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Thursday's Winners & Losers: LSI

TSC Staff

Semiconductor and storage maker LSI surged after the company reported better-than-expected first-quarter results, though it posted a loss of $14 million, compared to a net income of $30 million a year ago. Excluding items, the company reported earnings of 10 cents a share, compared with earnings of 11 cents a share the year before. Revenue rose 42% to $661 million. Analysts had been expecting earnings of 7 cents a share on revenue of $634.6 million. An analyst at Caris upgraded the stock to above average from average. Shares of LSI were up $1.03, or 20.8%, to $5.99.

Apple gained $6.05, or 3.7%, to $168.94 following the company's second-quarter results, which blew past Street expectations for the quarter. Apple posted a profit of $1.05 billion, or $1.16 a share, compared with profit of $770 million, or 87 cents a share, the year before. Revenue climbed 43% to $7.51 billion. Analysts were expecting earnings of $1.07 a share on revenue of $6.96 billion.

Gross margin, however, fell to 32.9% from 35.1% in the year-ago quarter and the company offered a conservative forecast of revenue of $7.2 billion and earnings of $1 a share. Analysts were expecting revenue of $7.15 billion and earnings of $1.10 a share in the current quarter.

Progenics Pharmaceuticals (PGNX Quote - Cramer on PGNX - Stock Picks) surged $2.61, or 32.5%, to $10.64 Thursday. The stock was already up nearly 19% from Monday's open prior to Thursday's rally, as investors showed enthusiasm for the prospects of Wyeth (WYE Quote - Cramer on WYE - Stock Picks) and Progenics' Relistor for treatment of constipation induced by pain-killers in patients who are receiving palliative care.

The Food and Drug Administration is expected to make a decision on the drug -- previously delayed from January of this year -- on or by April 30. On Thursday, the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) recommended the agency approve Relistor.

Shares of NextWave (WAVE Quote - Cramer on WAVE - Stock Picks), a developer of mobile multimedia and wireless broadband products based in San Diego, Calif., swelled 41.1% to $6.70. The company announced its intention to sell its spectrum holdings in the U.S. The company, which has licenses and lease rights for a total of 4.7 billion MHz/pops of spectrum, has retained Deutsche Bank and UBS to explore a possible sale.

Among the losers, Calumet Specialty Products Partners (CLMT Quote - Cramer on CLMT - Stock Picks), an Indianapolis company that produces and sells specialty hydrocarbon products, saw shares drop 22.3% to $14.26. The company announced a cash distribution decrease to 45 cents for the quarter ended March 31 from a previous 63-cent distribution.

Orthopedic-device maker Zimmer (ZMH Quote - Cramer on ZMH - Stock Picks) reported profit of $239.3 million, or $1.02 a share -- up just 3% from $233.4 million, or 98 cents a share, in the 2007 period -- and $244.3 million, or $1.04 a share, on an adjusted basis. Sales rose 11% to $1.06 billion, in line with the Thomson Financial consensus target of $1.04 a share on revenue of $1.06 billion.

The company also announced it has authorized the addition of another $1.25 billion to its stock-buyback program. The new program expires at the end of 2009.

Zimmer shares gave up $3.08, or 4.1%, to $72.87.