Shares of Yahoo! Inc. (YHOO) are higher by nearly 1% to $41.36 in after-hours trading on Tuesday following a Bloomberg story discussing potential IRS changes to spinoff tax treatment, which were cited earlier as catalyst for YHOO’s late-day weakness.
The publication said the rule change might complicate Yahoo’s efforts to exit a stake in Alibaba Group Holding (BABA). It also noted that the deal is a critical step for Yahoo CEO Marissa Mayer, who came under pressure from Starboard Value LP and other investors to return cash to shareholders, to find ways to cut taxes and avoid major acquisitions.
YHOO declined 7.62 percent to $40.98 during regular trading hours.
ETSY INC (ETSY) reported first quarter EPS of ($0.84) after the closing bell Tuesday, compared to the consensus estimate of $0.00. Revenues increased 44.4% from last year to $58.5 million. Analysts expected revenues of $58.02 million. The Brooklyn, New York-based company reported a first-quarter loss of $36.6 million, or $0.84 per share, after reporting a much slimmer half a million, or $0.01 per share loss in the same period a year earlier. The online retail marketplace attributed the loss to non-cash, non-operating expenses related to the updated global corporate structure that the company implemented at the beginning of the year.
Operating expenses also rose 73% to $42.7 million, due primarily to increased marketing spending and employee-related costs as it prepared for its IPO.
The company said it plans to continue to increase the pace of hiring and marketing spend in Q2/15.
Profitability-wise, ETSY has a t-12 profit and operating margin of (7.79%) and (2.14%), respectively. The $2.33 billion market cap company reported $70.73 million in cash in its first quarter as a public company.
ETSY currently prints a year-to-date loss of 31.47%. The stock is down $2.89, or $13.81%, to $18.10 after-hours on 1.58 million shares.
ETSY IPOd April 16 spiking nearly 90% by the close of trading that day.
Sarepta Therapeutics Inc (SRPT) shares are up 33% to $21.54 in after-hours trading on Tuesday after the company received the green light from the U.S. Food and Drug Administration to file a new drug application regarding its lead product candidate, eteplirsen, for the treatment of Duchenne muscular dystrophy (DMD).
“We will initiate a rolling NDA submission to facilitate the regulatory review of the NDA,” stated Edward Kaye, M.D., Sarepta’s interim chief executive officer and chief medical officer. “The initiation of our NDA submission for eteplirsen marks a significant milestone for the Duchenne community and we look forward to completing the submission by the middle of the year and to continuing to work with the Agency towards the goal of providing treatments to patients as quickly as possible.”
Achillion Pharmaceuticals, Inc. (ACHN) shares declined 6.18% to $10.02 in after-hours trading on news the company has entered into a worldwide license and collaboration arrangement with Janssen Pharmaceuticals, a Johnson & Johnson (JNJ) unit for Hepatitis C. The deal includes up to $1.1 billion in potential development, regulatory and sales milestone payments and a separate equity investment.
“We are excited to collaborate with Janssen for the worldwide development of our HCV assets in combination with their HCV portfolio,” commented Milind Deshpande, Ph.D., President and CEO of Achillion. “We believe that Janssen’s renowned expertise in HCV development and commercialization enables a synergistic opportunity to rapidly advance our combined HCV assets toward the market while simultaneously achieving an optimized treatment regimen for all HCV patients.”
Disclaimer: This page contains affiliate links. If you choose to make a purchase after clicking a link, we may receive a commission at no additional cost to you. Thank you for your support!
Leave a Reply