The top pre-market NASDAQ stock market gainers are: Vertex Pharmaceuticals, MIND C.T.I., Oclaro, HSN, and DIRECTV. The top pre-market NASDAQ stock market losers are: Subaye, Garmin, Conexant Systems, Netflix, and OmniVision Technologies.
Vertex Pharmaceuticals Inc. (VRTX) stock jumped 17.35 percent to $44.85 in the pre-market trading, as it reported positive results from Phase 3 STRIVE study of VX-770, an oral medicine in development that targets the defective protein that causes cystic fibrosis.
The company said in the study, profound improvements in lung function were observed through week 24, and sustained through week 48, among those who received VX-770 compared to those treated with placebo. Significant improvements in all key secondary endpoints were also observed through week 48 among those who received VX-770.
According to Vertex, data from the study showed a mean absolute improvement in lung function from baseline compared to placebo through week 24 of 10.6 percent among those treated with VX-770. Mean absolute improvement in lung function among those treated with VX-770 was 10.5 percent through week 48.
Shares of Oclaro, Inc. (OCLR) advanced 8.68 percent to $16.52 in the pre-market session.
MIND C.T.I., Ltd. (MNDO) stock climbed 6.63 percent to $3.54 in the pre-market session.
HSN, Inc. (HSNI) stock gained 6.59 percent to $32.50 in the pre-market trading, as its fourth quarter earnings exceeded Street view. Adjusted profit was $46.1 million or 77 cents a share, up from $43 million or 74 cents a share last year. GAAP profit was $41.3 million or 69 cents a share, up from $39.4 million or 68 cents a share last year. Sales rose 9 percent to $915.2 million. Analysts had expected profit of 67 cents a share on revenue of $894.70 million.
Shares of DIRECTV (DTV) increased 5.15 percent to $46.51 in the pre-market session, as its fourth quarter earnings and revenue exceeded Street view. Adjusted earnings were 74 cents a share, up from 48 cents a share last year. Revenue rose 11 percent to $6.62 billion. Analysts had expected profit of 62 cents a share on revenue of $6.52 billion.
Subaye, Inc. (SBAY) stock lost 7.93 percent to $7.55 in the after-market session. The company said it will require additional time to complete its quarterly financial results and file its Form 10-Q with the U.S. Securities and Exchange Commission (SEC). The quarterly results were due to be filed with the SEC by February 22. Subaye has informed the NASDAQ OMX Group that it will require additional time to complete the quarterly results and file the Form 10-Q with the SEC.
Shares of Conexant Systems Inc. (CNXT) lost 6.35 percent to $2.36 in the pre-market trading, as Standard Microsystems Corp. (SMSC) said it does not plan to increase its offer for Conexant Systems above $2.25 a share in response to a proposal from Golden Gate Capital. SMSC also said it has agreed to waive the match period under the merger agreement.
Garmin Ltd. (GRMN) stock plunged 6.35 percent to $30.10 in the pre-market session, as its fourth quarter earnings missed Street view. Pro forma earnings were $161.6 million or $0.83 a share, down from $288.43 million or $1.43 a share last year. Sales declined to $837.71 million from $1.06 billion. Analysts had expected profit of $0.88 a share on revenue of $865.41 million. Garmin expects fiscal 2011 pro forma earnings of $2.25 to $2.50 a share and revenue of $2.4 billion to $2.5 billion, while Street predicts profit of $2.57 a share on revenue of $2.54 billion.
Shares of Netflix, Inc. (NFLX) slid 2.12 percent to $216.90 in the pre-market trading. Amazon's launch of streaming as a free option for Prime members is a growing threat to Netflix Inc., as Amazon adds more content and distribution partnerships.
OmniVision Technologies Inc. (OVTI) stock declined 1.49 percent to $25.10 in the pre-market session.