Shares of Cleantech Solutions Inc. (NASDAQ: CLNT) skyrocketed 26% in early trade. The Company provided upbeat guidance for the fiscal 2013. Based on current orders and anticipated orders, Cleantech expects net income to be in the range of $8 million to $8.5 million on revenue range of $60 million to $62 million.
“We expect to see strong growth in our top and bottom lines in 2013, led by sales of airflow dyeing machines and anticipated sales of new products, including our after treatment compacting machine,” said Cleantech’s Chairman and CEO, Mr. Jianhua Wu. The China based Company manufacturers metal components mainly used in solar, wind and other cleantech industry. Besides, it also make dyes and finishing equipments used in the textile industry.
Shares of Achillion Pharmaceuticals Inc. (NASDAQ: ACHN) plunged about 20% in early trade. The Food and Drug Administration (FDA) asked the drug maker to put its early stage clinical trial on treatment called sovaprevir on hold due to safety reasons. Sovaprevir is an oral treatment for hepatitis C.
Early stage clinical trials showed that exposure to this treatment caused elevation of liver enzymes among healthy patients, which the company said was possibly due to exposure to sovaprevir and other treatment, atazanavir. Achillion voluntarily stopped clinical experiments when it found there were few safety concerns.
The Company said that its first round studies found that when both these drugs are taken together, they resulted in a metabolic interaction which drastically increased the plasma concentration. However, no serious side-effects were reported, the drug maker said. This is a huge setback for Achillion since it is competing with companies such as Bristol Meyers Co and Gilead Sciences to bring an oral treatment for hepatitis C. Hepatitis C oral treatment is estimated to be a multi-billion dollar market.
Shares of A Schulman Inc. (NASDAQ: SHLM) fell about 7.30% by early trade. The plastic compound maker not only missed fiscal third quarter estimates by a long margin but also slashed its already downwardly revised full-year outlook. The Company said that ongoing restructuring of business and weakness in Europe was weighing heavily on the bottom line. On non-GAAP basis, the Company posted a profit of $14.8 million or 50 cents a share compared to a net income of $20.7 million or 70 cents a share, in the same period of last fiscal year. Analysts expected earnings of 65 cents a share.
Sales dipped 3% to $548.6 million from $563 million, in the year-earlier quarter as both selling price and sales volume fell. For the fiscal 2013, A Schulman expects adjusted earnings to be in the range of $1.70 to $1.80 a share down from its previous forecast for earnings of $2.08 to $2.13 a share. Analysts’ consensus forecast was for $2.01 a share.
Shares of Zynga Inc. (NASDAQ: ZNGA) rallied about 10% in early trade. The struggling online social games services provider announced on Monday that Don Mattrick will be the new CEO, effective July 8. Besides, he will also serve as a member of the Board of Directors. Mark Pincus, Zynga Inc’s founder CEO will serve as the Chief Product Officer and continue to be the chairman of the Board of Directors. Mattrick, a veteran in the entertainment industry, served as a President at Microsoft’s Xbox 360 unit, an interactive entertainment business for three years. In all, Mattrick spent 6 years at Microsoft. Before that, Mattrick served as the President at Worldwide Studios in Electronic Arts.
Shares of Celldex Therapeutics Inc. (NASDAQ:CLDX) jumped about 8.50% in early trade. The Phillipsburg, N.J., based Company announced on Monday that it has commenced its pilot study on Dense Deposit disease.
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