Stocks to Watch: Donnelly Corp. Jumps, BioCryst Dives
The Day's Winners
The Day's LosersBioCryst Pharmaceuticals (BCRX) fell 51% to $1.07 on news that the company is discontinuing development of peramivir, its oral influenza inhibitor, after Phase III trials showed "no statistically significant difference" in the primary efficacy endpoint of the study. The biopharmaceutical company said the trials showed no difference in length of time from the dosage to the onset of influenza symptoms. Peramivir is the company's most developmentally advanced drug. Shares of Cytyc (CYTC) plunged 31% to $7.86 on news that the Federal Trade Commission has voted to block the company's proposed acquisition of Digene (DIGE). The FTC said the $420 million merger of the cancer testing tool manufacturers "raises serious competitive concerns within the highly concentrated market for this important diagnostic tool. It is likely that prices would increase." In response, Cytyc lowered its 2002 and 2003 guidance, saying its results would be well below previous expectations and the consensus estimate. Broadcasting company Emmis Communications (EMMS) dropped 11% to $19.95 after the company posted a wider first-quarter loss and provided new guidance below the consensus. The company lost $167.8 million, or $3.28 a share, including $167.4 million in accounting charges, compared with a loss of $15.7 million, or 33 cents a share, a year ago. Revenue dropped to $136.8 million from $137.3 million last year. Emmis said it expects to see revenue of $138.8 million for the second quarter, down from $141.4 million a year ago and below the consensus estimate of $143.8 million. Shares of Metrix Corp. (MERX) slid 26% to $10.07 after the circuit board maker said its loss for the quarter ending in August will be wider than previously estimated. The company expects to lose 24 cents to 28 cents a share in the quarter, below the consensus of a loss of 17 cents. The stock was also hurt by downgrades from buy to hold by Breen Murray and Needham & Co.
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