Motorola ( MOT) sank 7.6% ahead of the company's fourth-quarter earnings Wednesday.

Analysts expect the company to report earnings of 13 cents a share in the quarter on revenue of $9.6 billion, compared to 26 cents a share on revenue of $11.8 billion a year ago. Shares of Motorola were off $1.01, hitting a new 52-week low of $12.32.

Shares of Alcatel Lucent ( ALU) fell 12% after Goldman Sachs research analysts cut their rating on the stock and adopted a cautious attitude toward the telecom sector on fears of a economic slowdown. The firm downgraded Alcatel Lucent to sell from neutral. The stock declined 83 cents to $6.07.

The suspense hangs as Cardiome Pharma ( CRME) and its co-development partner Astellas Pharma said Tuesday that they've been informed by the U.S. Food and Drug Administration (FDA) that the agency hasn't made a decision regarding Kynapid (vernakalant hydrochloride) for atrial fibrillation or irregular heart rhythm.

The FDA's goal date for deciding whether to approve the drug, which will be Cardiome's first on the market if approved, was January 19. In December, an FDA advisory panel voted 6-2 to recommend the FDA approve Kynapid. Shares were trading down 58 cents, or 8%, at $7.02.

PetMed Express ( PETS), a vendor of medication for pets, jumped 21.2% to $13.30 on a rise in fiscal third-quarter earnings. The Pompano Beach, Fla.-based company reported income of $4.4 million, or 18 cents a share, vs. $2.8 million, or 11 cents a share, in the year-ago quarter. Analysts polled by Thomson Financial were expecting 14 cents a share.

Another winner -- Ventana Medical Systems ( VMSI) succumbed to the temptation of Roche's advances, which have been ever-present since June of 2006. The company agreed to be purchased for $3.4 billion, or $89.50 a share, in cash - a 4.9% premium to Ventana's closing price on Friday, but a 19.3% premium to Roche's initial offer and a 72.3% premium to Ventana's closing price the day before the initial offer.

Christopher Gleeson will remain CEO of Ventana's business after the merger and will become a member of the Roche Diagnostics Executive Committee.

Shares were up $3.72, or 4.4%, to $89.05.

On the losing side, Corinthian College ( COCO), a post-secondary education company, saw shares fall 30.7% to $7.55 on its announcement that reductions in loans for students with higher credit risk would reduce earnings. The Santa Ana, Calif.-based company cut 2008 earnings guidance to the lower end of its previous range of 40 to 45 cents a share.

This article was written by a staff member of TheStreet.com.

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