St. Jude Medical Inc (NYSE: STJ) declined 0.98% to $39.24 on a traded volume of 50k shares. The Company reported fourth quarter net earnings of $120 million or $0.39 per share compared to $125 million or $0.39 per share in the previous year quarter. However, analysts expected the Company to report earnings of $0.90 per share for the fourth quarter. Net sales for the quarter decreased 2% to $1.37 billion.
Magnum Hunter Resources Corp (NYSE: MHR) escalated 1.76% to $4.62 on a traded volume of 15k shares. The Company announced increase in the quantity of the Company's estimated total proved oil and gas reserves at December 31, 2012. The increase was by 63% as compared to December 31, 2011. The total proved reserves increased by 28.2 million barrels of oil equivalent to 73.1 million Boe at December 31, 2012 as compared to 44.9 million Boe at December 31, 2011. The Company's reserve life based on current production is approximately 10.8 years.
Molycorp Inc (NYSE: MCP) went down 10.87% to $7.87 on a traded volume of 597k shares. The Company plans to offer and sell $200 million of its common stock and $100 million aggregate principal amount in separate registered public offerings. The Company intends to use the net proceeds received from the Primary Shares Offering and the Notes Offering to fund current capital needs for capital expenditures and other cash requirements for 2013.
The Company expects considerably lower-than-estimated revenue and cash flow for the first half of 2013 and said it might have a cash shortfall of about $250 million for the year.
Arena Pharmaceuticals Inc (NASDAQ: ARNA) moved down 1.70% to $8.68 on a traded volume of 137k shares.The Company said that European regulators have informed the biopharmaceutical company of issues with its weight-loss drug Belviq. The issues must be addressed in writing and orally before regulators will consider the drug’s approval in the European Union. A final decision on EU approval is still expected in the first half of 2013.
VIVUS Inc (NASDAQ: VVUS) declined 0.5% to $13.56 on a traded volume of 22k shares. Brean Capital lowered the rating on the stock to sell from hold. The Company is engaged in the development and commercialization of therapeutic drugs for underserved markets, including obesity and related morbidities, such as sleep apnea and diabetes, and men's sexual health.
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