Chipmaker Silicon Motion Technology Corp.’s (ADR)(NASDAQ:SIMO) June quarter profit more than doubled, sending its shares soaring above 19 percent in early trades on Friday.
The company posted net earnings of $14.6 million or 42 cents a share, up from a year ago profit of $14.0 million or 41 cents a share. Analysts were estimating 41 cents a share.
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The company said revenue for the period rose 38 percent to $69.7 million. Taiwan-based Silicon Motion designs and develops high-performance, low-power semiconductor products for the multimedia consumer electronics market. Samsung’s Galaxy SIII smartphones use Silicon’s transceiver chips.
Going forward, the company projects its revenue to grow 5% to 8% sequentially.
Meanwhile shares of StemCells, Inc.(NASDAQ:STEM) surged more than 9 percent in early trades on Friday after California Institute for Regenerative Medicine (CIRM) approved a $20 million award to the Company and its collaborators to fund preclinical development of StemCells' proprietary HuCNS-SC(R) product to be used as a potential treatment for cervical spinal cord injury.
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The funding will cover a four-year period of development at the end of which the company will file an investigational new drug (IND) application to begin clinical testing in that time. An application on Alzheimer's disease submitted by StemCells was deferred by CIRM and the application referred back to CIRM's Grants Working Group for further consideration. The application will be reviewed again by CIRM at its next governing board meeting on September 6.
The award will allow StemCells to expand testing of its cells for cervical spinal cord injury, a very common form of such injuries.