NEW YORK ( TheStreet) -- Orexigen Therapeutics (OREX) is restarting development of its rejected obesity drug Contrave after U.S. regulators agreed to allow the company to conduct a potentially shorter follow-up clinical trial.
Shares were soaring 72.1% to $2.53.
Shares of Walter Energy (WLT) were plunging 11.5% to $66.40 after the metallurgical coal producer said a slower-than-expected recovery from the 100-year record rainfall experienced in Northeast British Columbia during the second quarter and slower-than-expected recovery from the difficult geology experienced at Mine No. 7 in Alabama will cause a delay in the company's anticipated production growth and associated improvement in savings.
Shares of Alpha Natural Resources (ANR) were tumbling 7.5% to $24.90 after the coal producer lowered its full-year shipment guidance to a range of 102.5 million tons to 109.5 million tons compared with the previous range of 104 million tons to 112 million tons.
Software make Adobe (ADBE) edged Wall Street's profit expectations for its third quarter. The company reported earnings of $273 million, or 55 cents a share, with revenue coming in at $1.01 billion, up from $990.3 million in the same period a year earlier. Shares were jumping 6.4% to $26.22.
Oracle (ORCL) deftly sidestepped weakness in the global economy to post solid first-quarter revenue and earnings after markets closed on Tuesday. The database software maker brought in revenue of $8.43 billion and earnings of 48 cents a share, up from $7.5 billion and 42 cents a share in the prior year's quarter. Analysts surveyed by Thomson Reuters were looking for sales of $8.35 billion and earnings of 46 cents a share. Shares were adding 4.1% to $29.50.
Equity real estate investment trust Realty Income (O) has begun an underwritten public offering of 6 million common shares. Shares were down 2.4% to $33.61.
Independent energy company Apache (APA) said its subsidiary Apache North Sea Ltd. agreed to buy Exxon Mobil's (XOM) Mobil North Sea assets, including the Beryl field and related properties, for $1.75 billion. Apache shares were down 0.3% to $94.25, and Exxon shares were down 0.3% to $73.80.
Microsoft (MSFT) hiked its dividend, citing the company's recent strong performance. The software maker's board declared a quarterly dividend of 20 cents a share, an increase of 4 cents, or 25%, on the prior quarter's dividend. Shares were trading sideways at $26.99.
Boeing (BA) is in "very advanced discussions" with Chinese airlines to revitalize sales of its 787 Dreamliner, according to a Wall Street Journal report.
PharMerica (PMC), a national provider of pharmacy and hospital pharmacy management services, said its board voted unanimously to reject the unsolicited offer made by Omnicare (OCR) to buy the company for $15 a share in cash.
Food giant General Mills (GIS) said first-quarter earnings declined but adjusted profit of 64 cents a share matched year-earlier results. Analysts surveyed by Thomson Reuters were expecting General Mills to earn 62 cents a share. -- Written by Andrea Tse in New York.
>To contact the writer of this article, click here: Andrea Tse.
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