Stock Watch
Taurean Hutchinson
Issue date: 2/19/09 Section: Money
TOP STOCKS:
•MRV Communications Inc. (MRVC)
•Norvatis AG ADS (NVS)
•Ultratech Inc. (UTEK).
Semiconductor equipment maker Ultratech Inc UTEK.O) reported higher fourth-quarter earnings that beat Street estimates on strong growth in its advanced packaging segment and said it would cut 9 percent of its workforce.
Shares of the company, whose customers include Intel Corp (INTC.O), rose as much as 5 percent before paring some gains to trade up 2 percent in afternoon trade on Nasdaq. Idenix Pharmaceuticals Inc. said Friday it sold the license rights to its HIV drug candidate IDX899 to GlaxoSmithKline PLC in a deal that could be worth more than $450 million.
The agreement includes a $34 million up-front payment to Idenix, half in cash and half through a purchase of Idenix stock. IDX899 is currently in mid stage clinical testing, and if it advances through clinical trials, gets regulatory approval and reaches sales milestones, GlaxoSmithKline will pay Idenix up to $416 million more.
AVOID:
• Halliburton Company (HAL)
• Ford Motor Co. (F)
• Plantronics Inc. (PLT)
Shares of Plantronics Inc. declined Wednesday after the headset maker posted a fiscal third-quarter loss, hurt by charges and declining revenue amid the economic downturn, and gave a disappointing outlook.
For the three months ended Dec. 31, the company posted a net loss of $92 million, or $1.90 per share, down from a profit of $19.1 million, or 39 cents per share, in the same period a year earlier. Excluding items -- including a $117.5 million asset impairment charge -- the company earned 8 cents per share in the latest quarter.
Revenue fell 22 percent to $182.8 million from $232.8 million. Analysts, on average, were expecting a profit of 14 cents per share, excluding items, on sales of $187.9 million, according to a poll by Thomson Reuters.
Plantronics, which earlier this month announced a restructuring plan that involves layoffs, salary reductions and other cuts, said the worsening economy is affecting "all parts" of its business.
•MRV Communications Inc. (MRVC)
•Norvatis AG ADS (NVS)
•Ultratech Inc. (UTEK).
Semiconductor equipment maker Ultratech Inc UTEK.O) reported higher fourth-quarter earnings that beat Street estimates on strong growth in its advanced packaging segment and said it would cut 9 percent of its workforce.
Shares of the company, whose customers include Intel Corp (INTC.O), rose as much as 5 percent before paring some gains to trade up 2 percent in afternoon trade on Nasdaq. Idenix Pharmaceuticals Inc. said Friday it sold the license rights to its HIV drug candidate IDX899 to GlaxoSmithKline PLC in a deal that could be worth more than $450 million.
The agreement includes a $34 million up-front payment to Idenix, half in cash and half through a purchase of Idenix stock. IDX899 is currently in mid stage clinical testing, and if it advances through clinical trials, gets regulatory approval and reaches sales milestones, GlaxoSmithKline will pay Idenix up to $416 million more.
AVOID:
• Halliburton Company (HAL)
• Ford Motor Co. (F)
• Plantronics Inc. (PLT)
Shares of Plantronics Inc. declined Wednesday after the headset maker posted a fiscal third-quarter loss, hurt by charges and declining revenue amid the economic downturn, and gave a disappointing outlook.
For the three months ended Dec. 31, the company posted a net loss of $92 million, or $1.90 per share, down from a profit of $19.1 million, or 39 cents per share, in the same period a year earlier. Excluding items -- including a $117.5 million asset impairment charge -- the company earned 8 cents per share in the latest quarter.
Revenue fell 22 percent to $182.8 million from $232.8 million. Analysts, on average, were expecting a profit of 14 cents per share, excluding items, on sales of $187.9 million, according to a poll by Thomson Reuters.
Plantronics, which earlier this month announced a restructuring plan that involves layoffs, salary reductions and other cuts, said the worsening economy is affecting "all parts" of its business.
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