NEW YORK ( TheStreet) -- Shares of Sonus Networks (SONS) were zooming 26% to $3.78 on unusually high volumes Tuesday after it reported better-than-expected revenue growth and also forecast revenues above analyst expectations.
Revenue increased 21 percent to $83 million, from $68.7 million in the same period a year earlier, much higher than the $68.6 million analysts predicted. Sonus said its net income rose to $11.4 million from $10.3 million in the year-ago quarter. On a per share basis, earnings were flat at 4 cents as average shares outstanding increased in the 2010 period. Analysts surveyed by FactSet forecast earnings of 3 cents per share.
For 2011, Sonus said it expects revenue of $265 million to $285 million, higher than the $242.3 million analysts are currently expecting.
Novavax (NVAX), which develops recombinant vaccines for infectious diseases, saw its shares rise 11% to $2.89 after it said it had been awarded a $179 million contract by the office of Biomedical Advanced Research and Development Authority (BARDA) for the advanced clinical and manufacturing development of recombinant vaccines for the prevention of seasonal and pandemic influenza.During the contract's 3-year base period, valued at $97 million, Novavax will develop and manufacture its clinical-stage, recombinant virus-like particle (VLP) influenza vaccines. The contract could be extended for an additional 24-month option period with $82 million in additional funding to build on the work Novavax accomplishes during the base period and to support manufacturing scale-up and licensure by the U.S. Food & Drug Administration. Shares of KV Pharmaceuticals (KV-A) were soaring 7.6% to $8.73. The company said Tuesday that it had completed a private debt placement of $200 million, the proceeds of which will be used to repay debt obligations. Endeavour Silver (EXK) was gaining 8.7% to $8.06. Silver miners are in the spotlight as silver continued to outshine gold. Shares of Pluristem Therapeutics (PSTI) were up 6% to $2.62 after the company announced that a preclinical study demonstrating that the local administration of PLX cells following muscle injury resulted in a significant improvement in the recovery of muscle function when compared with the control group. WBB Securities initiated coverage on the stock with a "speculative buy". Solar stocks Suntech Power (STP) and Yingli Energy (YGE) were up about 4% each. Solar stocks fell on Monday after analyst reports indicated that a new draft being introduced this week in Italian parliament would cap solar installations at 8 gigawatts, and the cap would be implemented immediately and with no grandfathering clause. --Written by Shanthi Bharatwaj in New York
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