Semiconductor and storage maker LSI surged after the company
reported
better-than-expected first-quarter results, though it posted a loss
of $14 million, compared to a net income of $30 million a year ago.
Excluding items, the company reported earnings of 10 cents a share,
compared with earnings of 11 cents a share the year before. Revenue
rose 42% to $661 million. Analysts had been expecting earnings of 7
cents a share on revenue of $634.6 million. An analyst at Caris
upgraded the stock to above average from average. Shares of LSI were
up $1.03, or 20.8%, to $5.99.
Apple gained $6.05, or 3.7%, to $168.94 following the company's
second-quarter
results, which blew past Street expectations for the quarter.
Apple posted a profit of $1.05 billion, or $1.16 a share, compared
with profit of $770 million, or 87 cents a share, the year before.
Revenue climbed 43% to $7.51 billion. Analysts were expecting earnings
of $1.07 a share on revenue of $6.96 billion.
Gross margin, however, fell to 32.9% from 35.1% in the year-ago quarter and the company offered a conservative forecast of revenue of $7.2 billion and
earnings of $1 a share. Analysts were expecting revenue of $7.15
billion and earnings of $1.10 a share in the current quarter.
Progenics Pharmaceuticals (PGNX Quote - Cramer on PGNX - Stock Picks) surged $2.61, or 32.5%, to $10.64 Thursday. The stock was already up nearly 19% from Monday's open prior to Thursday's rally, as investors showed enthusiasm for the prospects of
Wyeth (WYE Quote - Cramer on WYE - Stock Picks) and Progenics' Relistor for treatment of constipation induced by pain-killers in patients who are receiving palliative care.
The Food and Drug Administration is expected to make a decision on the drug -- previously delayed from January of this year -- on or by April 30. On Thursday, the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) recommended the agency approve Relistor.
TSC Staff
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