Thursday's Biggest Decliners
Agrium (NYSE:AGU - News) was downgraded to neutral from buy at UBS.
Alphatec Holdings Inc. (NASDAQ:ATEC - News) said President and Chief Executive Ronald Hiscock has left the company, along with Chief Administrative Officer Vicky Romanoski. The Carlsbad, Calif.-based spinal device manufacturer provided no reason for the departure of the two executives. John Foster, Alphatec's executive chairman, is assuming the position of president and CEO.
Altair Nanotechnologies (NASDAQ:ALTI - News) shares dropped after the company reached a deal with institutional investors to raise $23.15 million in net proceeds, after fees and expenses, in a "registered direct" offering through the sale of its common shares and warrants. The Canadian developer of nanomaterial and titanium dioxide pigment technologies said it has also entered into subscription agreements, and has agreed to sell 9.26 million units, with each unit consisting of one common share and one warrant to purchase one-fourth of a share. The transaction's closing is scheduled for Dec. 18.
Argon ST (NASDAQ:STST - News) shares fell after the Fairfax, Va.-based developer of systems and sensors for signals intelligence reported fourth-quarter net earnings of $4.1 million, or 18 cents a share, down from $6.06 million, or 29 cents a share, in the year-ago period. Revenue fell to $66.1 million from $83.7 million. Analysts polled by Thomson First Call had forecast a per-share profit of 30 cents on revenue of $90.8 million. The company forecast fiscal 2007 revenue of $305 million to $325 million, and income from operations of $36 million to $39 million.
Beacon Roofing Supply (NASDAQ:BECN - News) reported fourth-quarter net earnings of $14.6 million, or 32 cents a share, up from $10.4 million, or 25 cents a share, on the year-ago period. Revenue jumped to $431.3 million from $231.2 million. Analysts polled by Thomson First Call had forecast a per-share profit of 33 cents on revenue of $405.8 million. "Although we have seen a slowdown in our business since the fourth quarter, when adjusting for five fewer business days than in the first quarter of 2006, our sales continued to grow slightly in the first quarter of fiscal year 2007 through November compared to the first quarter of 2006, considering that there has been no price inflation," said Robert Buck, president and chief executive, in a statement. "As a result, we are optimistic about 2007 and excited about our future."
Cal Dive (NYSE:DVR - News) shares fell in the company's stock market debut.
Chordiant (NASDAQ:CHRD - News) said it expects a fourth-quarter net loss of $8.4 million, and a loss of $7.1 million excluding stock-based compensation. The software company said it sees quarterly revenue of $21.7 million, up 2% from the same period in the prior year, while Wall Street is looking for $27 million.
Shares in EMI Group PLC plunged as the company confirmed that takeover talks with an unnamed bidder had ceased.
Shares of Encysive Pharmaceuticals (NASDAQ:ENCY - News) retreated as it emerged that the Food and Drug Administration still isn't satisfied with the company's application to market a prospective pulmonary drug.
Forest Laboratories (NYSE:FRX - News) agreed to buy privately-held Cerexa for $480 million in cash. Cerexa's lead compound, a broad-spectrum injectable antibiotic called ceftaroline acetate, is slated to begin Phase III clinical testing during the first quarter 2007. Forest said the drug could be on the market as early as 2010, if approved. As a result of the transaction, Forest plans to take a one-time after-tax charge of about 96 cents a share. Excluding the one-time after-tax charge, Forest said it still sees fiscal 2007 earnings per share coming in between $2.60 and $2.65. The deal is expected to close in Forest's fiscal fourth quarter.
Geron Corp. (NASDAQ:GERN - News) said it's agreed to sell common stock to institutional investors in a deal expected to yield gross proceeds of $40 million. The Menlo Park, Calif., biopharmaceutical company is selling the stock at $8 per share, compared to Wednesday's closing price at $9.34. The deal includes an over-allotment option for the sale of an additional $15 million worth of common stock at the same price per share, as well as longer term warrants, exercisable after 180 days, for the purchase of three million shares at an unspecified premium. Geron plans to use the proceeds to fund clinical trials and for regulatory activities.
Introgen Therapeutics Inc. (NASDAQ:INGN - News) said it has offered 4.99 million shares of its common stock. The Austin, Texas-based biopharmaceutical company said it expects to receive gross proceeds of about $24 million. Introgen said it expects to use net proceeds from the offering primarily for working capital and other general corporate purposes, including the development of its clinical programs which include Advexin, INGN 241 and its other programs.
