Early Stocks in Motion
Sirius (SIRI) was higher Thursday after brokerage Morgan Joseph predicted the company would report year-end subscribers of 3.3 million. On Tuesday, the company said it had already surpassed the 3 million subscriber mark and expected the year to finish strong. Morgan Joseph put net new subscriber additions at 1.1 million for the fourth quarter. Sirius was recently up 3 cents to $6.78.
Alkermes (ALKS) and Cephalon (CEPH) said the Food and Drug Administration issued an approvable letter for Vivitrol. The drug is currently under review for the treatment of alcohol dependence and is used with a program of psychosocial support. Both companies will continue to prepare for the launch of Vivitrol during the second quarter of 2006. Shares of Alkermes were up 86 cents, or 4.83%, to $18.65 after hours, while Cephalon was down 66 cents, or 1.02%, to $64.01.
Kona Grill (KONA) reiterated its fourth quarter earnings forecast and provided guidance for fiscal 2006. For the fourth quarter, the company expects to report results ranging from breakeven to a loss of 5 cents a share on sales of $9.6 million to $10.6 million. Analysts surveyed by Thomson First Call expected a profit of 3 cents a share on sales of $10.5 million. For fiscal 2006, Kona expects to report a loss of 44 cents to 53 cents a share on revenue of $49 million to $51 million, compared with previous guidance of a loss of 26 cents to 35 cents a share on sales of $53 million to $55 million. Shares of Kona were unchanged at $8.75.Shares of Innovative Solutions & Support (ISSC) rose 3.2% after the company announced that its board has authorized a share buyback of 2 million shares. The program will remain in effect until June 30, 2006. The stock was up 38 cents to $12.18. Cherokee International (CHRK) said it now expects revenue growth for the fourth quarter in the mid-to-high teens, compared with its previous estimate of mid-teen revenue growth. "We continue to see strength in our server and storage markets along with higher levels of demand from our telecom accounts in Europe," said Jeffery M. Frank, president and CEO of Cherokee International. The stock was up 33 cents, or 8.2%, to $4.35 in after-hours trading.
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