The top after-market NASDAQ stock market losers are: SciClone Pharmaceuticals, Tower Bancorp, Capitol Federal Financial, Orthofix International, Pulaski Financial, Energy Recovery, Energy Conversion Devices, China Ritar Power, EZchip Semiconductor, and Hercules Offshore.
SciClone Pharmaceuticals, Inc. (SCLN) lost 9.77 percent to $3.60 in the after-hours trading. The company said its phase 2b study of SCV-07 for treating hepatitis C patients failed to meet its primary endpoint, prompting to abandon further trials. The primary efficacy endpoint pertained to 2 log reduction in viral load from baseline level.
However, SciClone hopes to tap its potential in the prevention of oral mucositis in patients with head and neck cancer, for which SciClone expects to commence a phase 2b study by early 2011.
Tower Bancorp Inc. (TOBC) plunged 4.93 percent to $21.40 in the after-market session. The company said it began an underwritten public offering of about $44 million of its common stock.
Tower Bancorp plans to use the net proceeds for general corporate purposes, which may include additional capital contributions to its bank subsidiary Graystone Tower Bank to support the bank's lending activities, repayment of its debt, supporting or funding acquisitions of other institutions or branches if opportunities for such transactions become available, and other permitted activities.
Capitol Federal Financial (CFFN) plummeted 4.58 percent to $23.10 in the after-hours trading. The company said its stockholders have approved the plan of conversion and reorganization pursuant to which Capitol Federal Savings Bank MHC will convert to the stock holding company form of organization.
The company said it has completed the syndicated portion of its offering and expects to complete the offering at the minimum of the offering range. The company expects to sell 118.15 million shares of common stock in the resolicitation, community and syndicated offerings at $10.00 a share, including 4.7 million shares to be purchased by the Bank's Employee Stock Ownership Plan. Gross proceeds from the offering are expected to be $1.18 billion.
Orthofix International NV (OFIX) fell 4.27 percent to $28 in the after-market session. The company lowered its fourth quarter earnings guidance to range of 39 cents to 42 cents a share from previous outlook of 59 cents to 62 cents a share. The company also reduced its revenue forecast to range of $142 million to $144 million from previous range of $144 million to $148 million. Analysts expect profit of 61 cents a share on revenue of $146.04 million.
Orthofix also lowered its full year revenue guidance to range of $562.6 million to $564.6 million from previous forecast of $564.5 million to $568.5 million, while analysts expect $566.6 million.
Orthofix said in a regulatory filing that it has committed to a global reduction in workforce by about 5 percent to further improve its operating efficiency and reduce redundancies, in connection with its implementation of an internal reorganization.
The internal reorganization is designed to streamline operations within its three Global Business Units: Spine, Orthopedics and Sports Medicine. The company expects to incur total severance and other pre-tax charges of about $4.0 million ($2.4 million net of tax) during the fourth quarter of 2010.
Pulaski Financial Corp. (PULB) dropped 3.33 percent to $7.25 in the after-hours trading.
Energy Recovery, Inc. (ERII) tumbled 3.17 percent to $3.67 in the after-market session.
Energy Conversion Devices, Inc. (ENER) declined 2.34 percent to $5 in the after-hours trading.
China Ritar Power Corp. (CRTP) decreased 2.33 percent to $2.52 in the after-market session.
EZchip Semiconductor Ltd. (EZCH) moved down 2.22 percent to $26.85 in the after-hours trading.
Hercules Offshore, Inc. (HERO) fell 2.10 percent to $2.80 in the after-market session. The company said it a regulatory filing that it has posted a Fleet Status Report on its website, which includes the Hercules Offshore Rig Fleet Status as of December 15, 2010 and the Hercules Offshore Liftboat Fleet Status Report.