BlackBerry Limited (BBRY) reported first quarter non-GAAP EPS of ($0.05) before the opening bell Tuesday, compared to the consensus estimate of ($0.04). Revenues declined 32% from last year to $658 million. Analysts expected revenues of $680.21 million. Despite earnings miss, the stock is currently up $0.09 to $9.29 on 5.5 million shares following the smartphone maker’s announcement that it has signed a long term cross-licensing patent agreement with Cisco (CSCO). As part of the deal, the Canadian telecommunications company will receive licensing fees from its partner.
“Cross-licensing is an effective way for technology companies to assure freedom of operation and help remove concerns about patent litigation,” stated Dan Lang, VP of Intellectual Property for Cisco.
Shares of Vical Incorporated (VICL) tumbled nearly 44% in premarket trading Tuesday morning. The nosedive is being attributed to top-line results from the Phase 1/2 trial of the company’s therapeutic genital herpes vaccine. The firm said neither monovalent nor bivalent vaccine met the primary endpoint.
Shares of Green Dot Corporation (GDOT) surged over 26 percent Tuesday following news of a five-year agreement with Wal-Mart (WMT) to provide prepaid debit card services.
Steve Streit, Founder, Chairman and CEO of Green Dot Corporation, commented, “We are so very proud to serve Walmart and the many millions of Americans who rely on Walmart for low prices on the products and services they want and need.”
Shares of PhotoMedex, Inc. (PHMD) are higher by nearly 19% to $2.18 in premarket trading on Tuesday after the company announced the sale of its worldwide XTRAC and VTRAC psoriasis and vitiligo treatment businesses to MELA Sciences (MELA) for $42.5 million in cash. In addition, the company announces it has paid off in full all outstanding debt, which totaled $40.1 million as of June 22, 2015.
Second Sight Medical Products, Inc. (EYES) shares surged 11.15% to $17.55 in pre-market trading following the company’s announcement of positive three year results post-implant of its Argus II Retinal Prosthesis System (“Argus II”) from a multi-center clinical trial.