Tuesday's Early Winners & Losers
Sprint (S) tumbled nearly 9% after the closing bell rang Monday on reams of bad news. The Reston, Va.-based company lost 306,000 postpaid subscribers in the fourth quarter, will slash about 5,000 jobs (more than 7% of its year-end headcount) and has forecast bleak full-year results.
The company will likely bring in revenue of $41 billion in 2006 -- more than $533 million below Wall Street projections, according to Thomson Financial. Fourth-quarter results should be better: At $12.6 billion to $12.9 billion, they handily beat the $10.47 billion consensus. Also, 2007 full-year revenue is pegged at $41 billion to $42 billion, which just about covers the mean Street estimate. Shares, however, were losing $1.71 to $17.93.
Thermage (THRM) jumped on better-than-expected preliminary results. The Hayward, Calif., medical equipment maker said it probably brought in a top line between $14.6 million and $14.8 million in the fourth quarter, or about 58% more than last year. Analysts are seeking $14.3 million. Shares were adding 54 cents, or 7.2%, to $8.05.
Osiris Therapeutics (OSIR) gained after the Food and Drug Administration granted the Baltimore-based biotech "fast track" status in order to finish developing its stem-cell treatment for a resistant form of Crohn's disease (inflammation of the digestive tract). The treatment, called Prochymal, was also approved for advanced-phase testing. Prior midphase testing on Prochymal yielded statistically significant results in Crohn's disease patients who didn't respond to standard therapies. Shares were rising $1.13, or 4.5%, to $26.20.
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