Shares of Theravance Inc. (NASDAQ: THRX) rallied about 15% by afternoon trade after a federal advisory panel on Wednesday said that proposed lung treatment drug, Breo Ellipta, jointly developed by GlaxoSmithKline PLC and Theravance was not only effective but also safe and confirmed that it will approve the product . Breo Ellipta, which is meant to treat chronic obstructive pulmonary disease or COPD, is once-a-day inhalation drug.
Shares of Core Laboratories N.V. (NYSE:CLB) climbed about 9.50% by afternoon trade after the energy services company reported better-than-expected quarterly results and upwardly revised its outlook, late last evening. For the fiscal first quarter, the Amsterdam based Company reported net income of $56.5 million or $1.22 a share compared to a profit of $54 million or $1.13 a share, in the year-earlier quarter. Revenue during the quarter soared 11% to $260.9 million from $234.2 million. Analysts’ consensus estimate was for earnings of $1.16 a share on revenue of $247.3 million, according to a data compiled by FactSet Research. For the fiscal 2013, the Company expects earnings to be in the range of $5.06 a share to $5.26 a share on revenue of $1.06 billion to $1.075 billion. Earlier, Core Labs had provided earnings guidance of $4.96 to $5.22 a share on revenue of $1.03 billion to $1.07 billion. Analysts’ consensus estimate was for earnings of $5.12 a share on revenue of $1.06 billion.
Shares of SanDisk Corporation (NASDAQ:SNDK) fell about 4.25% by afternoon trade. Although the memory chipmaker topped Street’s estimates in the fiscal first quarter, investors are worried about the future pricing strategy of the chip industry. While memory chip prices fell sharply during last year, prices of DRAN and NAND have risen significantly in the same period. Now, industry analysts are worried that chipmakers could ramp up the production which could adversely impact NAND prices and shrink margins. For the recently concluded quarter, the Company posted a profit of $166 million or 68 cents a share compared to a net income of $114 million or 46 cents a share, in the same quarter of last year. Excluding onetime items, adjusted earnings stood at 84 cents, beating analysts’ consensus estimate by 5 cents a share. Revenue in the fiscal first quarter surged 11% to $1.34 billion while analysts’ consensus estimate was for $1.307 billion, according to a data compiled by Thomson Reuters.
Shares of eBay Inc. (NASDAQ: EBAY) tumbled about 5.50% by afternoon trade after the internet commerce and auction services provider, late last evening provided downbeat outlook on the fiscal second quarter. However, both earnings and revenue in the fiscal first quarter topped analysts’ estimate.
For the current quarter, eBay expects earnings per share to come between 61 cents and 63 cents while analysts’ consensus forecast for 66 cents a share, according to a poll conducted by Thomson Reuters. In the fiscal first quarter, adjusted earnings came at 63 cents a share compared to 55 cents a share, in the year earlier quarter. Revenue jumped 14% in the fiscal first quarter to $3.75 billion. Analysts’ consensus estimate was for earnings of 62 cents a share on revenue of $3.77 billion.
Shares of Morgan Stanley (NYSE: MS) tumbled about 4.30% by afternoon trade. Although nation’s sixth largest bank in terms of assets said that it swung into fiscal first quarter profit, investors were dissatisfied due to declining revenue in the commodities trading and fixed income business.
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