Alkermes Plc (NASDAQ: ALKS) rallied after the company said its mid-stage clinical trial of the drug ALKS 5451, meant to cure depressive disorders, showed it was capable of “significantly reducing” symptoms of depression. The Company said that it carried studies on 142 patients. Based on the outcome of clinical trials, the Company now intends to hold a meeting with the U.S Food and Drug Administration (FDA) and commence later stage studies.
Shares of CSX Corporation (NYSE: CSX) tumbled about 3.15% by afternoon trade after the railroad transportation services provider, late last evening, said that earnings in fiscal 2013 will remain flat or down from earlier years levels. For the fiscal first quarter, the Company reported earnings of 45 cents a share on revenue of $2.96 billion compared to analysts’ expectation of 40 cents a share on revenue of $2.92 billion. The Company also boosted its quarterly dividend to 15 cents a share from 14 cents a share and announced $1 billion worth share repurchase program. The Company said that it anticipates average annual earnings growth of 10% to 15% through 2015 (except 2013).
Shares of Bank of America Corp. (NYSE: BAC) tumbled about 6% by midday trade. Although fiscal first quarter earnings jumped four times thanks to cost cutting measures and lower amount of money set aside for bad loans, EPS fell short of estimate.
The bank reported earnings of 20 cents a share up from 3 cents a share in the same quarter of last fiscal. Revenue during the period increased 5.5% to $23.5 billion. Analysts’ consensus estimate was for earnings of 22 cents a share on revenue of $23.41 billion, according to a data compiled by Thomson Reuters.
Shares of Mattel Inc. (NASDAQ: MAT) climbed after the toy maker handed strong fiscal first quarter results. For the fiscal first quarter, the El Segundo CA based Company posted a net income of $38.5 million or 11 cents a share, up from a profit of $7.8 million or 2 cents a share, in the same period of last fiscal.
Net sales surged 7.2% to $995.6 million. Analysts’ polled by Thomson Reuters were expecting earnings of 9 cents a share on revenue of $986 million.
Shares of Apple Inc. (NASDAQ: AAPL) tumbled about 6 by afternoon trade. DigiTimes reported that iPad mini shipments will decline between 20% and 30% quarter-on-quarter to 10 to 12 million units in the second quarter. The report comes just a day after when Cirrus Logic Inc., which supplies audio chips for the iPhone and iPad, said sales of a particular chip have slowed down as users switch over to new devices. Separately, analyst Peter Misek at Jefferies & Co pointed that Cirrus’ statement indicates that Apple’s sales in the period stretching from April to June could decline sharply.
Shares of Caterpillar Inc. (NYSE: CAT) fell about 1.40% by midday trade after analysts Macquarie Research downgraded the stock to “neutral” from “outperform” and slashed the price target on shares to $88 from $112, citing that Caterpillar’s macroeconomic assumptions appear optimistic but China “continues to drag”.
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