The top pre-market NASDAQ Stock Market gainers are: USA Technologies, NetApp, Sequenom, Level 3 Communications, and Akamai Technologies. The top pre-market NASDAQ Stock Market losers are: Elbit Imaging, Rigel Pharmaceuticals, Complete Genomics, CoStar Group, and Shire.
USA Technologies Inc. (USAT) stock grew 7.59 percent to $2.55 in the pre-market trading.
NetApp, Inc. (NTAP) stock rose 3.71 percent to $53.65 in the pre-market trading. Adjusted profit for the fourth quarter was $236.7 million or $0.59 per share, up from $183.1 million or $0.50 per share last year. Revenue rose to $1.43 billion from $1.17 billion. Analysts had expected profit of $0.53 per share on revenue of $1.39 billion. The company expects first quarter adjusted earnings of $0.52 to $0.57 per share and revenue of about $1.5 billion, plus or minus 3 percent, while Street predicts profit of $0.50 per share on revenue of $1.39 billion.
Sequenom Inc. (SQNM) stock gained 2.60 percent to $7.90 in the pre-market trading. The company announced its participation at the Jefferies 2011 Global Healthcare Conference at the Grand Hyatt Hotel in New York City, June 6-9, 2011. Harry Hixson, Jr., Chairman and CEO will present on June 8 beginning at 1:30 pm EDT, to provide an overview of and update on the company.
Level 3 Communications Inc. (LVLT) stock increased 1.82 percent to $2.24 in the pre-market trading. The company said Level 3 Escrow, Inc., its newly formed subsidiary, intends to offer $500 million of senior notes that would mature in 2019 and would bear interest at a fixed rate in a proposed private offering to qualified institutional buyers.
The gross proceeds from the offering of the notes would be deposited into a segregated escrow account until the date on which certain escrow conditions, including, but not limited to, the substantially concurrent consummation of the acquisition by Level 3 of Global Crossing Limited and the assumption of the notes by Level 3 Financing, Inc., a subsidiary of Level 3 and the parent company of Level 3 Escrow, are satisfied.
Akamai Technologies Inc. (AKAM) stock rose 1.37 percent to $33.33 in the pre-market trading.
Elbit Imaging Ltd. (EMITF) stock fell 5.43 percent to $7.49 in the pre-market trading.
Rigel Pharmaceuticals, Inc. (RIGL) stock tumbled 5.18 percent to $8.05 in the pre-market trading. The company said it plans to offer and sell shares of its common stock in an underwritten public offering. All of the shares in the offering are to be sold by Rigel. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. Jefferies & Company, Inc. and J.P. Morgan Securities LLC are acting as joint book-running managers for the proposed offering, with Piper Jaffray & Co. acting as co-manager.
Complete Genomics, Inc. (GNOM) stock declined 1.65 percent to $13.10 in the pre-market trading. The company said it has priced its underwritten public offering of 5.5 million shares of its common stock at $12.50 per share. The company has granted the underwriters a 30-day option to purchase up to 825,000 additional shares at the public offering price, less the underwriting discounts and commissions, to cover over-allotments, if any. All of the shares in the offering are being offered by the company. Jefferies & Company, Inc. and UBS Investment Bank are acting as joint book-running managers, with Baird and Cowen and Company acting as co-managers for the offering.
CoStar Group Inc. (CSGP) stock decreased 1.17 percent to $60.81 in the pre-market trading. The company said it has priced an offering of 3.75 million shares of its common stock at a price of $60.00 and granted the underwriters in the offering a 30-day option to buy up to an additional 562,500 shares of its common stock at the same price. J.P. Morgan Securities LLC is the sole book-running manager, with Needham & Company, LLC, Stephens Inc., William Blair & Company, L.L.C. and JMP Securities LLC as co-managers for the offering. The offering is expected to close on June 1, 2011, subject to customary closing conditions.
CoStar expects to use the net proceeds of the offering to fund a portion of the cash consideration payable in connection with its acquisition of LoopNet, Inc. and, to the extent that any proceeds remain thereafter, or the acquisition is not completed, for general corporate purposes. The offering is not conditioned on the closing of the LoopNet acquisition.
Shire plc (SHPGY) stock declined 1.14 percent to $90.39 in the pre-market trading.