Friday's Winners & Losers: Progenics

Shares of Ericsson(ERIC Quote) surged after the company posted stronger-than-expected first-quarter revenue. Net income fell 55% from a year ago to 2.65 billion Swedish kronor ($442 million), while revenue rose 5% from a year ago to 44.2 billion kronor ($7.38 billion). Analysts surveyed by Thomson Financial were looking for sales of $6.97 billion. Ericsson shares were up $2.93, or 13.5%, to $24.63.

Microsoft(MSFT Quote) shed $1.97, or 6.2%, to $29.83 after its third-quarter results and updated forecast Thursday failed to live up to the Street's high expectations. Revenue for its third quarter was flat at $14.45 billion and in line with analysts' expectations of $14.5 billion. Net income fell 11% to $4.39 billion, or 47 cents a share, from $4.93 billion, or 50 cents a share, in the year-ago period. It beat analysts' EPS expectations of 44 cents. For the next fiscal year, the company projected revenue ranging from $66.9 billion to $68 billion and EPS of $2.13 to $2.19. Analysts are expecting revenue of $66.5 billion and EPS of $2.10.

In regulatory news, Progenics Pharmaceuticals (PGNX Quote) and Wyeth (WYE Quote) said late Thursday that they received U.S. approval for Relistor. The Food and Drug Administration approved the drug for pain-killer-induced constipation in patients who are receiving palliative care, when laxative therapy was unsuccessful.

In addition to the FDA approval, the pair received a positive opinion recommending approval in Europe. Progenics shares rose $2.85, or 26.8%, to $13.49. Wyeth was trading up 27 cents, or 0.6%, at $44.83.

NetGear(NTGR Quote) fell $3.37, or 16.7%, to $16.76 after the company disappointed investors with its quarterly results. Net income for the quarter was $11.2 million vs. $14 million a year ago and EPS, excluding items, was 39 cents compared with 44 cents a year ago. Revenue increased 14% to $198.2 million. Analysts were expecting revenue of $203.7 million and earnings of 38 cents a share. The stock was also downgraded by an analyst at BWS Financial to buy from strong buy.