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Friday's Early Winners & Losers

Achillion Pharmaceuticals (ACHN) lost nearly half its value in after-hours action Thursday as the Connecticut-based biotech and its partner Gilead Sciences (GILD - Get Report) announced they will halt development of their hepatitis C treatment GS 9132, or ACH-806. The companies said preliminary results from the first cohort of an early-stage trial revealed "small elevations of serum creatinine," which can indicate impaired kidney function, despite inducing "significant reductions in hepatitis C viral load."

The companies noted they're currently working to develop more compounds with "the same mechanism of action and similar in vitro potency" to the discontinued drug candidate. Achillion shares were falling $8.79 to $9.20. Gilead Sciences was down 66 cents, or 0.9%, to $71.50.

Direct-marketer Zones (ZONS) posted fourth-quarter profits of $3 million, or 20 cents a share, compared with last years' $2 million, or 14 cents a share. Revenue, at $160 million, was slightly higher than last year. Shares of the Auburn, Wash.-based company were soaring $1.44, or 17.5%, to $9.69.

California-based photo-storage Web site Shutterfly (SFLY - Get Report) was surging on impressive fourth-quarter results. Fourth-quarter income totaled $12.2 million, nearly doubling from that available to common stockholders last year, and pro forma profits came to 49 cents a share. This compares with last year's $1.77-a-share earnings, but analysts polled by Thomson Financial were seeking only 38 cents a share. Revenue was up 47% to $123.4 million. Shares were bouncing $2.01, or 14.6%, to $15.75.

Blue Coat Systems (BCSI) boosted its sales outlook for the quarter ended Jan. 31, now expecting a top line of $45.5 million to $47.5 million, which hovers above the Street's $43.6 million consensus. The Sunnyvale, Calif., business software company's prior range was $40 million to $45 million. Shares were adding $1.73, or 6.2%, to $29.50.

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