Wednesday's Winners & Losers: AMD
Indevus (IDEV) shares slid 69% to $1.26 Wednesday on news of a Food and Drug Administration delay. The company said regulators will not approve Nebido, a long-acting injectable testosterone, without additional safety data and a new clinical trial expected to take 18 months.
AMD (AMD) gained 39 cents, or 5.7%, to $7.20 after the company unveiled a new group of chips, named Puma, specifically designed for notebooks. The move represents AMD's most concerted effort to enter the growing market for mobile PCs.
The company said EPS, excluding special items, would be 5 cents or 6 cents, vs. analysts' estimates for 8 cents. Revenue during the quarter is likely to range between $147 million and $149 million. Analysts were expecting a top line of $154.1 million.Diagnostics company Sequenom (SQNM), surged 21.8% to $9.33 after announcing that its SEQureDX, a prenatal screening test for maternal blood for Down Syndrome, was effective in all samples (200 were tested) without any false positives. The results were superior to current serum-testing options, which have detection rates between 70% to 90% and false-positive rates as high as 5%. Sequenom plans to initiate a multisite validation study, which will include several thousand samples, in the fourth quarter this year and to launch the test in the U.S. in the first half 2009. The company said it plans to transfer the technology to its laboratory partners at the end of this year.
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