Early Stocks in Motion

Arena Pharmaceuticals(ARNA Quote) shares jumped 17% in late trading Tuesday after the company reported positive results from its Phase IIb clinical trial of APD356, an obesity drug.

Arena said the trial participants' taking the drug over a 12-week period had significantly higher average weight loss than those taking the placebo. According to the study, APD356 was well tolerated at all doses investigated. "This trial demonstrated excellent weight loss, particularly considering there was no diet or exercise component in this trial, and the emerging safety and tolerability profile compares favorably with other weight loss drugs," said Steven Smith, the trial's principal investigator and associate professor of the Pennington Biomedical Research Center. Shares of Arena were higher by $1.84 to $13.25 in after-hours trading.

Baidu.com(BIDU Quote) said the co-lead underwriters for its August initial public offering will release up to 3 million outstanding shares from lockup restrictions. The move, which frees certain holders to sell shares, is effective next Monday. Baidu's shares fell $6.48, or 8.7%, to $67.70 in after-hours trading.

Digi International(DGII Quote) shares slipped 12% in after-hours trading after the company lowered its fiscal first-quarter earnings guidance, citing certain customer orders that are being moved into subsequent quarters. The networking component company now expects to earn 7 cents to 12 cents a share on revenue in the range of $31.5 million to $34 million. Previously, Digi forecast earnings of 12 cents to 17 cents a share, and revenue of $34 million to $37 million. Analysts polled by Thomson First Call anticipated a profit of 16 cents a share and sales of $37.9 million. Digi shares fell $1.40 to $10.55.

Matrixx Initiatives (MTXX Quote) shares jumped 13% in late trading after the cold remedy maker lifted its 2005 forecasts. Matrixx now sees 2005 earnings growth of 35% to 45%, up from an earlier forecast of 10% to 20%. The company lifted its sales-growth projection to 45% to 50% from 25% to 35%. Based on 2004 earnings of 52 cents a share and sales of $60.2 million, the new forecast calls for earnings of 70 cents to 75 cents and sales of $87.3 million to $90.3 million. Analysts, on average, predict 2005 earnings of 76 cents a share and sales of $81 million. Matrixx shares gained $2.55 in after-hours trading to $21.66.