New Lumia phones fail to impress investors
Yesterday, Nokia Corporation (ADR)(NYSE:NOK) unveiled two new smartphones, Lumia 920 and Lumia 820. The former has a tall display and uses PureView camera technology and has 32 gigabytes of storage. While this is a high end phone, the Lumia 820 caters to the mid-end and is priced lower.
The phone maker is attempting to regain its foothold in the phone market where competitors like Apple with the iPhone and Google with its Android-based phones are doing better. But investors who were probably expecting more exciting features, were clearly not impressed. In fact, the stock tanked 16 percent to $2.36. The volumes traded were also four times the daily average.
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The Finnish Company has not revealed any information on the price of the phone or the date of its availability in the markets.
Orexigen advances deadline for enrollment of patients
In the light of enrollment happening at a faster than expected rate, Orexigen Therapeutics, Inc.(NASDAQ:OREX) has modified the deadline for patient enrollment in its cardiovascular outcomes clinical trial associated with the weight loss pill Contrave. As of August 31, 4500 patients had registered for the trial. The company now says that they plan to stop accepting new enrollments in the fourth quarter of 2012. It had earlier expected to complete the process only by the first quarter of next year.
Last year, Orexigen had stopped working on Contrave, as regulators had wanted additional tests to be done. But this year the Food and Drug Administration has said that it would approve the drug provided certain criteria are met. This led to the company resuming work related to drug development.
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The advancement of the deadline will mean that certain expenses related to the study will move from 2013 to 2012, but does not change the company’s guidance in any way.
The Orexigen stock responded positively. Shares of OREX opened higher by 11.20% to $5.46 after soaring 6.70% in yesterday’s session.