Encysive Pharma (ENCY) shares plunged Monday after the company received an Approvable Letter requesting additional clinical trial work from the FDA for Thelin, which is under review for treatment of pulmonary arterial hypertension. Brean Murray, First Albany, and Needham each downgraded the shares.
General Motors (GM) is working to rectify accounting mistakes and could file its annual report with the Securities and Exchange Commission in days. Separately, GM is continuing talks over the possible sale of its stake in GMAC, according to the Wall Street Journal.
Max Re Capital (MXRE) says its Audit & Risk Management Committee has initiated, with assistance of outside advisors, a review of three finite risk retrocessional contracts written in 2001 and 2003 to determine whether Max Re Capital properly accounted for them.
DaimlerChrysler (DCX) said on Saturday that it is planning to focus on the long-term sustainability of its smart brand. The Stuttgart, Germany-based car maker expects this to cost approximately 1 billion euros.
Walgreen (WAG) posts 51 cents vs. 48 cents second quarter earnings per share (EPS) on 6.5% higher same-store sales and 11% higher total sales.
CSK Auto (CAO) postpones the release of its fourth quarter and fiscal year 2006 financial results, as well as the related investor call. The company and its audit committee need time to conduct the review of certain accounting errors.
CRM Holdings (CRMH) posts 18 cents vs. 19 cents fourth quarter EPS as higher expenses offset a 55% revenue rise. It sees 17 cents to 19 cents first quarter EPS on $14 million to $15 million revenue.
Idenix Pharmaceuticals (IDIX) and Novartis (NVS) announce new data that demonstrate telbivudine provided significantly greater antiviral and clinical efficacy in Chinese patients with chronic hepatitis B after one year of treatment when compared with lamivudine.
LL&E Royalty Trust (LRT) says there will be no 4/06 income distribution, and it is highly likely distributions will be reduced significantly for a period of time due to damage from hurricanes to certain facilities for which the Trust has interest.
Buckeye Technologies (BKI) expects third quarter profitability will be near breakeven, and below the $4.1 million (11 cents per share) earned in the third quarter of 2005. It cites manufacturing difficulties at a wood pulp mill in Florida related to the startup of new equipment, as well as transportation issues.
Cal-Maine Foods (CALM) posts 34 cents vs. 10 cents third quarter earnings per share (EPS) on a 29% revenue rise.
Shoe Pavilion (SHOE) announces pricing of an underwritten secondary public offering of 3 million shares at $7.20 each. The offer consists of 2 million shares being sold by Shoe Pavilion, an one million shares being sold by a selling stockholder.
Rick's Cabaret International (RICK) In response to a press report, says it is not part of and has no knowledge of any investigation by the US Attorney's office into alleged manipulation by organized-crime families of stocks of more than a dozen companies including its own. Nature's Sunshine Products (NATRE) receives notice from the Nasdaq that it is not in compliance with the marketplace rule. It says it didn't file its 2005 10-K with the SEC by Mar. 16, and doesn't expect to file its annual report by Mar. 31. The company may be subject to delisting.
Mobile Telesystems (MBT) posts 61 cents vs. 45 cents fourth quarter earnings per ADS.
CSK Auto (CAO) postpones the release of its fourth quarter and fiscal year 2006 financial results, as well as a related investor call to provide time for the company and its audit committee to conduct a review of certain accounting errors.
Sinopec Shanghai (SHI) posts about $3.35 earnings per ADS for 2005, down about 53% from 2004.