Entropic Soars 29% On Solid Earnings (ENTR, SUPN, COOL, LORL, PSDV)
Entropic Communications, Inc. (NASDAQ:ENTR) stock surged 29.41% to $5.28 after the company said it expects second-quarter results to be better than its prior estimates, owing to strong results for its connectivity products. The company now expects second-quarter revenue to range in between $81 million and $82 million and earnings per share of $0.80 a share. In April, the company’s first-quarter profit collapsed 67% as ongoing pressures in the semiconductor sector hit its top line.
Supernus Pharmaceuticals Inc (NASDAQ:SUPN) shares gained 16.25% to $14.22 after the company yesterday said that it received a tentative approval from the Food & Drug Administration for its Trokendi XR epilepsy drug. The FDA completed its review of the drug and no additional clinical study is required. The company said that final approval depends on resolving a marketing exclusivity issue raised by the FDA.
Majesco Entertainment Co. (NASDAQ:COOL) shares climbed 13.26% to $2.05 after the company announced that it has entered into a publishing agreement with Zynga, under which Zynga will publish Mini Putt Park, Majesco’s latest social game. Currently available in beta on Facebook, the game is scheduled to officially launch on Facebook and Zynga’s destination for social games Zynga.com this summer.
Loral Space & Communications Ltd. (NASDAQ:LORL) stock climbed 13.82% to $65.72 after the company yesterday announced its entry into a definitive agreement with MacDonald, Dettwiler and Associates Ltd. related to the sale of Loral’s wholly-owned subsidiary, Space Systems/Loral (SS/L). The transaction provides for Loral to receive consideration from MDA of US$875 million and cash dividends and other payments from SS/L which are expected to be in excess of US$135 million.
pSivida Corp. (NASDAQ:PSDV) stock surged 11.12% to $2.50 on an above average volume of 208k shares, 7x times its average volume. The shares of the company have plunged over 39% in the last one year. The company had earlier this month was issued an US patent titled “Ocular Trocar Assembly” for a new inserter developed by the company to facilitate administration of micro-drug delivery devices.