said Thursday after the close that the Food and Drug Administration acknowledged receipt of its response to a July approvable letter for the company's new-drug application (NDA) for eprodisate for Amyloid A amyloidosis, caused when amyloid proteins are abnormally deposited in organs or tissues. The company said the FDA's goal date to make a decision on the drug is April 2. Shares rose 18 cents, or 6.5%, to $2.96. The stock is a component of the Nasdaq biotechnology index, which was down 7.3, or 0.8%, to 874.29.
fell 12.9% after the company warned that it
will miss analysts' expectations for the second quarter. The company said delays in the certification and shipping of a key product would lead to a revenue shortfall in the quarter.
Palm expects revenue in the range of $345 million to $350 million for the second quarter, compared with earlier guidance of $370 million to $380 million offered on Oct. 1. Analysts were expecting revenue of $376.3 million.
Excluding charges, Palm said it now expects a loss of 8 cents to 10 cents a share, compared to analyst expectations of earnings of 4 cents a share. Palm shares were off 85 cents to $5.74.
Among the modest gainers was embattled brokerage
. Shares added 2.8% to $100.94 after billionaire investor Joseph Lewis picked up about another 1.2 million Bear shares as of Dec. 5. That raises his stake to 9.3 million shares, or 8%, from the 7% figure reported as of Aug. 30. Consistent with the prior filing, Lewis turned in a Schedule 13D to the
Securities and Exchange Commission
, which signifies an intent to exert control.
Losing ground were credit card companies
, which were all cut to sell from neutral at Merrill Lynch on consumer-spending worries. Capital One, which also got a harsh downgrade to underweight from overweight at Morgan Stanley, lost $2.63, or 5%, to $49.80. AmEx shed 4.3% to $56.96, and Discover was off 3.2% to $16.76.
edged down 22 cents, or 7.2%, to $2.82. The company said Friday that it would offer 10 million shares of its common stock at $2.50 a share to raise $25 million. The company expects the offering to close on Dec. 12 subject to the satisfaction of customary closing conditions.
rocketed 57.8% higher to $7.32 after the Canada-based motion picture technologies provider announced it had signed a 100-theater deal with cinema chain AMC Entertainment to install its digital projection systems in 33 U.S. markets beginning in July 2008.
On the other side,
Smith & Wesson
was dealt a losing hand, plummeting 28.6% to $7.08 after a triple analyst downgrade Thursday evening. Rodman & Renshaw took the Springfield, Mass., gun and handcuff maker down to market underperform from market perform. Cowen & Co took it down to neutral from outperform, and DA Davidson dropped the company from buy to neutral. Smith & Wesson had posted rising second-quarter profits but offered lower guidance for 2008.
Electronic design software company
soared 9.3% after the company topped Wall Street's estimates for the
fourth quarter and offered robust guidance for 2008 despite fears of a slowdown in the tech sector.
Revenue at the company rose 11% to $315.2 million, and was higher than analysts' expectations of $308.2 million. Synopsys reported earnings of 40 cents a share, excluding charges -- 4 cents ahead of analysts' estimates. The stock was up $2.32 to $27.38.