Adams Respiratory Therapeutics Inc. shares gained 15% Thursday after the company said it settled a patent dispute with Pharmaceutical Holdings Corp. subsidiaries Mutual Pharmaceutical Co. and United Research Laboratories Inc. Adams said the patent covers its extended-release guaifenesin single-agent and combination products.
Alon USA Energy shares added 5.8% after the company was upgraded to outperform from neutral by Credit Suisse after the company's analyst presentation in New York City. "The presentation reviewed existing operations at the Big Spring refinery, the strategy for the retail business and more details on the economics of the asphalt segment. The key takeaways from the meeting are likely to come from better transparency into the earnings power and EBITDA contribution of the recently acquired California refineries."
Bombay Co. shares gained 6.6% after the company said fiscal fourth-quarter losses narrowed to $1.7 million, or 5 cents a share, from $25.1 million, or 69 cents a share, a year earlier. Revenue for the quarter ending Feb. 3 increased to $188.2 million from last year's $186.9 million, while same-store sales 3.1%. The Fort Worth, Tex. home accessories retailer said it has engaged William Blair & Co. to explore ways to provide additional liquidity.
CTI Industries Corp. /zigman2/quotes/201532142/composite CTIB +1.05% shares moved up 11% after the company reported fourth-quarter net earnings of $1.15 million, or 49 cents a share, up from $52,000 or 2 cents a share, in the year-ago period. CTI's fourth quarter 2006 results included a tax benefit of $834,000. Excluding the tax benefit, CTI said earnings before tax came in at $319,000. The Barrington, Ill.-based maker of novelty balloons and packaging products said revenue in the three months ended Dec. 31 rose to $9.67 million from $6.48 million.
FortuNet Inc. shares rose 12% after the Las Vegas-based maker of multi-game server-based gambling platforms late Wednesday reported fourth-quarter net earnings of $1.27 million, or 11 cents a share, up from $541,418, or 7 cents a share, in the year-ago period. Revenue rose to $4.41 million from $3.7 million.
Glu Mobile's shares surged 6.9% in the company stock market debut. See full story.
IHS Inc. /zigman2/quotes/230060711/composite IHS +4.73% shares rose 9.8% after the company late Wednesday reported fiscal first-quarter net income of $18.4 million, or 32 cents a share, up from $13.5 million, or 24 cents a share, in the year-ago period. Revenue at the Englewood, Colo.-based oil and natural gas services company rose to $152.6 million from $129.9 million. IHS also raised its revenue growth forecast to a range of 11% to 13% and raised its adjusted EBITDA growth forecast to a range of 18% to 22% percent for the fiscal year ending Nov. 30. Separately, IHS said it has acquired RapiData from Rapid Technology Corp. Financial terms were not disclosed.
Misonix Inc. /zigman2/quotes/205035877/composite MSON +0.56% shares leapt 21% after the Farmingdale, N.Y.-based medical device maker said the first human kidney cancer treatments using its Sonatherm 600 were successfully completed with positive ablation effect noted on the cancer cells. The Sonatherm 600 uses high intensity focused ultrasound.
RCM Technologies Inc. /zigman2/quotes/204206714/composite RCMT +2.50% shares gained 11% after the company reported fourth-quarter earnings nearly tripled to $2.33 million, or 19 cents a share. The Pennsauken, N.J., company posted revenue of $54.2 million vs. $46.8 million.
Tweeter Home Entertainment Group Inc. /zigman2/quotes/203180645/composite TWTR +3.50% shares jumped 28% after the company said it would restructure its operations, which will include closing 49 stores, two regional facilities, and exiting certain regions of the country. Tweeter will close all of its stores in California, Tennessee, Alabama, New York, and most of Georgia within two to three months, resulting in layoffs of about 20% of its workers. Tweeter will move from 153 stores and $735 million in revenue, to 104 go-forward stores and $555 million in revenue. The move will result in charges of about $50 million to $60 million, related to its store and facilities closings. In addition, Tweeter said it entered into a new $75 million senior secured revolving credit facility with GE Capital Corp. The five year facility provides Tweeter with additional liquidity at more favorable rates.
Avalon Pharmaceuticals saw its shares skid 6.8% Thursday. Late Wednesday, the drugmaker reported a fourth-quarter net loss of $4.4 million, or 43 cents a share, compared with a loss of $3 million, or 37 cents, for the same period in 2005. Avalon also said it's withdrawing its listing from NYSE Arca, formerly the Pacific Exchange, to save on administrative costs. The withdrawal is expected within the next month.
