Morning Buzz: Array BioPharma (ARRY), Apple Inc. (AAPL), GoPro, Inc. (GPRO), XOMA (XOMA), FXCM Inc. (FXCM)

Shares of Array BioPharma Inc. (ARRY) are down $1.38, or 20.51%, at $5.35, after after AstraZeneca (AZN) announced that the Phase 3 SUMIT study of selumetinib in combination with dacarbazine for the treatment of patients with metastatic uveal melanoma did not meet its primary endpoint.

Antoine Yver, Head of Oncology, Global Medicines Development at AstraZeneca said: “Selumetinib is supported by a strong development program with different scientific rationale in multiple tumor types as both monotherapy and in alternative combinations. The findings from SUMIT have no impact on the other studies and we look forward to presenting the data in due course.”

Selumetinib is an oral small molecule MEK inhibitor invented by Array BioPharma (ARRY) and licensed to AstraZeneca in 2003.

Shares of Apple Inc. (AAPL) are down 6.16% to $122.70 in pre-market trading Wednesday, after world’s biggest technology company reported better than expected third-quarter earnings.

Apple posted earnings of $1.85 per share on revenues of $49.61 billion, up 32.50% from a year ago. Analysts were expecting EPS of $1.81 on revenues of $49.39 billion. However, Cupertino’s Q4/15 revenue outlook of $49 billion to $51 billion, came in on the low end of Street consensus of $51.03 billion.

Shares of GoPro, Inc. (GPRO) are up more than 2% to $63.16 in pre-market hours after the company announced that Q2/15 revenue jumped nearly 72% yoy, to $419.9 million. Analysts expected revenues of $396.3 million. That translated to an EPS of $0.35 compared to the consensus estimate of $0.26.

The maker of high definition cameras said earnings were helped by strong sales in its Asian markets.

XOMA Corporation (XOMA) is one of today’s notable stocks in decline, down as much as 80 percent to $0.86. The nosedive comes after the developer of therapeutic antibodies announced that Phase 3 EYEGUARD-B study of gevokizumab in patients with Behcet’s disease uveitis, did not meet the primary endpoint of time to first acute ocular exacerbation.

Shares of FXCM Inc. (FXCM) are trading down 3% in Wednesday morning trading following the company’s plans to cut by a factor of 10 the number of its shares outstanding. FXCM said it will hold a special meeting of stockholders on September 21, 2015 to seek the approval of stockholders to amend FXCM’s Certificate of Incorporation to effect the reverse stock split and authorized FXCM’s Board of Directors to determine the effective date of the reverse stock split.

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