Updated to include latest share prices, additional information on VIVUS and Analog Devices
NEW YORK (
) -- Shares of
doubled after Wednesday's closing bell as investors reacted to
about Qnexa, the company's proposed treatment for obesity in adults.
The stock was last quoted at $21.12, up 100%, on volume of 2.6 million, according to
VIVUS said the committee voted 20-to-2 in favor of making the recommendation for approval based on a "favorable benefit-risk profile."
The company noted that the recommendation doesn't guarantee the drug will receive approval from the FDA. Rather the guidance will be considered when the FDA reviews the company's new drug application for Qnexa, which was submitted in October 2011. A previous bid for approval of Qnexa failed because of health safety concerns.
Even before Wednesday's news, VIVUS shares were on a roll, rising nearly 40% in the past year based on the regular-session close at $10.55, and hitting a 52-week high of $13.18 on Feb. 7. Wall Street had a bearish lean on the company ahead of the report with eight of the 14 analysts covering the stock at hold (6) or sell (2), although the median 12-month price target sits at $14.
fell in late trades after the fashion apparel retailer gave a below-consensus outlook for the current quarter.
The Columbus, Ohio-based company, whose brands include Victoria's Secret and Bath & Body Works, sees earnings of 35 to 40 cents a share for its fiscal first quarter ending in April. That's below the current average estimate of analysts polled by
for a profit of 44 cents a share in the three-month period.
For fiscal 2012, Limited forecast earnings of $2.60 to $2.80 a share vs. the consensus view for a profit of $2.91 a share. The disappointing outlook comes despite the company saying it now sees same-store sales for February rising in the mid to high single digit range on a percentage basis, up from a prior forecast for an increase in the low single digits.
The stock was last quoted at $44.12, down 3%, on volume of more than 260,000, according to
. Based on Wednesday's regular session close at $45.48, the shares are up nearly 14% so far in 2012, and more than 40% in the past year, hitting a 52-week high of $46.70 on Feb. 16.
For its fourth quarter ended in January, Limited reported an adjusted profit oif $1.50 a share, ahead of Wall Street's view for earnings of $1.46 a share. The company also said after the bell that it had completed a $250 million stock buyback program, and that its board has approved an additional $500 million repurchase authorization.
The sell side had some reservations about Limited shares ahead of the report with 13 of the 24 analysts covering the stock at either hold (12) or underperform (1), and the stock was bumping up against the median 12-month price target of $46.
In addition, the shares had made strong moves above both the 50-day and 200-day moving averages of $42.35 and $40.44, respectively. The forward price-to-earnings multiple stands at 15.6X at current levels vs. 12.8X for a competitor like
, which reports its quarterly results on Thursday, and 13.1 for the
lost ground in the extended session after the PC and printer maker's
fell short of Wall Street expectations.
Although its latest quarterly profit topped the consensus view, HP said it expects earnings of 88 to 91 cents per share for the current three-month period ending in April, below the average estimate of analysts polled by
for a profit of 95 cents a share.
The stock, which was down more than 30% but had bounced 14% year-to-date, was last quoted at $28.56, down 1.3%, on late volume of 3.6 million, according to
Check out TheStreet's quote page for HP for year-to-date share performance, analyst ratings, earnings estimates and much more.
Another big mover in after-hours action was
The Charlotte, N.C.-based maker of filtration products that are used in lithium batteries and for medical and industrial applications also forecast a sequential decline in its results in the current quarter because of "some headwinds" that have cropped up.
The stock was last quoted at $37.45, down 14%, on volume of nearly 600,000, according to
. Based on Wednesday's regular-session close at $43.52, the shares were down around 13% for the past year, but they had bounced significantly since scraping a 52-week low of $36.60 on Jan. 31.
Check out TheStreet's quote page for Polypore for year-to-date share performance, analyst ratings, earnings estimates and much more.
fell back in the extended session after the Norwood, Mass.-based chip maker came in light on both the top and bottom lines in its fiscal first quarter ended in January, reporting earnings of 46 cents a share on revenue of $648.1 million vs. the consensus view for a profit of 48 cents a share on revenue of $662.3 million.
The shares were off 2.6% to $38.80 on volume of around 200,000 after the bell despite news that the company's board had approved a 20% increase in the quarterly dividend to 30 cents a share.
Jerald Fishman, the president and CEO of Analog Devices, expressed some optimism about the second quarter as well.
Late in the first quarter, order rates began to accelerate and have remained solid so far this quarter," he said in a press release. "This leads us to believe that the first quarter marked the bottom of this industry cycle and we expect our business will improve beginning in the second quarter."
Written by Michael Baron in New York.
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