Arena Pharmaceuticals, Inc. (NASDAQ: ARNA) in a winner despite VIVUS getting its Qnexa voted against by 10-6 at the FDA panel yesterday. This company already partnered with Eisai in Japan. As this could now be the sole or one of a smaller group of weight loss drugs, shares are up 20% at $4.71 on almost 1 million shares.
AVI BioPharma, Inc. (NASDAQ: AVII) is surging after announcing a potential funding of up to $291 million to advance the development of therapeutic candidates for Ebola and Marburg Hemorrhagic Fever viruses from the government. Shares are trading up 20% at $1.96. Keep in mind that this was a $180 million market cap before the news came out.
Baidu. Inc. (NASDAQ: BIDU) is down almost 1% at $74.90, although we have not even seen 50,000 shares at 9:00 AM. This is solely a tie to Google being lower and a soft tape after days of gains.
Bank of America Corporation (NYSE: BAC) is down after initially having traded up this morning. Profits were down about 3%, but they beat expectations. Shares are down 4.2% at $14.74 on 14 million shares.
BP plc (NYSE: BP) has actually seen one downgrade so far in analysts calls and S&P remained cautious. The well-capping saw a sell the news reaction because the pressure continues to build on the new cap. ADRs are down 1.4% at $38.38, but keep in mind that this has rallied about 40% from lows.
Citigroup, Inc. (NYSE: C) was hit after its earnings beat but many metrics are viewed cautiously. Shares are down almost 2% at $4.08.
Google Inc. (NASDAQ: GOOG) is down over 4% around $474.00 on light earnings: $6.45 EPS on ex-TAC revenues of $5.09 billion. Thomson Reuters has estimates of $6.52 EPS and $4.99 billion in ex-TAC revenues. Trading volume is Google is so far rather light, likely because of pre-market spreads being wide for a $400+ stock.
Orexigen Therapeutics, Inc. (NASDAQ: OREX) is down almost 11% at $4.46, all tied as an indirect bet on how the FDA will treat it after VIVUS was given an FDA panel vote against.
Polycom, Inc. (NASDAQ: PLCM) showed a drop in earnings and shares are trading down 8.8% at $29.20 on less than 25,000 shares.
VIVUS, Inc. (NASDAQ: VVUS) is getting hammered and probably feels like it was slipped a Mickey. Shares are down 56% at $5.31 after the FDA panel recommended against Qnexa for weight loss in a 10-6 vote yesterday.
JON C. OGG
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