Pre-Market Action (MBND, RIO, NBIX, DANG)
Multiband Corporation (NASDAQ: MBND) jumped 2% to $3.39 in the pre-market session after the company reported fourth quarter revenues increased 9.9% to $77.6 million, as compared to $70.6 million for the year ago period. Operating income stood at $2.4 million for the fourth quarter, as compared to $4.1 million in the same period last year.
Looking forward, the company expects fiscal 2012 revenue of approximately $320 million and adjusted EBITDA of approximately $23-$26 million. Analysts are expecting the company to report revenues of $295 million and EBITDA of $25 million for fiscal 2012.
Rio Tinto plc (ADR) (NYSE: RIO) gained 1.72% to $54.99 in the after hour after the company is looking at options that may exit diamond operations. The company said that it had begun a strategic review of the business, including exploring a range of options for the possible divestment of its diamond interests, which include three mines in Australia, Canada and Zimbabwe.
Neurocrine Biosciences, Inc. (NASDAQ: NBIX) fell 8.57% to $8.22 in the after hour as the company announced Phase II results of vmat2 inhibitor nbi-98854 for treatment of tardive dyskinesia. For the final analysis, data from one site was removed due to the inconsistent and incorrect application of the efficacy assessment protocol. With this site removed, the results showed a significant reduction in tardive dyskinesia symptoms at end of two weeks of active treatment with 50mg once-daily doses of NBI-98854.
E Commerce China Dangdang Inc (ADR)(NYSE:DANG) also moved up over 5% to $7.84 after analyst at Oppenheimer raised their investment rating on the stock to Outperform and set a price target of $9.50, citing given DANG’s market leadership in China’s fast-growing B2C e-commerce space, early signs of a stabilizing operating and competitive environment and the return of investor interest in Chinese internet stocks, it is more positive on DANG’s prospects.