Today's Early Winners and Losers
Advanced Digital shareholders will receive either $12.25 a share in cash or 3.461 shares of Quantum stock for each share they own. The $12.25 price represents a 48% premium over Tuesday's regular-session closing price of $8.27. Quantum anticipates that the deal will add up to 15 cents to its adjusted earnings in the first full year after closing, which is expected within three to four months. Shares of Advanced Digital jumped $3.63, or 44%, to $11.90 in late trading. Quantum slipped 8 cents, or 2.3%, to $3.40.
PDL BioPharma (PDLI) shares tumbled after the biopharmaceutical company's first-quarter results came in well below Wall Street's forecasts. The company's loss narrowed to $26.2 million, or 23 cents a share, from $83.9 million, or 87 cents a share, a year ago. Excluding items, earnings were $2.5 million, or 2 cents a share, compared with roughly break-even adjusted results last year. Revenue rose to $90.5 million from $38.8 million a year ago. Analysts polled by Thomson First Call expected earnings of 14 cents a share, on revenue of $103.3 million.
For the full year, PDL forecast earnings of 7 cents to 19 cents a share. The company anticipates 2006 revenue of $400 million to $430 million. Analysts project earnings of 44 cents a share and revenue of $429.1 million. Shares dropped $3.34, or 12%, to $24.25 in late trading.Shares of Genesis Microchip (GNSS) sank after the company's adjusted earnings, as well as its revenue guidance, fell short of Wall Street's expectations. The company, which makes chips used in flat-panel displays, posted a fourth-quarter loss of $3170,000, or 1 cent a share, narrowed from a loss of $6.8 million, or 20 cents a share, a year earlier. Excluding amortization and stock-option charges, earnings were $1.6 million, or 4 cents a share, a penny below analysts' mean estimate. Revenue for the March quarter rose to $60.9 million from $52.9 million last year, topping Wall Street's projection of $60.5 million.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV