Monday's Late Winners & Losers
Superconductor Technologies (SCON) was among the biggest after-hours price-gainers Monday, on word of a new collaboration.
Shares of the communications equipment maker vaulted 19.4%, after it inked a term sheet to form a joint venture by year-end with Hunchun BaoLi Communication. The relationship would focus on getting Superconductor's SuperLink interference-elimination product into the Chinese market, with Superconductor slated to receive unspecified royalties and to hold a 45% stake in the proposed combination. Shares of the Santa Barbara, Calif.-based company added $1.14 to $7.03.
Elsewhere in tech, discount travel Web site Expedia (EXPE) jumped 6.1% to $32 on word the Bellevue, Wash.-based company will be added to the S&P 500 after the market's close on Oct. 1.
Labopharm (DDSS) bounced 11.8% after announcing it has requested a meeting with the Food and Drug Administration on its application for its once-daily formulation of pain treatment tramadol. The company said it believes that additional analysis and further discussions with its regulatory advisors have shown the compound to be effective and safe.Earlier this year, the FDA sent Labopharm its second approvable letter on the drug, citing what it perceived as inadequate statistical methods for analyzing clinical results. The company, which is based in Canada, has already won approval for the formulation in its home country. Shares were up 18 cents to $1.70. Financial Federal (FIF), a New York-based lender, reported a 15.9% profit jump in the quarter ended July 31. The company reported earnings of $12.7 million, or 50 cents a share. Analysts were looking for 49 cents a share, excluding extraordinary items. Shares were up 7% to $31 in light trading. On the other hand, Lowe's (LOW) slid 5.9% after predicting that full-year earnings will, at best, be at the low-end of its earlier outlook. The company's prior guidance range was between $1.97 and $2.01 a share. The Charlotte, N.C.-based home-improvement retailer blamed drought conditions in certain parts of the country, which it says has impacted the performance of its outdoor offerings. Shares gave up $1.85 to $28.70.
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