Wednesday, October 17, 2012

Cree Inc (NASDAQ:CREE) Surges 12% On Earnings Beat (PPHM, CREE, URI, CNC, OCZ)

Cree Inc (NASDAQ:CREE) soared 11.65% to $29.24 on a traded volume of 4.26 million shares. has posted mixed results for its first quarter ended September 23. It earned revenue of $315.8 million in this period, an increase of 17 percent from the first quarter last year. Sequentially, the revenue rose 3 percent. Analysts had expected revenue of $317.9 million for the period. The company’s non-GAAP earnings were 27 cents a share, slightly higher than analysts’ estimates.

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For the second quarter, the company sees revenues in the range of $320 million and $340 million. Analysts expect revenue to be $333.6 million. Cree sees non-GAAP profits of 27 cents to 31 cents a share compared to Street estimates of 30 cents.

Peregrine Pharmaceuticals(NASDAQ:PPHM) surged up 29.47% to $0.906 on a traded volume of 7.93 million shares.The Company raised $14.3 million in gross proceeds through an ATM agreement with MLV & Co.

The Company provided an update on financing activities, its contract manufacturing business and upcoming potential clinical milestones. 

United Rentals Inc (NYSE:URI) increased 12.93% to $38.36 on a traded volume of 4.96 million shares.The Company reported net income from continuing operations of $73 million or $0.70 per share compared to $65 million or $0.91 per share in the prior year period.Total revenues for the quarter increased 68% to $1.22 billion, but below analysts' consensus estimate of $1.27 billion. The increase in profit was due to revenue growth amid increases in rental rates and rental volumes.

Centene Corp(NYSE:CNC) surged up 10.26% to $38.57.Kentucky Spirit Health Plan, the subsidiary ofCentene Corp has notified the Cabinet for Health and Family Services is exercising a contractual right that it believes allows Kentucky Spirit to terminate its Medicaid managed care contract with the Commonwealth of Kentucky effective July 5, 2013. In addition, Kentucky Spirit has filed a formal dispute with the Cabinet for damages incurred under the contract. 

OCZ Technology Group Inc (NASDAQ:OCZ) jumped up 7.72% to $1.47 on a traded volume of 2.22 million shares.The Company said that it was unable to file its Form 10-Q for the second quarter of fiscal year 2013 which ended on August 31, 2012 on time as the Company's financial statements are still under review.

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