MedImmune

(MEDI)

slipped after the Gaithersburg, Md.-based biotechnology company said it intends to sell $1 billion in convertible senior notes to qualified institutional buyers. The company said it plans to offer $500 million in convertible senior notes due 2011 and $500 million in convertible senior notes due 2013. The notes will be convertible, in certain circumstances, into a combination of cash and MedImmune common stock. MedImmune said it expects to use about $500 million of the proceeds to fund the repurchase of the 1% convertible senior notes on July 15. Also, the company expects to use up to $150 million of the net proceeds to buy shares of its common stock in privately negotiated transactions concurrently with the offering of the notes. Shares dropped $1.05, or 3.59%, to $28.18.

NPS Pharmaceuticals

(NPSP)

gained on news that billionaire investor George Soros had increased his stake in the Salt Lake City-based company, according to a filing with the

Securities and Exchange Commission

, to 7.1% from 6.8%. Soros controls nearly 3.3 million shares of the company through Quantum Partners, which is an affiliate of Soros Fund Management. Shares gained 15 cents, or 3.13%, to $4.95.

Phoenix Technologies

(PTEC)

plummeted after the Milpitas, Calif.-based software maker slashed its third-quarter guidance. The company now expects to post revenue of $10 million to $12 million, down from a previous forecast of $24.5 million to $26.5 million. The company attributed the revised forecast to several factors, including a slower-than-expected Core System Software as a result of

Microsoft's

(MSFT) - Get Report

delayed launch of the Vista operating system as well as a change in the supply chain buying patterns of resellers due to a general inventory build-up in the PC market. The company also cited lower than expected royalty-based license revenue. The company expects 2006 revenue of $68 million to $70 million. Phoenix said it expects total above-the-line expenses to decline by about 10%-13% in the fourth quarter to between $19.5 million and $20.0 million. Total above-the-line expenses in the third quarter are expected to remain flat with the second quarter at $22.5 million. Shares fell $1.24, or 21.27%, to $4.59.

Xyratex

(XRTX)

stumbled after the British storage-technology company missed Wall Street's second-quarter earnings expectations. The company earned $24.6 million, or 83 cents a share, up from $11.1 million, or 38 cents a share, a year ago. Revenue totaled $288.9 million, up 70% from a year ago. Excluding items, Xyratex earned 85 cents a share. Analysts were looking for the company to post earnings of 87 cents a share on revenue of $276.8 million. Looking ahead, the company projected third quarter revenue to be in the range of $233 to $248 million. Excluding items, the company is looking for earnings of 44 cents and 54 cents a share. Analysts are looking for earnings of 35 cents a share on $207 million in revenue. Shares fell $1.20, or 4.23%, to $27.20.

Bed Bath & Beyond

(BBBY) - Get Report

slipped after the Union, N.J.-based retail chain store operator reported a modest increase in profit. The company earned $100.4 million, or 35 cents a share, up from $98.9 million, or 33 cents a share a year ago. Sales rose 12% to $1.39 billion. Comparable store sales rose about 4.9%, compared with an increase of about 4.4% in last year's fiscal first quarter. Wall Street was looking for earnings of 35 cents a share on sales of $1.39 billion. Shares fell 97 cents, or 2.63%, or $35.95.