Late Movers: Investors Cut Nokia Lines, Capstone and Dendreon Surge Higher
After plummeting nearly 16 percent in regular trading, Nokia (NYSE:NOK) shares continued to struggle in the after-hours. The phone maker announced plans to cut one in five jobs at its global cellphone business on Thursday as it warned that its phone business would post a deeper-than-expected loss in the second quarter due to tougher competition.
Capstone Turbine Corp. (NASDAQ:CPST) shares jumped 2 percent after the closing bell. The company announced it lowered its fourth-quarter loss to $8.3 million, compared to a loss of $28.8 million a year earlier. Revenue surged 32.3 percent to $30.1 million in the same period.
A Closer Look: Capstone Earnings Cheat Sheet>>
Facebook (NASDAQ:FB) shares edged slightly lower in late trading. The social-media company gained 3.74 percent on Thursday and finally broke through resistance at $28 per share. Facebook recently announced plans to launch Facebook Exchange, a real-time bidding platform for advertising on its site.
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Dendreon Corp. (NASDAQ:DNDN) climbed higher in extended trading after surging 6.19 percent during regular trading. John Johnson, chief executive officer, has talked of the possibility of the company seeking a marketing partner in Europe for its Provenge cancer therapy in an effort to boost sales. Shareholders have been unhappy about the biotechnology company’s falling fortunes, with the stock tumbling as much as 82 percent in the past year.
Despite marking large moves to the upside this week, shares of Arena Pharmaceuticals Inc. (NASDAQ:ARNA) dropped 1 percent in late trading. Investors showed interest in the pending regulatory ruling on the company’s obesity-fighting drug candidate Lorcaserin. An FDA panel last month voted 18 to 4 (with one abstention) to recommend approval, and determined that possible benefits from the drug are greater than potential risks in long-term use by overweight and obese patients. The FDA often, but not always, follows panel guidance.
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