Wednesday's Early Winners & Losers
Avalon will conduct preclinical screening with its drug-discovery platform in order to develop "inhibitors for an undisclosed target" important in cancer development. In exchange, it may receive milestone payments in excess of $200 million, as well as royalties on any resultant products.
Merck will take care of any and all clinical trials and commercialization. Avalon shares were up $1.35 to $5.98. Merck stock was unchanged after closing the regular session up 42 cents, or 1%, at $44.67.
Optimal Group (OPMR), a Canadian company that provides payment-processing systems, jumped after fourth-quarter adjusted profit totaled $5.7 million, or 23 cents a share. That smashed two analysts' 4-cent estimates, according to Thomson Financial. A year ago, Optimal earned $4.8 million, or 18 cents a share. Revenue sank 35% to $33.9 million, but this still tops three analysts' $31.7 million expectations. Shares were up $1.10, or 14.1%, to $8.90.Payless Shoesource (PSS), a discount shoe-store chain, gained after it swung to a 16-cents-per-share profit, excluding items, that powered past Wall Street's estimates of 7 cents. Last year, the Topeka, Kan., company lost a penny a share. Same-store sales were up 6.8% from a year ago, and overall revenue climbed 13% to $693 million. Shares were up $1.97, or 6.3%, to $33.40.
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 + 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