(Premarket story updated with Savient Pharmaceuticals news and share price information.)NEW YORK ( TheStreet) -- Savient Pharmaceuticals ( SVNT) said that president Paul Hamelin will continue to lead the company until it finds a new CEO. Shares of the company are down 1.02%, or 12 cents, to $11.65 in premarket trading.
Capital Markets analyst Robert Norfleet upgraded engineering and construction firm KBR ( KBR) to a buy rating from a hold, saying rising commodity prices will likely boost demand for its services. He set a $37 price target on the shares. KBR shares are up 2.88%, or 89 cents, to $31.79 in premarket trading.
Biotechnology company MannKind ( MNKD) has announced that the U.S. Food and Drug Administration is delaying a decision on the company's diabetes drug, Afrezza. MannKind said the FDA needs about four more weeks to complete its evaluation of the inhaled insulin drug. MannKind stock is up 0.12%, or 1 cent, to $8.24 in premarket trading.
Equities research analysts at Davenport raised their 2011 and 2012 earnings estimates for Alcoa ( AA) on Monday to $1.12 and $1.40, respectively, from $1.05 and $1.32 on higher aluminum prices.
SAP ( SAP) has been ordered to pay interest on the $1.3 billion in damages it owes to Oracle ( ORCL). Last month Oracle was awarded $1.3 billion in damages from SAP after it sued its rival for software theft. SAP shares are down 0.3%, or 15 cents, to $ 50.32 and Oracle shares are falling 0.44%, or 14 cents to $31.43 in premarket trading.
Santarus ( SNTS) and Dutch biotechnology firm Pharming Group ( PHAR) have submitted a marketing approval application to the U.S. Food and Drug Administration for their anti-swelling drug, Rhucin. Shares of Santarus rose 3.15%, or 10 cents, to close at $3.27 on Tuesday.
The price of silver has jumped 70% in 2010, boosting shares of Hecla Mining ( HL) as investors seek to profit from the metal's rise. In the third quarter, the oldest silver miner in America produced 2.7 million ounces of silver for negative cash costs of $1.01 an ounce. Shares of the company are climbing 1.16%, or 13 cents, to $11.37 in premarket trading.
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