Men's Wearhouse, Orexigen: After-Hours Trades

Men's Wearhouse, Netflix, Orexigen, Vivus and Texas Instruments were big movers in extended trading on Tuesday.
By Michael Baron ,

NEW YORK (

TheStreet

) -- Shares of

Men's Wearhouse

(MW)

fell on heavy volume in extended trading on Tuesday after the Houston-based men's apparel retailer forecast a much wider than expected loss for the current quarter, citing increased costs from bonus payments and medical expenses.

The company's third-quarter adjusted profit of 57 cents a share on total company sales of $550.1 million was well ahead of Wall Street's consensus estimate for earnings of 48 cents a share on sales of $521.4 million, but Men's Wearhouse said it sees an adjusted loss of 19 to 22 cents a share for the three months ending in January. The current average estimate of analysts polled by

Thomson Reuters

is for a loss of 5 cents a share in the January period.

"SG&A costs in this year's fourth quarter will also include notable increases compared to the prior year's fourth quarter for both employee bonuses related to higher than planned full year financial performance and increased medical benefit costs due to a higher level of submitted claims," the company said in

its press release

. "We estimate these higher costs will increase this year's fourth quarter loss in a magnitude of the equivalent of 10 cents per share."

The stock was last quoted at $26.10, down 9.2%, on volume of nearly 210,000, according to

Nasdaq.com

. Based on a regular session close at $28.74, the shares were up 36% so far in 2010. Earlier on Tuesday, the stock set a new 52-week high of $29.62 and volume ahead of the quarterly report was strong with 1.5 million shares changing hands, roughly double the issue's trailing three-month daily average volume.

Netflix

Shares of

Netflix

(NFLX) - Get Report

slumped 3.1% to $184.02, according to

Nasdaq.com

with nearly 550,000 shares changing hands, after the company

said CFO Brian McCarthy is leaving

.

McCarthy's departure is effective Dec. 10, making for a rather abrupt transition for replacement David Wells, who most recently served as vice president of financial planning and analysis at the Los Gatos, Calif.-based provider of online movie subscription services.

Based on a regular session close at $189.81, the shares had already appreciated an eye-popping 250% in 2010. At that level, the stock had pulled back more than 9% since reaching its 52-week high of $209.24 on Dec. 1.

Orexigen Therapeutics

Orexigen Therapeutics

(OREX)

was the big winner in late trades after a

Food and Drug Administration

panel

recommended approval of Contrave, the company's weight loss drug

.

The stock was halted for the first few hours of extended trading, but it was the top percentage gainer by far once it opened as it soared nearly 150%. The shares were last quoted at $12.10 vs. a regular session close of $4.87.

The panel voted 13-7 in favor of approval of Contrave. While the FDA doesn't need to follow the recommendation of the expert panel, the FDA often does follow an advisory panel's lead in recommending a drug for approval. A final FDA decision on Orexigen's Contrave is expected by the end of January.

>>>Orexigen Therapeutics FDA Panel Live Blog

The news was giving a lift to other companies with diet drugs in the works, including

Vivus

(VVUS) - Get Report

, up 11.2% to $8.67 on volume of 1.9 million; and

Arena Pharmaceuticals

(ARNA) - Get Report

, rising 14.9% to $1.62 on volume of 2.3 million.

Texas Instruments

Shares of

Texas Instruments

(TXN) - Get Report

ticked lower in late trades after the

company tightened its fiscal fourth-quarter outlook

, saying it now sees earnings of 61 to 65 cents a share on revenue ranging from $3.43 billion to $3.57 billion.

The chip giant's previous guidance was for a profit of between 59 and 67 cents a share for the three months ending Dec. 31 on revenue of $3.36 billion to $3.64 billion. The current average estimate of analysts polled by

Thomson Reuters

is for earnings of 63 cents a share in the December period on revenue of $3.497 billion.

The stock was last quoted at $33.14, down 27 cents, on volume of almost 375,000.

--

Written by Michael Baron in New York.

>To contact the writer of this article, click here:

Michael Baron

.

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