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.
Get Complete Insight About SIMO’s Earnings Here
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.
Get More Updates on STEM
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.
No comments:
Post a Comment