What’s Moving These Hot Stocks: Fossil, GTX, SIRIUS XM, Chesapeake
Fossil, Inc. (NASDAQ:FOSL) shares plummet following the company’s first quarter miss on revenue, which was below both consensus and its own previous guidance. Causes of the fall were cited as the economic difficulties in Europe and also modifications in Fossil’s merchandising and assortment strategies. The same worries were said to be the reason that the 2012 earnings per share guidance has also been reduced, to a range of $5.20 to $5.40, against a consensus of $5.56. On the upside, first quarter same-store sales rose 7.7 percent, plus a positive outlook for the Asia Pacific region due to strong watch sales, which allows the company to forecast an increase in new 2012 sales of around 16 percent.
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GTX Inc. (NASDAQ:GTXI) reports the removal of the FDA’s Full Clinical Hold on the its Investigational New Drug application for Capesaris. This comes after an evaluation by the agency of the GTX’ complete response and its new Phase II clinical protocol, which should be begun during the third quarter. The Phase II open label clinical study of 75 men with metastatic castration resistant prostate cancer to test three lower doses of Capesaris will be conducted sequentially in cohorts of 25 patients each.
SIRIUS XM Radio Inc. (NASDAQ:SIRI) has entered into a forward purchase contract with Liberty Media (LMCA), for 302 million shares of the former, at a forward price of $2.15 for a total notional amount of $650 million. When completed, the buy will increase Liberty’s ownership of SiriusXM to 45.2 percent on an as-converted basis.
Chesapeake Energy Corporation’s (NYSE:CHK) board of directors had given CEO Aubrey McClendon the option to trade commodities for himself in his latest contract with the company, after he had already begun making such trades, says Reuters, which adds that the concession by the board was “an extraordinary incentive”.
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