Pre-market: CalAmp Corp. downgraded as profit falls
Oxnard, Calif.-based wireless products provider CalAmp Corp. (Nasdaq: CAMP) reported after Thursday’s close that net income in the fourth quarter was $0.73 million, or $0.03 per share, compared with $3.5 million, or $0.15 per share in the fourth quarter of fiscal 2006. Analyst Oppenheimer & Co. responded by downgrading shares to “neutral” from “buy”. The stock has lost $0.08, or 1%, to $7.82.
Shares of Dendreon Corp. (Nasdaq: DNDN) are rising despite news during trading on Thursday that the Seattle-based biotechnology company is delaying the release of its prostate cancer drug Provenge until 2008. Dendreon has also reduced its headcount by 15%. Shares are up $0.39, or 7%, to $6.38.
Restaurant operator Buffalo Wild Wings, Inc. (BWLD) has plans to acquire the assets of nine Buffalo Wild Wings franchised restaurants in the Las Vegas area, including one unit which is currently under construction, the Minneapolis, Minn.-based company announced before the opening bell. It also announced a two-for-one stock split in the form of a 100% stock dividend to its shareholders. The stock has added $1.56, or 2%, to $79.19.
Shares of Lafayette, La.-based Superior Offshore International, Inc. (Nasdaq: DEEP) are down on news after Thursday’s close that the provider of subsea construction and commercial diving services narrowed its net income for the quarter ended March 31 to $6.2 million, compared with $11.9 million in the first quarter of 2006, partially attributed to higher labor costs. Analyst estimates were not available. The stock has lost $0.06, or 0.33%, to $18.35.
Pompono Beach, Fla.-based Onstream Media Corp. (Nasdaq: ONSM), a provider of live and on- demand, digital media communications, reported this morning that its net loss for the three months ended March 31 was $8.04 million, or $0.29 per share, compared with a net loss of $2.69 million, or $0.20 per share, in the same quarter of 2006. Analyst estimates were unavailable. Nevertheless, shares are up $0.26, or 12%, to $2.45.
Shares of DURECT Corp. (Nasdaq: DRRX) are trading lower on news this morning that the Alzheimer's disease treatment candidate Memryte, which is being developed by Voyager Pharmaceutical Corp. using DURECT’s biodegradable implant technology, works on women but not on men. Cupertino, Calif.-based Durect is entitled to milestone payments from Voyager if certain development milestones are met and royalties if the drug is commercialized. The stock is down $0.09, or 2%, to $4.26.