Clarcor Inc.'s shares fell 8.6% after the company said first-quarter net income rose to 32 cents a share from 31 cents in the year-earlier period. The Franklin, Tenn., maker of filtration and industrial-packaging products said sales fell 1.7% to $209.5 million from $213.2 million a year ago. On average, analysts polled by Thomson Financial predicted 36 cents of profit on $222 million of revenue.
CRA International Inc. /zigman2/quotes/202621743/composite CRAI +1.13% shares lost 6% after the Boston-based consulting company reported fiscal first-quarter net earnings of $7.1 million, or 56 cents a share, up from $5.6 million, or 47 cents a share, in the comparable period last year. Revenue rose 14.9% to $83.3 million from $72.5 million. Analysts polled by Thomson Financial were expecting a per-share profit of 57 cents on revenue of $86.2 million. The company forecast fiscal 2007 earnings-per-share growth of 18% to 23%, and percentage revenue growth in the mid to high teens.
Intuit Inc. /zigman2/quotes/203136605/composite INTU +0.72% shares fell 8.2% after the company said its TurboTax federal unit sales through March 17 rose 1% to 10.9 million from 10.8 million a year earlier. The Mountain View, Calif., provider of business and financial-management services expects total unit growth of 3% to 5% for the full season. Intuit also affirmed its segment revenue growth forecast of 10% to 15% and its fiscal 2007 outlook.
Herman Miller Inc. /zigman2/quotes/205594126/composite MLHR +0.45% shares lost 12% after the company reported fiscal third-quarter earnings rose 44% to $32.3 million, or 50 cents a share as revenue rose 14% to $484.8 million. Analysts polled by Thomson Financial were expecting profit of 52 cents on revenue of $491 million. The Zeeland, Mich., furniture maker expects fiscal fourth-quarter earnings of 47 cents to 51 cents on revenue of $485 million to $505 million.
Modine Manufacturing Co. /zigman2/quotes/200241838/composite MOD -1.49% shares dropped 9.3% after the company said it now expects to breakeven or report a loss for its fiscal fourth-quarter. The Racine, Wis. thermal management systems company said it revised its outlook given the sharp rise in nickel prices since January, and due to an expected charge related to warranty events in its European business. The company said it a slower-than-expected start-up of a new truck customer continues to impact results.
Motorola shares fell 6.6% after the company's latest earnings warning, which was again sparked by disappointing sales of its wireless handsets. See full story.
Nortel Networks shares sank 5.9% after the company said it has launched the sale of $1 billion worth of convertible debt. The Toronto telecommunications equipment maker said it will grant the underwriters of the offering options to buy up to $150 million worth of additional debt to cover over-allotments. The company expects use the proceeds from the sale, expected to be about $980 million, to pay down debt.
PDI Inc. shares dropped 9.7% after it said a large pharmaceutical company customer won't renew its contract sales engagement with PDI when it expires May 12. The Saddle River, N.J., provider of commercialization services to biopharmaceutical companies said the contract was for one year and $35 million.
Palm shares fell 8.8% amid dwindling speculation the company will be purchased by Motorola Inc. . See full story.
RF Micro Devices shares lost 5% after the company was downgraded to sector performer from sector outperformer by CIBC World Markets, and the broker also removed its $9 price target. "We believe RFMD's story outside of Motorola remains strong and consistent, yet given Motorola's contribution to RFMD's top line we see downside to our fiscal 2008 targets," the broker said.
Scholastic Corp. /zigman2/quotes/205063902/composite SCHL -0.48% shares dropped 13% Thursday after the book publisher cut its annual earnings outlook, citing weaker-than-expected results in its school-based and direct-to-home continuity programs. See full story.
Sutron Corp. shares sank 9.7% after the company reported fourth-quarter net earnings of $1.21 million, or 27 cents a share, up from $675,782, or 16 cents a share, during the year-ago period. The Sterling, Va.-based company posted revenue of $6.13 million vs. $4.87 million. Gross margin was 38.5% compared with 42.2%. Sutron is a provider of hydrologic, meteorologic and oceanic monitoring products, systems and services.
Shares of Tessco Technologies /zigman2/quotes/201101603/composite TESS +1.64% shares dropped 10% after the wireless systems products company warned late Wednesday that revenue for the current quarter will be lower than expected. The Hunt Valley, Md. company said revenue for the quarter ending March will be up 30% from year-earlier levels but fall short of forecasts, and fiscal year earnings are expected to be at the low end of the previously provided forecast of $1.15 to $1.22 a share