shares jumped 17% in late trading Tuesday after the company reported positive results from its Phase IIb clinical trial of APD356, an obesity drug.
Arena said the trial participants' taking the drug over a 12-week period had significantly higher average weight loss than those taking the placebo. According to the study, APD356 was well tolerated at all doses investigated. "This trial demonstrated excellent weight loss, particularly considering there was no diet or exercise component in this trial, and the emerging safety and tolerability profile compares favorably with other weight loss drugs," said Steven Smith, the trial's principal investigator and associate professor of the Pennington Biomedical Research Center. Shares of Arena were higher by $1.84 to $13.25 in after-hours trading.
said the co-lead underwriters for its August initial public offering will release up to 3 million outstanding shares from lockup restrictions. The move, which frees certain holders to sell shares, is effective next Monday. Baidu's shares fell $6.48, or 8.7%, to $67.70 in after-hours trading.
shares slipped 12% in after-hours trading after the company lowered its fiscal first-quarter earnings guidance, citing certain customer orders that are being moved into subsequent quarters. The networking component company now expects to earn 7 cents to 12 cents a share on revenue in the range of $31.5 million to $34 million. Previously, Digi forecast earnings of 12 cents to 17 cents a share, and revenue of $34 million to $37 million. Analysts polled by Thomson First Call anticipated a profit of 16 cents a share and sales of $37.9 million. Digi shares fell $1.40 to $10.55.
shares jumped 13% in late trading after the cold remedy maker lifted its 2005 forecasts. Matrixx now sees 2005 earnings growth of 35% to 45%, up from an earlier forecast of 10% to 20%. The company lifted its sales-growth projection to 45% to 50% from 25% to 35%. Based on 2004 earnings of 52 cents a share and sales of $60.2 million, the new forecast calls for earnings of 70 cents to 75 cents and sales of $87.3 million to $90.3 million. Analysts, on average, predict 2005 earnings of 76 cents a share and sales of $81 million. Matrixx shares gained $2.55 in after-hours trading to $21.66.
reported fourth-quarter net income of $4.9 million, or 15 cents a share. The results were down from $35.3 million, or $1.16 a share, a year ago, when earnings included a tax gain of $28.9 million, or 95 cents a share. Revenue for the quarter fell to $56 million from $59.7 million last year. The results beat analyst projections for earnings of 10 cents a share and sales of $53.2 million. Still, the stock was down 35 cents, or 1.2%, to $28.90 in after-hours trading.
said its Sweden-based Mobitec AB unit and its German Mobitec GmbH unit in Germany have received three orders totaling more than $1.5 million. "According to our revised and updated strategic business plans, and as previously reported, the company is positioned to potentially reach the $85 million to $95 million range in an annual sales run rate by the end of 2008," said David Turney, chairman and CEO of Digital Recorders, in a statement. The digital communications company's stock rose 19 cents, or 12%, to $1.80 in late trading.
board approved a 2-for-1 stock split in the form of a stock dividend. The split is subject to shareholder approval at a special meeting planned for the first quarter. The oil rig operator's shares gained 62 cents, or 0.8%, to $78.03 in after-hours trading.
announced that its board authorized a $1 billion stock-repurchase program. The publishing company's latest buyback program replaces a $2.5 billion plan approved in March 2000. The original plan had $160 million remaining. Shares of Tribune gained 20 cents, or 0.6%, to $31.40 after hours.