This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Health Stocks in Motion

Updated from 3:06 p.m. EDT

Shares of Merit Medical Systems (MMSI - Get Report) were among the worst-performing health and pharmaceutical stocks Wednesday, falling 15% after the company warned that third-quarter earnings and sales would fall below Wall Street expectations.

The maker of disposable medical products expects earnings of 14 cents to 15 cents a share on sales of $35 million to $36 million. Analysts polled by Thomson First Call had been expecting earnings of 19 cents a share on sales of $39.1 million. The company said the shortfall in earnings and sales was caused by reduced demand for its products during the quarter, which it attributed to an increase in competition, fewer procedures being conducted using its products, and -- to a lesser extent -- weather-related disturbances in the southeastern United States. Shares traded down $2.14 to $12.05.

Cell Genesys (CEGE) fell 12.8% after the biotechnology company released preliminary third-quarter results and said it would sell $100 million in convertible notes. The company expects to post a third-quarter loss of 52 cents a share on sales of $3.2 million. Analysts had been expecting a loss of 52 cents a share on sales of $3.25 million. As for the convertible debt offering, the company said it plans to use the proceeds to repay two outstanding loans totaling $95 million. The debt repayment will eliminate restrictions on the company's $60 million cash balance. Shares traded down $1.09 to $7.42.

Shares of aaiPharma (AAII) rose 0.5% after the company announced its lenders waived compliance for certain covenants in the company's senior secured credit facility. The waiver covers the quarters ending Sept. 30 and Dec. 31, respectively, and is contingent upon the company meeting minimum EBITDA thresholds. Earlier this month, the company missed an interest payment of $10 million on its 11.5% senior subordinated notes due 2010. Shares traded up 1 cent to $1.95.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
MMSI $19.74 0.00%
PFE $34.77 0.00%
AAPL $129.09 0.00%
FB $79.75 0.00%
GOOG $571.34 0.00%

Markets

DOW 18,288.63 +155.93 0.86%
S&P 500 2,117.39 +12.89 0.61%
NASDAQ 5,008.0960 +44.5690 0.90%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs