NEW YORK -- Spectrum Pharmaceuticals (SPPI - Get Report) warned Tuesday that sales of colon cancer drug Fusilev will be $10 million to $15 million in the first quarter and $80 million to $90 million for all of 2013.
Fusilev sales came in at $44.6 million and $204 million in the fourth quarter and full year 2012, respectively. Spectrum CEO Raj Shrotriya promised investors recently more revenue growth in 2013. But Tuesday the CEO admitted first-quarter Fusilev sales will drop more than 70% sequentially, and will deceline by 60% in 2013.
Spectrum said its total revenue for 2013 is now expected to be in the range of $160 million to $180 million compared with revenue of $268 million in 2012. Analysts were calling for Spectrum to book revenue of $297 million in 2013.
Boeing's (BA - Get Report) plan to redesign the 787 Dreamliner's lithium-ion batteries won approval Tuesday from the Federal Aviation Administration. Rep. Rick Larsen, D-Wash., who was briefed by the FAA, said that if the tests go well, the FAA could give final approval by mid- to late April for the 787 to resume flight.
Google (GOOG - Get Report) agreed to pay a $7 million fine to settle with 38 states an investigation into the company's interception of emails, passwords and other sensitive personal information through its Street View cars that collected data from unsecured wireless networks from early 2008 through the spring of 2010.
Velti (VELT) swung to a fourth-quarter loss of more than $5 million and said it expects revenue for the full year of $255 million to $280 million. Analysts were looking for revenue of $340 million.
Analysts on Wall Street expect Men's Wearhouse (MW - Get Report) on Wednesday to report a fourth-quarter loss of 5 cents a share on revenue of $610 million. 5 Hated Earnings Stocks Poised to Pop
Express (EXPR) is forecast by analysts to post fourth-quarter profit Wednesday of 74 cents a share on revenue of $722.4 million.
-- Written by Joseph Woelfel
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