jumped 15.5% in after-hours trading Tuesday after the biopharmaceutical company announced a strategic shift in its operations.
The Morrisville, N.C.-based company said it will restructure to focus more on the profitability of its HIV drug Fuzeon, cutting jobs and other programs unrelated to the drug in the process.
As part of this reorganization, Trimeris Chief Executive Officer Steven D. Skolsky will resign and Chief Scientific Officer Dani Bolognesi, a former chief executive of Trimeris, will replace Skolsky while continuing to serve in his current role. Trimeris expects to have the new business structure in place by year-end. Shares were trading up $1.56 to $11.60.
American Oriental Bioengineering
rose on a large third-quarter earnings increase that met Wall Street expectations. The China-based company earned $7.6 million, or 12 cents a share, up from $3.7 million, or 8 cents a share, a year ago. Revenue soared 101.9% from a year ago to $27.1 million.
Two analysts polled by Thomson Financial had estimated income of 12 cents a share on revenue of $26.1 million. Shares were up $1.24, or 14.7%, to $9.67.
gained after the Norwood, Mass.-based company more than doubled its profits for the quarter ended Oct. 28. The chipmaker posted income of $138 million, or 39 cents a share, compared with $68.3 million, or 18 cents a share, a year ago. Revenue was up 4% to $644.3 million. Earnings fell short of the 40-cents-a-share estimate that analysts had projected, but they were in line with Analog's own outlook, which the company had trimmed in October.
Looking ahead, Analog expects product sales of between $635 million and $670 million, and an additional $35 million in one-time revenue from a patent-license fee received earlier this month. Shares were up $1.82, or 5.5%, to $34.85.
slid after it posted disappointing results for the quarter ended Oct. 31. The electronic-design software company earned $3.7 million, or 14 cents a share, compared with $4.1 million, or 16 cents a share, a year ago. Revenue went up 14% to $20.5 million, pulling just ahead of analysts' $23.4 million projections. Earnings, meanwhile, were in line with Wall Street estimates. Shares were down $1.03, or 4%, to $24.75.
Steak 'n Shake
fell on decreased third-quarter income, as well as revenue that just missed Wall Street expectations. The Indianapolis-based restaurant chain met analysts' earnings expectations, yet it still made only $7.5 million, or 27 cents a share, compared with $8.7 million, or 31 cents a share, a year ago. Revenue increased to $152 million from $145.7 million a year ago. Analysts, however, were looking for $154.7 million. Shares were down 90 cents, or 4.9%, to $17.50.