MediciNova Slumps On Disappointing clinical trial (PDCO, RGLD, ISIL, SNPS, MNOV)
Patterson Companies Inc (NASDAQ:PDCO) increased 2.85% to $33.60 after the Company reported fourth quarter results. Consolidated sales increased 6% to $936,334,000 in the fourth quarter of fiscal 2012. Net income was $62,143,000 or $0.58 per diluted share compared to earnings of $62,707,000 or $0.53 per diluted share in the fourth quarter of fiscal 2011. The Company expects earnings to be in the range $2.10 to $2.16 per diluted share for fiscal 2013.
Royal Gold Inc (NASDAQ:RGLD) went up 0.99% to $68.29. The Company acquired the acquisition of a 3.0% net smelter return royalty on the Ruby Hill gold mine from International Minerals Corporation for $38 million. The Ruby Hill mine is located in Nevada and operated by Barrick Gold Corporation.
Intersil Corp (NASDAQ:ISIL) is up 0.48% to $10.57. The Company will reduce its workforce by 11% to cut costs and revamp its product portfolio. The Company expects to incur charges of about $9 million in the second quarter due to the restructuring.
The Company announced the expansion of its precision analog die offerings through authorized distributor Micross Components.
Synopsys Inc (NASDAQ:SNPS) moved up 4.89% to $29.58 after the Company announced second quarter results. Net income was $21.0 million or $0.14 per share compared to $81.1 million or $0.53 per share in the second quarter of fiscal 2011. Revenue was $432.6 million compared to $393.7 million in the second quarter of fiscal 2011.
The Company expects third quarter revenue to be in the range $440 million to $448 million. The Company estimates GAAP earnings per share to be between $0.29 and $0.34 for third quarter.
MediciNova Inc (NASDAQ:MNOV) plunged 44.44% to $1.53. The stock went down after the announcement of preliminary results from a hospital emergency department based Phase 2b clinical trial evaluating MN-221 in patients with acute exacerbations of asthma did not statistically meet the primary endpoint.
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