SAN FRANCISCO (MarketWatch) -- Shares of biotechnology giant Genentech
Inc. fell in evening trading Tuesday after its earnings report showed sales of
a key drug fell short of expectations, while Apple Computer shares extended
their gains after it said revenue would exceed forecasts.
The Nasdaq-100 After Hours Indicator, which tracks the evening action of
the index's leading shares, rose fractionally to 1,744.17.
Genentech shares dropped 2.6% to $90.95 in evening trading after the
report showed that sales of its cancer drug Avastin fell short of analyst
expectations even though they grew from the year-earlier period.
Genentech reported fourth-quarter net income of $339.2 million, or 31
cents a share, 64% higher than the $206.6 million, or 19 cents a share, for
the same period a year ago. Operating revenues were $1.9 billion vs. last
year's $1.3 billion.
The company's non-GAAP earnings of 34 cents a share were in line with the
estimate from analysts polled by Thomson First Call.
Shares of Protein Design Laboratories, which holds rights to Genentech
drugs Avastin and Herceptin, fell 4.7 percent to $30 after Genentech's
earnings report.
Shares of Apple Computer Co rose 0.5 % to $81.27 after hitting an all-time
high of $81.89 earlier in the day. The shares rose after the maker of the iPod
said revenue in the December quarter exceeded expectations on surging demand
for the ubiquitous portable music player.
Intel Corp. climbed 0.1% to $26.15 after Apple unveiled new personal
computers that run on Intel processors and said all its PCs would use Intel
chips by the end of 2006, earlier than expected.
Shares of Audible Inc. dropped 13.8% to $11.24 after it said it now
expects full-year 2005 revenue of $62 million to $64 million, compared with
its previous forecast of revenue between $62 million and $65 million.
Audible also said it expects a 2005 pretax loss in the range of $1 million
to $1.5 million. The company's previous outlook was for pretax earnings of
$1.6 million to $2 million. Both forecasts exclude stock-based compensation
expense of about $930,000, said the Wayne, N.J.-based provider of digital
spoken-audio on the Web.
The Dow Jones Industrial Average fell 0.32 points to 11,011.58, while the
technology-heavy Nasdaq Composite Index ended 1.63 points higher at 2,320.32.
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