Micron, Depomed: After-Hours Trading (Update 1)
Updated from 5:12 p.m. ET for latest share prices, information about Micron Technology
.
NEW YORK (
) -- Shares of
Micron Technology
fell in Friday's extended session as investors reacted to tragic news that the company's CEO and chairman, Steve Appleton, has died in a plane crash in Boise, Id.
The chip maker announced the news earlier in the day, and trading in the company's stock was halted. In after-hours action, the shares were last quoted at $7.78, down 2.1%, on volume of more than 260,000, according to
Nasdaq.com
.
In a statement after the close, Micron said Mark Durcan, the company's president, will assume the CEO duties until the board names a successor.
"Steve was a true friend who will be dearly missed by all of us," said Durcan, who is also Micron's chief operating officer, in the press release. "Our thoughts and prayers are with his family and our team members as we all grieve this tragic loss."
Micron's board plans to meet over the weekend. The company's stock is down more than 30% over the past year.
Depomed
Shares of
Depomed
(DEPO)
rose after
Merck
(MRK) - Get Report
received regulatory approval of Janumet XR, a tablet treatment for type 2 diabetes, that Depomed will receive royalties from.
The company said it will receive "modest, single-digit royalties on net product sales" of Janumet XR stemming from a patent licensing deal it signed for its metformin extended release technology with Merck in 2009.
Depomed received $10 million when the licensing deal was signed, and an additional $2.5 million when Merck filed its new drug application for Janumet XR.
The stock was last quoted at $7.02, up 4.8%, on volume of more than 25,000, according to
Nasdaq.com
. Based on Friday's regular session close at $6.70, the shares are down more than 35% in the past year, although they've bounced 60% since hitting a 52-week low of $4.20 on Nov. 1.
Depomed is slated to report its fiscal fourth-quarter results on Feb. 27. The average estimate of analysts polled by
Thomson Reuters
is for a loss of 29 cents a share in the December-ended period on revenue of $10.9 million.
The four sell-side analysts covering Depomed are all bullish at either strong buy (1) or buy (3), and the median 12-month price target sitting at $8.
Check out TheStreet's quote page for Depomed for year-to-date share performance, analyst ratings, earnings estimates and much more.
--
Written by Michael Baron in New York.
>To contact the writer of this article, click here:
Michael Baron
.
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