Shares were soaring 72.1% to $2.53.
NEW YORK ( TheStreet) -- Orexigen Therapeutics (OREX - Get Report) 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 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 - Get Report) 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 - Get Report) 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 - Get Report) has begun an underwritten public offering of 6 million common shares. Shares were down 2.4% to $33.61.
Independent energy company Apache (APA - Get Report) said its subsidiary Apache North Sea Ltd. agreed to buy Exxon Mobil's (XOM - Get Report) 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 - Get Report) 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 - Get Report) is in "very advanced discussions" with Chinese airlines to revitalize sales of its 787 Dreamliner, according to a Wall Street Journal report.
PharMerica (PMC - Get Report), 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 - Get Report) 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.