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Pre-market Movers For May 11 (JPM, JWN, NVDA, GKNT, ARNA, WWWW)

Gainers:

NVIDIA Corp. (NVDA) is up 7 percent to $13.34. The company's first quarter profit plunged from the year-ago quarter. Revenue declined from the prior year period, but was above Wall Street view. Meanwhile, the company guided second quarter revenue above consensus.

Arena Pharmaceuticals, Inc. (ARNA) is jumping 92 percent to $7.05. The company announced that the FDA Endocrinologic and Metabolic Drugs Advisory Committee has recommended the approval of its investigational drug candidate lorcaserin intended for weight management.

Decliners:

JPMorgan Chase & Co. (JPM) is down 8 percent to $37.46. The company disclosed that since March 31, 2012, its Chief Investment Office has had hefty mark-to-market losses in its synthetic credit portfolio that has proved to be more riskier than expected. The company currently estimates its Corporate business, within the Corporate/Private Equity segment, to incur a net loss in its second quarter of about $800 million, which excludes Private Equity results and litigation expense.

Nordstrom, Inc. (JWN) is declining 4 percent to $51.55. The company's first quarter profit increased from the previous year period, but missed Wall Street view. Net sales improved 13.7 percent, while same-store sales increased 8.5 percent. Meanwhile, the company expects fiscal 2012 earnings per share below analysts' estimate.

Web.com Group, Inc. (WWWW) is falling more than 2 percent to $15.16. The company announced the pricing of public offering of 8 million shares of its common stock by certain selling stockholders at $15.25 per share.

Trading halt:

Trading in shares of Geeknet, Inc. (GKNT) was halted. The company announced its plan to explore strategic alternatives with respect to its online media business, including the SourceForge, Slashdot and Freecode websites.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Bank of Nova Scotia or otherwise known as Scotiabank, Friday reported lower net profit for the third quarter, in the absence of a year-ago gain. Earnings per share, however, came in line with the Street view. Further, the company said it raised its quarterly dividend by 2 cents. Non-traditional discount and variety stores operator Big Lots Inc. (BIG) Friday reported a decline in net profit for the second quarter, while net sales grew 1.2 percent from the prior year. Comparable sales for the quarter increased 2.8 percent. Google has rejected the European Union's charges that it abused its market power and the demanded that it change the way it ranks online comparison shopping services in its search results, setting up a potentially long legal battle with the EU regulator empowered to levy billions of euros in fines
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