FuelCell Energy (FCEL) reported its net loss for the quarter improved to just under 20 million dollars or 29 cents per share, as compared to a loss of 38 cents per share in the same quarter last year. The company also announced that South Korean power producer POSCO Power has placed an order for just under 31 megawatts of FuelCell modules and components, an estimated sales value of 58 million dollars. POSCO will also purchase 25 million dollars worth of FuelCell common shares, at 3 dollars and 59 cents each. On Tuesday morning, FCEL was up 22% to just under 5 dollars per share.
Biotechnology company MDRNA (MRNA) announced it received full FDA approval for its generic nasal spray treatment for osteoporosis. Par Pharmaceutical Companies (PAR) is launching the product. The spray is the generic equivalent of Novartis AG's (NVS) Miacalcin nasal spray, which had 112 million dollars of annual sales as of 2008. MDRNA shares rocketed over 90% higher in early trading Tuesday; Par Pharmaceutical was up 2 and a half percent, while Novartis was up 7 tenths of one percent.
Shares of the Movado Group (MOV) gained over 11% Tuesday morning, after the company announced a 9 million dollar loss for the quarter, or 37 cents per share. Net sales were down over 33%, while operating expenses declined about 24%. CEO Efraim Grinberg was pleased with the first quarter performance given the state of the economy, noting that it is seasonally the company's smallest quarter, and even though sales were down the company maintained a solid gross margin.
Men's Wearhouse (MW) also reported earnings, turning a profit of 10 cents per share compared with 19 cents in the same quarter last year. Comparable store sales fell 6.4%, while total sales decreased 5.5%. The company said it expects to earn between 56 and 60 cents per share in the second quarter. Shares gained nearly 14% in early trading Tuesday.
Alliance One International (AOI) reported its annual results for the year ending March 31, earning a dollar 50 per share compared to 19 cents in the prior fiscal year. Shares of Alliance One gained over 13% in Tuesday morning trading.
For MarketNewsVideo.com, I'm Angela Salvucci.
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