margin to be in the low 40s range.
CIENA posted first quarter adjusted loss of $13.3 million or 14 cents a share, wider than loss of $11.4 million or 12 cents a share last year. Revenue rose to $433.31 million from $175.88 million. Analysts had expected a loss of 16 cents a share on revenue of $421.91 million.
JDS Uniphase Corp. (JDSU) stock slid 1.90 percent to $26.85 in the pre-market trading.
News Corp. (NWS) stock decreased 1.73 percent to $18.39 in the pre-market trading.
SanDisk Corp. (SNDK) stock declined 1.45 percent to $47 in the pre-market trading.