dipped 9.9% to $23.73. In a filing with the
Securities and Exchange Commission
, the company said research and development expenses increased by roughly $4 million over the last sequential quarter, and are expected to continue to increase in 2008, primarily due to an increase in spending on the Fampridine-SR clinical and preclinical programs.
Acorda said net loss was about $14 million for its fourth quarter and about $38 million for the year ended Dec. 31, 2007, and expects its net loss in 2008 to increase, given its anticipated increase in expenses.
fell $2.59, or 11.7%, to $19.55 following its fourth-quarter results and guidance.
An analyst at Needham & Co downgraded the stock to hold from buy on the company's mixed guidance and concerns that EPS growth may be "muted."
Riverbed earned $4.8 million, or 7 cents a share, compared with a loss of $2.4 million, or a loss of 4 cents a share the year before. Excluding charges, it reported EPS of 20 cents a share, a penny better than analysts' estimates.
Revenue rose to $76.3 million from $33.8 million a year ago and beat analysts' expectations of $71.1 million. For the current fiscal year, though, it projected revenue of $370 million to $380 million, with EPS in the range of 70 cents to 75 cents. Analysts were expecting revenue of $350.47 million and EPS of 74 cents.
Elsewhere, specialty pharmaceutical company
said Wednesday that it will sell its Active Pharmaceutical Ingredients (API) business to certain investment funds managed by 3i for $395 million in cash, with expected net proceeds of $365 million. API, which develops and markets pharmaceutical ingredients used by third parties, saw net sales of $138.7 million and operating income of $30.7 million in the nine months ended Sept. 30.
The company, which expects the deal will close in the second quarter, saw shares tack on 7.4% to $24.49.
lost 47 cents, or 5.7%, to $7.82 after the company reported an increase in fourth-quarter net income but a weak outlook.
Net income in the fourth quarter rose to $202.6 million, or $1.33 a share, from $5.3 million, or 3 cents a share, the year before. Adjusted for charges, net income was $22.7 million, or 15 cents a share compared with $17.9 million, or 12 cents a share a year ago. Revenue rose 11% to $125.5 million from a year ago.
Analysts were expecting EPS of $1.29 a share on revenue of $122.6 million.
For the current quarter, CNET guided revenue in the range of $91 million and $95 million and a loss between 4 cents and 5 cents a share. Analysts are expecting revenue of $98.71 million and a loss of a penny a share.
, a maker of telecom equipment based in Tel Aviv, Israel, jumped 16.2% to $7.89 after announcing its Corrigent Systems unit had landed a contract with Media Broadcast to supply network infrastructure components for Deutsche Telekom. Terms of the deal were not disclosed.
Meanwhile, shares of Irvine, Calif.'s
, which creates health-care information systems, screamed ahead 12.7% to $33.92 on earnings for the third quarter of its fiscal 2008. After the close Tuesday, the company announced a 29% year-over-year increase in profit to $11.2 million, or 40 cents a share, beating the average analyst expectation of 36 cents a share.
This article was written by a staff member of TheStreet.com.