Lehman Brothers (NYSE:LEH - News) said record investment-banking revenue helped propel fourth-quarter profit higher by 22%, surpassing Wall Street estimates, but earnings growth lagged rivals the record results from Goldman Sachs and Bear Stearns earlier this week.
Magellan Health Services (NASDAQ:MGLN - News) announced its financial guidance for fiscal 2007. The group said it sees earnings in the range of $1.67 to $2.04 a share on sales of $2.05 billion to $2.15 billion. Chief Executive Steven Shulman said the outlook reflects the group's view of the coming year as one of transition.
Netflix (NASDAQ:NFLX - News) was initiated with a sell rating at Banc of America Securities with a price target of $24.
Obagi Medical Products (NASDAQ:OMPI - News) shares fell in the company's initial public offering.
Pier 1 Imports Inc. (NYSE:PIR - News) posted a wider third-quarter loss, hurt by increased markdowns and higher marketing costs, but said sales of holiday merchandise have been encouraging.
Smith Micro Software (NASDAQ:SMSI - News) priced an offering of 4.5 million shares at $14.75 per share. The company has granted the underwriters an option to purchase up to an extra 675,000 shares to cover any over-allotments.
United Rentals (NYSE:URI - News) was downgraded to neutral from buy at UBS.
United Technologies (NYSE:UTX - News) backed its 2006 earnings outlook of $3.68 to $3.69 a share. Analysts polled by Thomson First call expect per-share earnings of $3.69. United Technologies also said its board approved a share repurchase program for up to 60 million shares worth about $4 billion at current prices.
Winnebago Industries Inc. (NYSE:WGO - News) said first-quarter net income for the three months ended Nov. 25 fell to $7.9 million, or 25 cents a share, from $14.6 million, or 44 cents a share in the year-ago period. Revenue dropped 13% to $201.8 million. Analysts surveyed by Thomson First Call forecast earnings of 31 cents a share and revenue of $210 million, on average. "While we remained solidly profitable, the motor home market continues to be challenging," said Winnebago Chairman and CEO Bruce Hertzke. "The first quarter of fiscal 2007 was negatively impacted by lower motor home deliveries, particularly of higher priced models in all of our product classes." The company said market conditions remain challenging. The Forest City, Iowa company also cited reluctance by dealers to increase inventory during the winter.
Alphatec Holdings Inc. (NASDAQ:ATEC - News) said President and Chief Executive Ronald Hiscock has left the company, along with Chief Administrative Officer Vicky Romanoski. The Carlsbad, Calif.-based spinal device manufacturer provided no reason for the departure of the two executives. John Foster, Alphatec's executive chairman, is assuming the position of president and CEO.
Altair Nanotechnologies (NASDAQ:ALTI - News) shares dropped after the company reached a deal with institutional investors to raise $23.15 million in net proceeds, after fees and expenses, in a "registered direct" offering through the sale of its common shares and warrants. The Canadian developer of nanomaterial and titanium dioxide pigment technologies said it has also entered into subscription agreements, and has agreed to sell 9.26 million units, with each unit consisting of one common share and one warrant to purchase one-fourth of a share. The transaction's closing is scheduled for Dec. 18.
Argon ST (NASDAQ:STST - News) shares fell after the Fairfax, Va.-based developer of systems and sensors for signals intelligence reported fourth-quarter net earnings of $4.1 million, or 18 cents a share, down from $6.06 million, or 29 cents a share, in the year-ago period. Revenue fell to $66.1 million from $83.7 million. Analysts polled by Thomson First Call had forecast a per-share profit of 30 cents on revenue of $90.8 million. The company forecast fiscal 2007 revenue of $305 million to $325 million, and income from operations of $36 million to $39 million.
Beacon Roofing Supply (NASDAQ:BECN - News) reported fourth-quarter net earnings of $14.6 million, or 32 cents a share, up from $10.4 million, or 25 cents a share, on the year-ago period. Revenue jumped to $431.3 million from $231.2 million. Analysts polled by Thomson First Call had forecast a per-share profit of 33 cents on revenue of $405.8 million. "Although we have seen a slowdown in our business since the fourth quarter, when adjusting for five fewer business days than in the first quarter of 2006, our sales continued to grow slightly in the first quarter of fiscal year 2007 through November compared to the first quarter of 2006, considering that there has been no price inflation," said Robert Buck, president and chief executive, in a statement. "As a result, we are optimistic about 2007 and excited about our future."
Cal Dive (NYSE:DVR - News) shares fell in the company's stock market debut.
