Pre-market Movers (PDC, VTUS, STOO, TEVA)
Pioneer Drilling Co(NYSEAMEX:PDC) reduced its second-quarter revenue and margin guidance, stating lower demand and lower coiled tubing utilization.
The company expects such softness could affect its ability to meet prior estimate of $26 to $29 million of EBITDA in calendar year 2012 for coiled tubing business.
For the second quarter, the company now expects revenue growth in Production Services Division to be at the low end of previous estimate of approximately 5 percent to 10 percent. Margin in that division is now expected to be 40 percent to 42 percent, compared to the previous guidance of being flat with the first quarter margin of 43.6 percent.
In Drilling Services Division, the company projects average drilling rig utilization in the second quarter to be at the low end of previous guidance of 89 percent to 91 percent. Drilling Services margin is now expected to be $7,600 to $8,000 per day, compared to earlier guidance of approximately $8,000 to $8,300 per day.
Ventrus Biosciences Inc(NASDAQ:VTUS) slumped 57% in the pre-open session after the company says its iferanserin drug for hemorrhoidal disease failed to meet the primary end points of a phase 3 trial, the elimination of bleeding, itching and pain. Ventrus has no plans to keep working on the treatment and will instead focus on its other compounds.
Statoil ASA(ADR)(NYSE:STO) says it will lose ~$19M/day due to a strike by offshore workers, and that deliveries to customers could be disrupted. The Oseberg Field Centre and the Oseberg South and Oseberg East fields in the North Sea will be shut down; production also will cease at the Heidrun field in the Norwegian Sea. Shares of the company are down 1.83% to $22.48 in the pre-market session.
Teva Pharmaceutical Industries Ltd (ADR)(NYSE:TEVA) added 7% after the company said a U.S. district court had validated its patents for the multiple-sclerosis drug Copaxone and found that purported generic versions by Mylan Inc. and Momenta Pharmaceuticals Inc. infringe those patents.