Friday's Winners & Losers: TerreStar
On the rising side, Labopharm (DDSS) announced Friday that in a late-stage study patients on once-daily antidepressent trazodone showed a statistically significant improvement in patient sleep patterns. The company said it intends to file a new-drug application for the drug with the FDA later this year. Trazodone is already approved in a twice-daily version by the FDA to treat depression. Shares rose 37 cents, or 18.7%, to $2.35.
Security Capital Assurance (SCA) continued falling a day after credit-ratings firm Moody's slashed the bond insurer's rating to A3 from Aaa, as per the Associated Press. Fitch Ratings hit the firm with a similarly harsh downgrade of its vital triple-A rating a couple of weeks ago. Shares slid 60 cents, or 23.1%, to $2.00.
Luminex (LMNX) said Thursday post-close that in light of a $11.5 million legal settlement with RBM, fourth-quarter profit was $11.1 million, or 30 cents a share, vs. $600,000 or 2 cents a share, in the year-ago quarter. Revenue increased 51% to $21.5 million from $14.2 million last year, just above the expectations of analysts surveyed by Thomson Financial who'd predicted $21 million.
For the year, the company reported a loss of $2.7 million, or 8 cents a share, on revenue that rose 42% to $75 million.Shares were up 65 cents, or 4%, to $17 Friday. Elsewhere, Centene (CNC), a St. Louis-based health insurer, tanked 13.8% after reporting fourth-quarter earnings of $7.3 million, or 20 cents a share, excluding restructuring charges. Analysts polled by Thomson Financial were looking for 48 cents a share. Shares were sinking $3.25 to $21.42. Iona (IONA) shares climbed 20% to $3.31 after the Dublin, Ireland-based software company confirmed that a third party had expressed interest in buying it. Also shining was TerreStar (TSTR), shares of which shot up 24% to $5.61 after announcing that the Reston, Va.-based wireless communication provider had secured a $200 million investment from EchoStar (SATS) and Harbinger to fund a satellite and, subject to approvals, acquired rights to 1.4 GHz spectrum from the two companies. In return, EchoStar and Harbinger get two seats in TerreStar's boardroom.
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