The top pre-market NASDAQ Stock Market gainers are: Xenoport, ZAGG, Bed Bath & Beyond, Immucor, Immunogen, and China Gerui Advanced Materials Group. The top pre-market NASDAQ Stock Market losers are: Qiao Xing Universal Resources, Travelzoo, Power-One, Advanced Energy Industries, and ASML Holding.
Xenoport, Inc. (XNPT) stock jumped 71.16 percent to $10.92 in the pre-market trading, as GlaxoSmithKline Plc (GSK) and XenoPort gets FDA nod for Horizant. The U.S. Food and Drug Administration approved Horizant (gabapentin enacarbil) extended-release tablets for the treatment of moderate-to-severe primary Restless Legs Syndrome in adults. The companies said Horizant is the first drug in its class that the FDA has approved to treat moderate-to-severe primary restless legs syndrome.
Xenoport said Horizant is not recommended for patients who are required to sleep during the daytime and remain awake at night. The capacity of Horizant in the treatment of patients with moderate-to-severe primary Restless Legs Syndrome was demonstrated in two 12-week clinical trials in adults.
ZAGG Inc. (ZAGG) stock climbed 13.50 percent to $9.25 in the pre-market trading. The company said it signed an exclusive master license and distribution agreement with Logitech for ZAGG’s tablet computer accessory, the ZAGGmate case with keyboard. The new co-branded version, the Logitech Keyboard Case is expected to be available as of today ZAGG website for $99 and will soon be at other select retailers.
Logitech will manufacture and distribute the ZAGGmate case with keyboard, ZAGG’s tablet computer accessory, to their worldwide distribution channels, under the name Logitech Keyboard Case. Logitech products are distributed in over 100 countries worldwide through retail channels.
ZAGG will retain the right to sell the ZAGGmate for both first and second generation iPad products on its website. Since keyboard configurations vary by country, the Logitech licensing program permits ZAGG to provide a larger range of products to the global market, allowing ZAGG’s growth to keep pace with the overall demand for tablet computers. The agreement provides rights to manufacture and sell the products.
Bed Bath & Beyond, Inc. (BBBY) stock advanced 10.75 percent to $54.70 in the pre-market trading, as its fourth quarter earnings and revenue topped Street view. Profit was $283.5 million or $1.12 a share, up from $226 million or $0.86 a share last year. Sales rose 11.6 percent to $2.5 billion. Analysts had expected profit of $0.97 a share on revenue of $2.39 billion. Comparable store sales grew about 8.5 percent.
Bed Bath & Beyond expects first quarter earnings of $0.58 to $0.61 a share, while Street predicts $0.60 a share. For the fiscal year ending next February, the company estimates earnings to grow by about 10 percent to 15 percent, while analysts project earnings of $3.33 a share. For the first quarter and the full year, the company projects sales growth at a mid-single-digit rate, and same-store sales growth of 2 percent to 4 percent.
Immucor Inc. (BLUD) stock grew 7.26 percent to $21.43 in the pre-market trading, as its third quarter earnings and revenue topped Street view. Profit was $22.7 million or 32 cents a share, up from $20.1 million or 28 cents a share last year. Sales rose 4 percent to $83.35 million. Analysts had expected profit of 27 cents a share on revenue of $79.73 million.
The company said it expects to generate generate orders near the high end of its guidance range of 80 orders to 120 orders worldwide for NEO, while it expects to generate orders near the low end of its guidance range of between 140 orders and 180 orders worldwide for Echo for fiscal 2011.
Immucor narrowed its fiscal 2011 revenue guidance to a range of $328 million to $330 million from its prior forecast of $320 million to $332 million. The company raised its fiscal 2011 earnings outlook to range of $1.18 to $1.20 a share from its previous forecast of $1.08 to $1.18 a share. Street analysts predict profit of $1.14 a share on revenue of $327.36 million. Gross margins are expected to be toward the top end of the company's previous guidance range of 69.5 percent to 71.0 percent.
Immunogen Inc. (IMGN) stock increased 7.20 percent to $9.97 in the pre-market trading. The company said that Roche has disclosed positive top-line results from the first randomized trial assessing trastuzumab emtansine (T-DM1, previously known as trastuzumab-DM1) in HER2-positive metastatic breast cancer (MBC). T-DM1 consists of ImmunoGen’s DM1 cancer cell-killing agent attached using the company’s linker to the HER2-targeting antibody, trastuzumab, developed by Genentech, a member of the Roche Group.
The top-line results disclosed by Roche were that patients treated with T-DM1 had a significant improvement in progression-free survival compared with patients treated with Herceptin (trastuzumab) plus chemotherapy (docetaxel) in the Phase II trial comparing these agents for first-line treatment for HER2-positive MBC. The detailed findings from this randomized, 137-patient trial are being submitted for presentation at a future medical conference. Favorable preliminary data were reported previously from this trial at the 35th Congress of the European Society of Medical Oncology (ESMO), but progression-free survival data were not available at that time.
China Gerui Advanced Materials Group Ltd. (CHOP) stock gained 6.09 percent to $5.05 in the pre-market trading. Profit for the fourth quarter was $11.3 million or 23 cents a share, down from $11.4 million or 27 cents a share last year. Revenue rose to $66.14 million from $57.24 million. Analysts had expected profit of 23 cents a share on revenue of $63.89 million. The company also said its board of directors has approved the repurchase of up to an aggregate of $10 million of its ordinary shares.
The board's decision to implement this buyback reflects our firm belief that our shares are presently undervalued in the marketplace and represent a sound investment decision at recent trading prices. Our board of directors believes that the repurchase program is an effective use of cash to enhance value for our shareholders and demonstrate our confidence in the long-term health and future financial performance of our business, said Mingwang Lu, Chief Executive Officer of China Gerui.
Qiao Xing Universal Resources, Inc. (XING) stock fell 5.68 percent to $2.16 in the pre-market trading.
Travelzoo Inc. (TZOO) stock slid 2.93 percent to $75.60 in the pre-market trading.
Power-One Inc. (PWER) stock fell 2.29 percent to $8.10 in the pre-market trading, following a cut to its first quarter revenue guidance due mainly to adverse market conditions in the European solar market, with near-term feed-in-tariff uncertainty. The company lowered its first quarter revenue outlook to range of $240 million to $245 million from previous range of $260 million to $290 million, while Street predicts $275.53 million. Power-One is scheduled to report its earnings result on May 5.
Based on current developments, we still anticipate European countries such as Italy and Germany will continue to support solar adoption to reduce reliance on non-renewable sources of power. Further, for the remainder of 2011 and 2012, we believe we are better positioned to handle similar regional anomalies due to our expanded product line and focus on developing new markets, including the United States, China and India, said Richard Thompson, Chief Executive Officer of Power-One.
Advanced Energy Industries, Inc. (AEIS) stock declined 1.49 percent to $15.90 in the pre-market trading.
ASML Holding NV (ASML) stock moved down 0.96 percent to $43.44 in the pre-market trading.