Thursday's Early Winners & Losers
Aspen Technology (AZPN) tumbled after the Cambridge, Mass., software and services company said it will have to restate results due to stock option errors. The company estimated that additional compensation and related payroll tax expenses need to be recorded in fiscal years 2002, 2003, 2004, 2005 and the first three quarters of fiscal 2006. Aspen Technology also reported fourth-quarter revenue of $79.2 million, up 10% from a year ago. For fiscal 2006, AspenTech reported revenue of $293.3 million, up 9% from a year ago. Also, Bradley T. Miller was named senior vice president and chief financial officer, effective Sept. 19. Shares were slipping 5.8% to $10.84.
Dynavax Technologies (DVAX) gained on news that the Berkeley, Calif., drug manufacturer entered into a research collaboration and license agreement with AstraZeneca (AZN). The pact will cover therapies for the treatment of asthma and chronic obstructive pulmonary disease. Shares were climbing 10.7% to $4.65.
Martek Biosciences (MATK) plummeted after the Columbia, Md., company, which makes nutritional oils and dietary supplements, offered a weak forecast. For the fourth quarter, the company said it expects revenue of $63 million to $66 million and earnings of 9 cents to 12 cents a share. Wall Street is looking for revenue of $74.8 million and earnings of 20 cents a share. Martek was trading down 16.3% to $23.90.
Palm (PALM) lost ground after the Sunnyvale, Calif.-based Treo smartphone maker warned that its fiscal first-quarter sales will likely be about 7% lower than it previously forecast. The company did reaffirm its earnings expectations. Shares were dropping 5% to $14.75.Lawson Products (LAWS) gained after the Des Plaines, Ill., company said its board authorized the repurchase of up to 1 million shares, or about 11% of its common stock, in a modified Dutch auction. Shareholders will have the opportunity to tender some or all of their shares at $37.50 to $43 a share. Also, the company said President and COO Jeffrey B. Belford will retire on Jan. 5. Thomas Neri, who has served as executive vice president, finance, planning and corporate development since joining the company in 2003, will assume the role of COO immediately. The company also said it will cut about 40 jobs between now and the end of the year. Shares were trading up 4.9% to $40.03.
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