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Pre-market Movers For Aug 2 (GM, NAV, KCG, DTV, BMY, GILD, SMSC, FSLR, GMCR)


First Solar, Inc. (FSLR), Cavium, Inc. (CAVM), Green Mountain Coffee Roasters Inc. (GMCR) are rising following release of their results.


General Motors Co. (GM) is down 0.56% to $19.55. The company's second quarter profit declined from the year-ago quarter, but topped Wall Street view. Net revenue declined from the year-ago quarter and were below the consensus estimate. The company attributed the lower revenue almost entirely to the strengthening of the U.S. dollar versus other major currencies.

Navistar International Corp. (NAV) is falling 6 percent to $23.25. The company expects below consensus-revenues for its third quarter and also forecasts a pre-tax loss on an adjusted basis. While the company expects to return to profitability in the fourth quarter, it also disclosed that it has received a formal letter of inquiry from the SEC requesting additional information related to certain accounting and disclosure matters.

Knight Capital Group Inc. (KCG) is plunging 58 percent to $2.89. The company provided an update on the August 1, 2012 disruption to routing in NYSE-listed securities. The company noted that clients were not negatively affected by the erroneous orders. The company said it has traded out of its entire erroneous trade position, which has resulted in a realized pre-tax loss of about $440 million.

DIRECTV (DTV) is down 4 percent to $47.95. The company's second quarter profit improved from the year-ago quarter, but were below Wall Street view. Revenues for the quarter rose 9 percent.

Bristol-Myers Squibb Co. (BMY) is falling 5 percent to $33.75. The comany has suspended study drug administration in an ongoing Phase II study of BMS-986094, a nucleotide polymerase or NS5B inhibitor in development for the treatment of hepatitis C. The company noted that this voluntary action was taken to protect patient safety based on the emergence of a serious safety issue. Based on this news, Gilead Sciences Inc. (GILD) is rising 8 percent to $58.25.

Halozyme Therapeutics, Inc. (HALO) is plunging 55 percent to $3.85 based on the news that the FDA has issued a complete response letter for Baxter's (BAX) HyQ Biologics License Application.

Trading halt:

Trading in shares of Standard Microsystems Corp. (SMSC) was halted. Microchip Technology Inc. announced that it has completed its previously announced acquisition of SMSC.

by RTTNews Staff Writer

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