Friday's Winners & Losers: Nvdia
Chip maker Nvidia (NVDA) lost $1.20, or 6%, to $18.78 on fears of weakness in the PC desktop market.
NVIDIA draws 46% of revenues from the desktop GPU segment, said an analyst from Longbow Research in a note. The analyst also reduced his price target on the stock to $30 from $34.
Draxis Health (DRAX) said Friday that it will be acquired by Indian drug company Jubilant Organosys for $255 million, or $6 a share. The price is a 22.5% premium over Draxis's closing price at market close on Thursday. The transaction is expected to close in the second quarter. Shares of the Canadian based company rose $1, or 20.4%, to $5.90 on Friday.
eBay (EBAY) was up $1.22, or 3.9%, to $32.94 following research notes from Bank of America and Goldman Sachs analysts that said the company showed signs of growth in its listings in March that could lead to strong first-quarter earnings.Pharma companies Merck (MRK) and Schering-Plough (SGP), recently in the spotlight for negative news surrounding cholesterol drugs Zetia and Vytorin, enjoyed some investor positivism on Friday. A day after announcing its cost-cutting response to the drug turmoil, Schering shares added 71 cents, or 4.6%, to $16.09. Merck shares rose $1.60, or 4.2%, to $39.96. On the losing side, DemandTec (DMAN), a maker of consumer demand management software, fell 23% to $8.41 after announcing in-line fourth-quarter fiscal 2008 results. The company earned non-GAAP income of $1.3 million, or 4 cents a share, vs. a loss of $1.1 million, or 17 cents a share, a year ago. The Street was looking for EPS of 4 cents. Curacao's Orthofix (OFIX) tumbled 24.3% to $30.21 after the maker of orthopedic medical equipment announced the resignation of CFO Timothy Adams. Executive Vice President Tom Hein will serve as CFO in the interim period. The company also reaffirmed first-quarter guidance of $120 million to $124 million. The top end of that range is slightly behind Wall Street's expectations of $124.7 million.
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