The three major indices ended the market trading this week with gains. Nasdaq finished the trading with 0.80 percent gain to 3436.58, the S&P 500 increased by 0.43 percent to 1633.70 while the Dow Jones surged by 0.24 percent to 15,118.49.
Some of the big movers on the market today include Warner Chilcott plc (NASDAQ:WCRX), Ubiquiti Networks Inc (NASDAQ:UBNT), Tesla Motors, Inc (NASDAQ:SREV), and Pain Therapeutics Inc (NASDAQ:PTIE).
Post Market News:
Warner Chilcott plc (NASDAQ:WCRX)- The stock price of the company jumped to as much as $17.94 per share today after the board of directors of the company confirmed their discussion with Actavis Inc (NYSE:ACT) regarding the possibility of a merger transaction between the two companies. The stock price of Actavis also surged to as much as $119.29 per share today. The stock value of the two companies ended the trading at $18.01 per share, up by almost 20 percent.
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The Irish drug maker’s first quarter net income did not change at $113 million or $0.45 per share while its revenue declined by 13 percent from $685 million to $593 million. The financial results of the company missed the consensus expectations of analysts at $0.85 earnings per share on $592.2 million revenue based on data compiled by FactSet.
According to the drug maker, the sales of Asacol, the medicine for treatment of ulcerative coalitis dropped because it stopped selling one dose of the drug after obtaining a marketing approval for its newer drug that treats the same condition. Warner Chicott’s revenue from Actonel, an osteoporosis drug continues to decline due competition against generic in Western Europe and Canada.
Ubiquiti Networks Inc (NASDAQ:UBNT)- The shares of the company surged by more than 18 percent today after reporting strong third quarter financial results and providing higher guidance for the fourth quarter. The stock price of the company traded as much as $20.33 per share today and ended the trading at $19.11 per share, an increase of 18.62 percent.
Yesterday, the wireless networking company reported a profit of $20.7 million or $0.23 per share. Its revenue was $83.2 million. Ubiquiti Networks beat the consensus estimate of analysts at $0.22 per share on $86.2 million revenue. For the next quarter, the company projected that its net income would be around $0.26 to $0.29 per share and its revenue will be in the range of $90 million to $96 million.
Tesla Motors, Inc (NASDAQ:TSLA)- Shares of the company surged again today and its stock price traded as much as $81 per share. It ended with more than 10 percent gain to $76.60 per share. The stock previously closed at $69.40 per share. The stock gained by 28 percent yesterday.
Brian Jonson, analysts at Barclays Equity Research opined that it is important to consider the fact the Tesla is in a rapid growth phase and the company still requires heavy investments, ultimately yielding a natural pressure on gross margins. According to him, Tesla’s 25 percent gross margin target in the fourth quarter is possible if the company still implements improvements in manufacturing efficiency.
Pain Therapeutics Inc (NASDAQ:PTIE)- Shares of the company declined by almost 50 percent to $2.68 per share Friday after hours after disclosing the Pfizer Inc (NYSE:PFE) is re-assessing its contractual agreement with the Remoxy pain drug program given the years of delay, additional costs incurred at this point, and incomplete development work.