Stocks in the news: Palm, Procter & Gamble, Arena
Palm (PALM) reported financial results late Thursday, posting its ninth consecutive quarterly loss of $164.5 million in the most recent quarter as revenue dropped a shocking 82 percent to a mere $68 million. It seems the Pre wasn't enough to pull Palm into profitability. PALM is up 2.5 percent on upgrades from analysts.
J.P. Morgan lifted its view on the home-builder sector to positive from negative. It also upgraded Toll Brothers Inc. (TOL) and KB Home (KBH) to Overweight from Neutral, but downgraded M.D.C. Holdings Inc. (MDC) to Underweight from Overweight. Both TOL and KBH shares were over 3.5 percent higher ahead of the bell.
Toll Brothers (TOL) -- an analyst at MF Global in Chicago, pointed out that CEO Robert Toll has been a big seller of stock this week.
Arena Pharmaceuticals (ARNA) said its experimental obesity drug, lorcaserin, met the goals of a second late-stage study, but fell short of a U.S. Food and Drug Administration guideline. Shares fell over 10 percent in pre-market trade. Vivus (VVUS), which has a competing potential drug, shares climbed nearly 9 percent ahead of the bell.
Citadel Broadcasting Corp. (CTDB) offered a deal to exchange a major part of its debt for equity to senior lenders owed $2 billion, including JPMorgan Chase & Co. (JPM), GE Capital and ING Groep NV, the Wall Street Journal reported.
Lloyds Banking Group (LYG) said it may scale back the number of assets in a state-backed scheme to insure it against credit losses, or cancel it altogether, as a healthier economy has improved the outlook for bad debts.