ARM Holdings plc (ADR) (NASDAQ:ARMH) stock fell 8.09% to $25.04. The shares of ARM Holdings was downgraded by Deutsche Bank from a “hold” rating to a “sell” rating in a research note issued today. Additionally, analysts expect that ARMH will post $0.69 EPS for the current fiscal year. The company designs microprocessors, physical Internet protocol (IP) and related technology and software, and sells development tools.
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Medivation, Inc. (NASDAQ:MDVN) shares climbed 5.56% to $110.69 in the early hour after the company said its late-stage prostate cancer drug, which it developed with Astellas Pharma Inc, has received US Food and Drug Administration's approval. The drug, to be sold under the name Xtandi, was approved for the treatment of men with late-stage castration-resistant prostate cancer that has spread or recurred, even with medical or surgical therapy to minimize testosterone.
Additionally, MDVN shares had its price target increased by Credit Suisse from $120.00 to $149.00 in a research note released today and they currently have an outperform rating on the stock.
China Information Technology, Inc. (NASDAQ:CNIT) stock declined 6% to $0.940. The 52 week trading range for the company is $0.71 - $2.62. The shares of the company plummeted 62% in the last one year. The company is a provider of information and displays technologies.
Cell Therapeutics Inc (NASDAQ:CTIC) shares dropped 8.97% to $1.98 in the early hour after the company last week that the shareholders of the company have elected Richard Love, Mary Mundinger, and Jack Singer to serve on the company's Board of Directors until its 2015 Annual Meeting. This decision was made in the annual meeting held today in which the shareholders also approved other items of the agenda.
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Sirius XM Radio Inc (NASDAQ:SIRI) shares fell 0.59% to $2.52. The company last week announced that its Chief Executive Officer, Mel Karmazin, has adopted a trading plan for SiriusXM common stock in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. This process is intended to facilitate Mr. Karmazin's personal financial planning strategy of asset diversification and liquidity.
Aditionally, the company announced that Mel Karmazin, its Chief Executive Officer, is expected to speak at the Bank of America Merrill Lynch Media, Communications and Entertainment Conference in Beverly Hills, CA, on Wednesday, September 12, 2012 at approximately 8:45 am PT.