Gap Down Stocks: Somaxon Pharmaceuticals , Nokia Corporation & Gold Resource

Following are the three notable stock losers in the opening session on Friday:-

Somaxon Pharmaceuticals, Inc.(NASDAQ:SOMX) is taking a hard knock in the opening session as the stock slumped 18.50% to $0.339 after the company announced that it has entered into definitive agreements to sell approximately 9.4 million shares of its common stock and warrants to purchase up to approximately 4.7 million shares of its common stock to institutional investors at a combined public offering price of $0.32 per share and per warrant for aggregate gross proceeds of approximately $3.0 million.

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Nokia Corporation (ADR)(NYSE:NOK) shares are losing another 6% in the session, erasing its entire gains in the previous trading session after reporting better than estimated earnings on Thursday. For the second quarter, the struggling company posted net loss of 1.41 billion euros or 0.38 euros per share, wider from a year ago loss of 368 million euros or 0.10 euros per share. On a non-IFRS basis, loss attributable to equity holders of the parent for the quarter was $315 million euros or 0.08 euros per share, as against a 239 million euros or 0.06 euros per share profit a year before.

The company has been unable to regain its lost glory in the smartphone market as users are more comfortable with iPhone and other smartphone. Apple’s iPhone has gained more demand due to its user friendly and regular updates supported by several Apps, which provides add on to its users.

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Gold Resource Corporation(NYSEAMEX:GORO) plunged 25% as well as the company reported its preliminary production results for the second quarter ended June 30, 2012 of approximately 14,500 ounces precious metal gold equivalent (AuEq) at a 60:1 price ratio. Gold Resource Corporation is a low-cost gold producer with operations in the southern state of Oaxaca, Mexico. The Company has returned over $53 million to shareholders in monthly dividends since declaring commercial production July 1, 2010 and may be the only Company offering shareholders the option to convert their cash dividends into physical gold or silver.

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