SAN FRANCISCO (MarketWatch) -- Arena Pharmaceuticals Inc. shares rose 17%
in Tuesday's extended session after the company reported positive clinical
study results for its anti-obesity drug, while Martek Biosciences Corp. shares
topped the most actives list after the company's earnings.
The Nasdaq-100 After Hours Indicator, which tracks the evening action of
the index's leading shares, was last down 0.74 point to 1705.03.
Arena Pharmaceuticals Inc. shares jumped to $13.35 and were the fifth-most
actively traded, according to iNet Data Services. The company reported
positive results from its Phase IIb clinical trial for anti-obesity drug
APD356.
Martek Biosciences Corp. shares dropped 5% to $27.70 after the company
reported fourth-quarter net earnings of $4.89 million, or 15 cents a share,
compared with $35.29 million, or $1.16 a share, a year ago. Revenue was $56
million, down from $59.66 million. The Columbia, Md.-based company said its
gross margin on product sales was 43% vs. 40% in the year-ago period.
ADC Telecom shares added more than 5% to $22.00 after the company said it
earned $2.5 million, or 2 cents a share on revenue of $302 million. Excluding
onetime costs, ADC said it earned $21.6 million, or 18 cents a share, in line
with the consensus of analysts surveyed by Thomson First Call.
Baidu.com shares fell 9% to $67.50 after the Chinese Internet search
provider said that it will release a total of up to 3 million outstanding
ordinary shares from lock-up restrictions, effective Dec. 19.
Shares of Digi International Inc. tumbled almost 10% to $10.78 after the
company lowered its fiscal first quarter earnings forecast to between 7 cents
and 12 cents a share, excluding the impact of stock-based compensation
expenses, on revenue of $31.5 million to $34 million.
The company had previously forecast first-quarter earnings of 12 cents to
17 cents a share, excluding the same items, on revenue of $34 million to $37
million.
Shares of Human Genome Sciences Inc. gained 2% to $9.19 after the
Rockville-Md.-based company said it plans to spin off its CoGenesys division
as an independent company.
Jasmina Kelemen is a MarketWatch reporter based in San Francisco.
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SOURCE Thomson Financial Corporate Group
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