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Early-Market Movers: Medivation, Zoran Corp.

 
By Michael Goldstein
FOXBusiness
     

    Stock futures were mixed, but mostly flat, as traders wait on the release of home price index and consumer confidence numbers.

    Here are some of the early-market movers for Tuesday.

    Medivation Inc. (MDVN) 

    The company announced it entered into an agreement with Astellas Pharma Inc. to jointly develop Medivation’s MDV3100 experimental prostate cancer treatment. Medivation will receive an initial payment of $110 million, and up to $655 million if the drug reaches various milestones. Medivation shares were up 12% in pre-market trading.

    Microvision, Inc. (MVIS) 

    Shares were up 8% in pre-market trading after the company announced it has received an initial purchase order from its European distributor for its SHOWWX laser-based pico projector to be sold by a top mobile phone operator

     LDK Solar Co. LTD. (LDK)

    Shares of the solar component manufacturer were up 6.6% after the company raised it third quarter revenue guidance to between $270 million and $290 million. Previous guidance had been in the range of $240 million to $270 million.

    Baidu Inc. (BIDU) 

    The Chinese search engine provider released third-quarter results after the bell reporting non-GAAP earnings of $2.16 per share with revenue $187.3 million in revenue. The company offered disappointing guidance for the fourth quarter however with revenue estimates below analyst expectations. The lower guidance had shares down 19.2% in Tuesday’s pre-market trading. 

    Scientific Games Corp (SGMS)

    Shares of the lottery operator were down 9.8% in pre-market trading Tuesday despite posting better-than-expected third-quarter results after the bell Monday. The company reported non-GAAP earnings of 24 cents per share while analysts were expecting 18 cents per share. The company announced that CEO Joseph Wright would retire and analysts at William Blair & Co. cut their rating to “market perform” form “outperform.” 

    Zoran Corp. (ZRAN) 

    The digital solutions provider released third-quarter results after the bell Monday beating expectations with reported non-GAPP earnings of 17 cents per share, well above estimates of 4 cents per share. The company lowered fourth quarter guidance however and is now projecting revenue below current estimates due to impact from discontinuing development of a processor for mobile devices. Shares were down 8.5% in pre-market trading on Tuesday.