Stocks to Watch: MGI Pharma Plunges, WebEx Climbs
Updated from 10:53 a.m. EDT
Earnings Reports & OutlooksFileNet (FILE), a maker of content management software, reported first-quarter earnings of 4 cents a share, beating estimates by 3 cents. The company expects second-quarter earnings of 2 cents to 5 cents a share, which would be below the consensus target of 6 cents. Shares of FileNet were gaining 11% to $17.10. Iona Technologies (IONA) met analysts' expectations for the first quarter, posting a loss of 8 cents a share, excluding items. The company also projected a second-quarter loss, before items, of 2 cents to 6 cents a share, but Wall Street expects a profit of 5 cents. The stock was down 13% to $13.03.
Miscellaneous NewsMGI Pharma (MOGN) disclosed a series of corporate developments, and shareholders decided the bad outweighed the good as they sent the company's shares down 37% to $9.25. MGI said it has stopped a late-stage clinical trial of irofulven as a drug candidate for pancreatic cancer, but the company will continue evaluating the product for other uses. The company also said a separate trial for palonosetron, a treatment for chemotherapy-induced nausea and vomiting, met the primary goal of its trial. MGI is developing palonosetron with a privately held Swiss pharmaceutical company. In addition, MGI reported a first-quarter loss of 25 cents a share, much narrower than analysts were expecting, and to complete the deluge of news, the company named Lonnie Moulder president and chief operating officer. Charles Blitzer will remain chief executive and will also be appointed chairman.
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