LG Display ( LPL) shed $1.63, or 6.9%, to $22.07 after an analyst at Credit Suisse in Hong Kong downgraded the stock to neutral from outperform. He said he saw limited upside in the stock after a recent rally. Shares of BMC Software ( BMC) rose $2.22, or 6.1%, to $38.65 after it beat analysts' expectations for the fourth quarter. Revenue rose 11.3% to $466.9 million, topping the Street's expectations of $460.3 million. Net income jumped 54.5% to $97 million. Excluding special items, EPS was 63 cents. Analysts were looking for EPS of 51 cents. Genentech ( DNA) said late Thursday that final safety and efficacy results for its C-08 trial on Avastin in early stage colon cancer will be available a year earlier than previously expected -- 2009 rather than 2010. In conjunction with the release of abstracts for the ASCO meeting, the company also announced that an independent data monitoring board recently cleared the study to continue. Wall Street analysts noted on Friday that it's clearly a positive that there were no safety issues, but debatably negative that the study didn't have enough efficacy at the recent check to be stopped. Investors seemed to approve, however, and shares rose $1.25, or 1.8%, to $70.08. Friedman, Billings, Ramsey and Co. analyst Jim Reddoch said in a note to investors that after sifting through the abstracts, Celgene ( CELG) was his top pick going into the conference, which starts at month's end. He was impressed by the velcade/revlimid combination in front-line multiple myeloma, which showed a 65% very good partial response or better and compared favorably to a combination of revlimid and low-dose dexamethasone. "We think more doctors will use the combo after this, and that benefits CELG by longer treatment durations," he wrote. Reddoch also liked maintenance data released in a separate ASCO abstract Thursday.
Celgene shares rose 3.4% to $61.32. Among the losers, Flagstar Bancorp ( FBC) fell to new lows. The Troy, Mich., savings and loan company announced it is raising $100 million in an equity sale to institutional investors. Flagstar is raising the money to strengthen its balance sheet. Shares fell 20% to $4.77. China Precision Steel ( CPSL) climbed 30% to $5.64. The Hong Kong-based steel processor announced fiscal third-quarter earnings more than doubled year over year to $4.6 million, or 10 cents a share. One Wall Street analyst had predicted EPS of 5 cents.