Wednesday, July 18, 2012

U.S. Stocks Open Mildly Lower (TSLA, GALE, STEM, SBH, SEIC)

Major indices in U.S gapped down on Wednesday with investors awaited more comments from the chairman of the Federal Reserve. The Dow Jones Industrial Average fell 21.68 (-0.17%) to 12,783.86 and the S&P 500 index slid 0.64 (-0.05%) to 1,363.03. The Nasdaq Composite bucked the trend and rose 9.12 (0.31%) to 2,919.16. Following are the notable movers at morning session on Wednesday:-
Tesla Motors Inc (NASDAQ:TSLA) shares declined 6.66% to $31.17 in the morning hour after the stock of Tesla had its “buy” rating restated by equities researchers at Jefferies Group in a report issued today. The company last posted its quarterly earnings results on May 9, 2012. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.69) by $0.07. Analysts expect that Tesla Motors will post $-2.44 EPS for the current fiscal year.

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Galena Biopharma Inc (NASDAQ:GALE) stock climbed 9.36% to $1.86 in the early hour after the company announced the issuance of a key patent, originally allowed in March 2012, from the U.S. Patent and Trademark Office (USPTO) covering the use of its product candidate, NeuVax(TM), a HER2/neu peptide vaccine, for inducing immunity to breast cancer recurrence in patients having low-to-intermediate IHC levels of 1+ or 2+ and a FISH rating of less than 2.0.

StemCells, Inc. (NASDAQ:STEM) stock declined 12.22% to $1.58 in the morning hour after the company announced preclinical data demonstrating that its proprietary human neural stem cells restored memory and enhanced synaptic function in two animal models relevant to Alzheimer's disease (AD). The data was presented today at the Alzheimer's Association International Conference 2012 in Vancouver, Canada.

Sally Beauty Holdings, Inc. (NYSE:SBH) shares fell 7.72% to $25 in the early hour after the company announced preliminary results for the third-quarter ended June 30, 2012. The company reported third quarter GAAP net earnings of $69.5 million, up 0.5% from $69.1 million in the year ago quarter. GAAP earnings per share were approximately $0.37, flat when compared to fiscal 2011 third quarter GAAP earnings per share of $0.37.

SEI Investments Company (NASDAQ:SEIC) shares declined 0.10% to $19.91 in the morning hour after the company reported second-quarter net income of $49.56 million or $0.28 per share, from $53.60 million or $0.29 per share in the same quarter last year. Total revenues for the quarter rose to $241.24 million from $237.76 million in the prior year quarter Analysts expected the company to report earnings of $0.30 per share on revenue estimate of $243.39 million for the quarter.

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