soared after the bell following news that the company has received marketing approval for Surfaxin. The stock was last quoted at $5.14, up 37%, on volume of more than 2.4 million.
The Food and Drug Administration approved Surfaxin for the prevention of respiratory distress syndrome in high-risk premature infants, said the company, which expects to make the drug commercially available in the United States in late 2012.
The approval of SURFAXIN is an important medical advancement for the neonatology community and parents of preterm infants who will soon have an effective alternative to animal-derived surfactants to prevent the development of RDS," said W. Thomas Amick, the company's chairman and CEO, in a statement. "This is a significant milestone in our continuing efforts to develop a pipeline of products to further advance the standard of respiratory critical care."
Prior to the news, based on Tuesday's regular-session close at $3.75, shares of Discovery Labs were already up more than 95% in the past year. The volatile stock actually spiked to a new 52-week high of $4.57 on Tuesday afternoon ahead of the close.
(CY - Get Report)
edged up in the extended session after the chip maker lowered its outlook for its fiscal first quarter, citing order decreases from wire line and handset customers and weaker than expected revenue from its distribution channel, manly because of softness in Europe and Asia.
The company now sees non-GAAP earnings of 8 to 11 cents a share for the first quarter ending this month on revenue of $180 million to $190 million. The current average estimate of analysts polled by
is for earnings of 17 cents a share in the quarter on revenue of $205.9 million.
The stock was last quoted at $16.04, up 3 cents, on volume of nearly 200,000, according to
. Earlier in the after-hours session, the shares fell as low as $15.01. Based on Tuesday's regular-session close at $16.01, Cypress's stock is down more than 18% in the past year, scraping a 52-week low of $13.67 on Oct. 4.
Brad Buss, the company's chief financial officer, went on record in the company's press release though as saying conditions are getting better.
"Customer backlog and bookings stabilized in January and we have seen improvements for the last six weeks," Buss said. "We continue to believe that Q1 will be the bottom for revenue and bookings, and at this point expect Q2 revenue to grow sequentially. However the macro environment and order patterns remain very fluid and lead-times are near historical lows, impacting visibility."
Check out TheStreet's quote page for Cypress Semiconductor for year-to-date share performance, analyst ratings, earnings estimates and much more.
Written by Michael Baron in New York.
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