After-Hours Movers 7/2: NVIDIA (NVDA) Slammed on Q2 Warning, ARYx (ARYX) Lower After P&G Walks From Partnership
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StreetInsider.com After-Hours Movers:
NVIDIA Corporation (Nasdaq: NVDA) 21% LOWER; sees Q2 revenue of $875 million to $950 million, below the consensus of $1.1 billion. The estimated decrease in revenue and gross margin is due to several reasons: end-market weakness around the world, the delayed ramp of a next generation MCP, and price adjustments of our GPU products to respond to competitive products.
TranS1 Inc. (Nasdaq: TSON) 18% LOWER; announced that revenues for the second quarter of 2008 are expected to be approximately $5.9 to $6.0 million, lower than previously announced guidance of $6.3 to $6.5 million.
ARYx Therapeutics, Inc., (NASDAQ: ARYX) 13% LOWER; announced the results of an important cardiac safety study on its prokinetic agent, ATI-7505. The overall results of a Thorough QT (TQT) study designed to demonstrate whether electrocardiographic effects are seen at therapeutic and supra therapeutic doses and conducted under a collaboration agreement with Procter & Gamble Pharmaceuticals (P&G) were negative, supporting the favorable cardiac safety profile of the agent. ATI-7505 is a prokinetic agent in Phase 2 clinical trials for chronic constipation and functional dyspepsia. Seperatly, ARYx Therapeutics announced that Procter & Gamble Pharmaceuticals, Inc. (P&G) has utilized a one-time thirty day cancellation option linked to the completion of a Thorough QT (TQT) study to end the collaboration agreement between the companies covering the late-stage development and commercialization of ATI-7505, a prokinetic agent in Phase 2 clinical trials for chronic constipation and functional dyspepsia.
Zoran Corp. (Nasdaq: ZRAN) 3.8% LOWER; Rumored suitor, NVIDIA, warned after the close.
Advanced Micro Devices (NYSE: AMD) 2.8% LOWER; NVIDIA warning.
Alpha Natural Resources Inc. (NYSE: ANR) 2.8% LOWER; Continues today's 16% sell-off related to global profit-taking in commodities
Abbott (NYSE: ABT) 1.5% HIGHER; announced that the FDA approved the XIENCE V Everolimus Eluting Coronary Stent System for the treatment of coronary artery disease. XIENCE V is the only drug eluting stent to have demonstrated superiority over Boston Scientific's TAXUS paclitaxel-eluting coronary stent system in two randomized head-to-head clinical trials. XIENCE V will be launched in the United States immediately.
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