Among the companies with shares expected to actively trade in
Friday's session are Forest Oil Corp. (FST), Discovery Laboratories
Inc. (DSCO) and Xyratex Ltd. (XRTX).
Forest Oil disclosed it agreed to sell its Texas Panhandle
assets for $1 billion. The stock climbed 9.5% to $6.95 in premarket
trading as the oil and gas producer said it expects to use proceeds
from the sale to primarily reduce debt and bolster financial
flexibility.
Discovery Labs surged premarket as the Food & Drug
Administration approved a specification update for Surfaxin,
clearing the way for the product's sale after delays in getting to
market a drug to prevent respiratory-distress syndrome in premature
infants. In April, the FDA wanted clarifications and gave
recommendations to Discovery. Surfaxin, which received FDA approval
in March 2012, was slated to first become available this past
spring. Production has now begun and Discovery expects sales to
start before year's end. Shares soared 61% to $3.18.
Xyratex's fiscal third-quarter earnings fell 70% on a
double-digit revenue decline mostly related to a continued
reduction in revenue from NetApp Inc. (NTAP). Shares were down 7.4%
at $11.11 in light premarket trading as the company also gave a
mostly downbeat outlook for the current quarter.
Union Pacific Corp. (UNP) issued third-quarter earnings and
revenue targets that fell short of Wall Street's expectations, as
the railroad operator said mild weather and an uncertain economic
environment led to flat volumes. Shares of Union Pacific fell 1.2%
to $153.50 premarket. Peers CSX Corp. (CSX) and Norfolk Southern
Corp. (NSC) were also trading lower.
Lannett Co. (LCI) said an offering of 5.87 million of its shares
priced at a 14% discount to Thursday's close. The offering includes
4.25 million shares offered by the company and 1.62 million on
behalf of selling shareholders. The generic pharmaceutical maker
intends to use proceeds for general corporate purposes. Lannett
recently had about 28.7 million shares outstanding, according to
FactSet. Shares fell 13% to $18.19 in premarket trading.
NeoStem Inc. (NBS) said its offering of five million shares
priced at an 11% discount to Thursday's close. The company intends
to use the proceeds for working capital, including research and
development of cell therapeutic product candidates, expansion of
business units, strategic transaction and other general corporate
purposes. NeoStem recently had about 20.3 million shares
outstanding, according to FactSet. Shares fell 11% to $7
premarket.
Delcath Systems Inc. (DCTH) said it has cut about one-third of
its workforce to cut costs, just three weeks after the
pharmaceutical and medical-device company fired its chief executive
and created a committee to explore strategic options. Shares
dropped 15% to 44 cents in premarket trading.
Watch List:
Comtech Telecommunications Corp.'s (CMTL) fiscal fourth-quarter
earnings fell 35% as the maker of advanced communication systems
posted sales declines throughout its operations. However, per-share
earnings beat analyst expectations and the company recorded its
highest quarterly bookings number for the year.
Pfizer Inc. (PFE) said the Food and Drug Administration approved
its Duavee treatment for moderate to severe hot flashes and to
prevent post-menopausal osteoporosis in women. The drug was
developed by Pfizer's Wyeth Pharmaceuticals unit as part of a
broader collaboration with Ligand Pharmaceuticals Inc. (LGND).
Fabless semiconductor company Silicon Motion Technology Corp.
(SIMO) said revenue for the third quarter will be at the lower end
of its prior expectations, though adjusted margins are expected to
be within the upper half of its guidance.
Write to Lauren Pollock at lauren.pollock@wsj.com
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