Avago Technologies Limited (AVGO) posts strong Q3 results, stock spikes

Posted on Wednesday, August 24th, 2011

Avago Technologies Limited (Nasdaq : AVGO) shares raced ahead 8.9% to $31.87 Wednesday, a day after announcing strong third-quarter results. Volume for the stock topped 3.3 million, already surpassing its daily average of 2.7 million.

A news release issued August 23 pointed to net revenue of $603 million, an increase of 10% from the same quarter last year.

Gross margin was $297 million, or 49.3% of net revenue. This compares with gross margin of $263 million, or 47.8% of net revenue in the same quarter last year.

Third quarter net income was $144 million, or $0.57 per diluted share. This compares with net income of $123 million, or $0.50 per diluted share in the same quarter last year.

The same release quoted Avago CEO Hock Tan as saying, “During the third quarter of fiscal 2011, our four target markets performed as we expected and we outperformed these markets as our revenue growth for the quarter came in at the high end of guidance.

“While uncertainties prevail in the global economy today, we continue to believe revenue will grow for the balance of the fiscal year due to share gains with certain wireless and wired OEMs.”

Avago Technologies Limited, based in San Jose, California, is a leading designer, developer and global supplier of a broad range of analog semiconductor devices with a focus on III-V based products.

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Demand Media Inc. (DMD) OKs share buyback, share prices hike

Posted on Monday, August 22nd, 2011

Demand Media Inc. (NYSE: DMD) rose 8.5% to $7.80 after the online content provider said its board had approved the repurchase of as much as $25 million of its shares. Volume for the stock was 424,000 shares, surpassing its all-day average of around 410,000.

A press release issued August 22 quoted CEO Richard Rosenblatt as saying, “this share repurchase program reflects confidence in our business and our commitment to maximize shareholder value.”

Under the program, Demand Media is authorized to repurchase up to $25 million of its outstanding shares from time to time on the open market or in negotiated transactions. The timing and amounts of any purchases will be based on share price, market conditions and other factors. The program does not require the Company to purchase any specific number of shares and may be suspended or discontinued at management’s discretion at any time without prior notice.

Headquartered in Santa Monica, California, Demand Media, Inc. is a content and social media company that serves consumers, advertisers, publishers and creative professionals with a diverse portfolio of properties, products and services.

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Delcath Systems Inc. (DCTH) shares climb as cancer drug shows promise

Posted on Monday, August 22nd, 2011

Delcath Systems Inc. (Nasdaq: DCTH) shares rose 8.5% to $3.96 after it said its experimental cancer treatment showed promising results in a mid-stage trial. Volume for the stock approached 315,000 as noon ET closed in; its all-day average is around 861,000.

A Reuters article published Monday noted that the study included four patient cohorts — hepatobiliary cancers, and metastatic cancers of neuroendocrine, ocular or cutaneous melanoma, and colorectal origins — but responses to the treatment were most encouraging for hepatocellular carcinoma, the most common primary cancer of the liver.

“We believe these results show a strong signal of efficacy, and support our plan to initiate Phase III and Phase IV trials for HCC in the second half of 2012,” Chief Executive Eamonn Hobbs was quoted in the article as saying.

Delcath is developing a chemosaturation system that is designed to administer high dose chemotherapy drugs to only the diseased organs or regions of the body, thereby restricting the harsh effects of chemo drugs on other body organs.

Delcath, headquartered in midtown Manhattan, is a development-stage, specialty pharmaceutical and medical device company focused on oncology. We’re researching breakthroughs in regional chemotherapies with the goal of improving clinical outcomes and potentially reducing drug-related adverse events.

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Eastman Kodak Co. (EK) gets lift from patent sale speculation

Posted on Thursday, August 18th, 2011

Eastman Kodak Co. (NYSE: EK) shares rallied 11.5% to $3.00, a day after The Wall Street Journal reported the company had begun exploring a possible sale of digital-imaging patents. Volume for the stock totaled 58.7 million shares, crushing a daily average of 13.1 million.

The Journal reported Wednesday that Kodak, through investment firm Lazard, had begun shopping around a portfolio of 1,100 patents. Kodak advertised the move a month ago, but investors appear to be paying closer attention now that Google Inc. said it would pay $12.5 billion to buy Motorola Mobility Holdings Inc., chiefly for its patents.

The Journal, citing anonymous sources, reported the patents have drawn interest from a “strategic buyer in the wireless industry looking to use the patents for defensive protection.”

Kodak declined to comment on the patent sale.

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DARA Biosciences Inc. (DARA) prospers from new pain drug

Posted on Thursday, August 18th, 2011

DARA Biosciences Inc. (Nasdaq: DARA) shares climbed 23.3% to $2.81, on word of a fast-tracking for its new pain drug. Volume for the stock topped 835,000 shares Thursday morning, crushing its all-day average of 28,000.

A news release out August 18 revealed that the Raleigh, North Carolina-based DARA announced today that its investigational drug KRN5500 has been granted Fast Track designation by the U.S. Food and Drug Administration (FDA) for the treatment of chemotherapy-induced neuropathic pain in patients with cancer.

The FDA’s Fast Track program is designed to facilitate the development and expedite the review of new drugs that are intended to treat serious or life threatening conditions and that demonstrate the potential to address the unmet medical need (Fast Track Drugs). The purpose of the program is to get important drugs to the patient earlier.

New Drug Applications (NDA) for products in the Fast Track program normally receive priority review.

The same release quoted DARA CEO Richard Franco as saying, “the FDA Fast Track designation for KRN5500 is a significant positive step for the thousands of cancer patients who suffer this unremitting pain from a number of causes including from their chemotherapy.

“This is a most serious condition in need of new treatment options,” Franco continued. “Current estimates show as many as 40-50% of cancer patients receiving chemotherapy endure this condition and a certain portion of these patients endure relentless chronic pain requiring treatment even after they recover from their cancer. CIPN is also a dose limiting side effect of many commonly used chemotherapeutics. We are very encouraged by the initial clinical results, our partnership with the National Cancer Institute (NCI) and now the FDA Fast Track Drug status,” he added.

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