Chordiant (NASDAQ:CHRD - News) said it expects a fourth-quarter net loss of $8.4 million, and a loss of $7.1 million excluding stock-based compensation. The software company said it sees quarterly revenue of $21.7 million, up 2% from the same period in the prior year, while Wall Street is looking for $27 million.
Shares in EMI Group PLC plunged as the company confirmed that takeover talks with an unnamed bidder had ceased.
Shares of Encysive Pharmaceuticals (NASDAQ:ENCY - News) retreated as it emerged that the Food and Drug Administration still isn't satisfied with the company's application to market a prospective pulmonary drug.
Forest Laboratories (NYSE:FRX - News) agreed to buy privately-held Cerexa for $480 million in cash. Cerexa's lead compound, a broad-spectrum injectable antibiotic called ceftaroline acetate, is slated to begin Phase III clinical testing during the first quarter 2007. Forest said the drug could be on the market as early as 2010, if approved. As a result of the transaction, Forest plans to take a one-time after-tax charge of about 96 cents a share. Excluding the one-time after-tax charge, Forest said it still sees fiscal 2007 earnings per share coming in between $2.60 and $2.65. The deal is expected to close in Forest's fiscal fourth quarter.
Geron Corp. (NASDAQ:GERN - News) said it's agreed to sell common stock to institutional investors in a deal expected to yield gross proceeds of $40 million. The Menlo Park, Calif., biopharmaceutical company is selling the stock at $8 per share, compared to Wednesday's closing price at $9.34. The deal includes an over-allotment option for the sale of an additional $15 million worth of common stock at the same price per share, as well as longer term warrants, exercisable after 180 days, for the purchase of three million shares at an unspecified premium. Geron plans to use the proceeds to fund clinical trials and for regulatory activities.
Introgen Therapeutics Inc. (NASDAQ:INGN - News) said it has offered 4.99 million shares of its common stock. The Austin, Texas-based biopharmaceutical company said it expects to receive gross proceeds of about $24 million. Introgen said it expects to use net proceeds from the offering primarily for working capital and other general corporate purposes, including the development of its clinical programs which include Advexin, INGN 241 and its other programs.
Lehman Brothers (NYSE:LEH - News) said record investment-banking revenue helped propel fourth-quarter profit higher by 22%, surpassing Wall Street estimates, but earnings growth lagged rivals the record results from Goldman Sachs and Bear Stearns earlier this week.
Magellan Health Services (NASDAQ:MGLN - News) announced its financial guidance for fiscal 2007. The group said it sees earnings in the range of $1.67 to $2.04 a share on sales of $2.05 billion to $2.15 billion. Chief Executive Steven Shulman said the outlook reflects the group's view of the coming year as one of transition.
Netflix (NASDAQ:NFLX - News) was initiated with a sell rating at Banc of America Securities with a price target of $24.
Obagi Medical Products (NASDAQ:OMPI - News) shares fell in the company's initial public offering.
Pier 1 Imports Inc. (NYSE:PIR - News) posted a wider third-quarter loss, hurt by increased markdowns and higher marketing costs, but said sales of holiday merchandise have been encouraging.
Smith Micro Software (NASDAQ:SMSI - News) priced an offering of 4.5 million shares at $14.75 per share. The company has granted the underwriters an option to purchase up to an extra 675,000 shares to cover any over-allotments.
United Rentals (NYSE:URI - News) was downgraded to neutral from buy at UBS.
United Technologies (NYSE:UTX - News) backed its 2006 earnings outlook of $3.68 to $3.69 a share. Analysts polled by Thomson First call expect per-share earnings of $3.69. United Technologies also said its board approved a share repurchase program for up to 60 million shares worth about $4 billion at current prices.
Winnebago Industries Inc. (NYSE:WGO - News) said first-quarter net income for the three months ended Nov. 25 fell to $7.9 million, or 25 cents a share, from $14.6 million, or 44 cents a share in the year-ago period. Revenue dropped 13% to $201.8 million. Analysts surveyed by Thomson First Call forecast earnings of 31 cents a share and revenue of $210 million, on average. "While we remained solidly profitable, the motor home market continues to be challenging," said Winnebago Chairman and CEO Bruce Hertzke. "The first quarter of fiscal 2007 was negatively impacted by lower motor home deliveries, particularly of higher priced models in all of our product classes." The company said market conditions remain challenging. The Forest City, Iowa company also cited reluctance by dealers to increase inventory during the winter.
Labels: AGU, ALTI, ATEC, BECN, CHRD, DVR, ENCY, FRX, GERN, INGN, LEH, MGLN, NFLX, OMPI, PIR, SMSI, STST, UTX, WGO
posted by Stock Administrator @ 5:52 PM
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