Molycorp, Inc. (NYSE: MCP) slumped more than 3% after Chinalco said that it will take a controlling stake in the rare-earth subsidiary of the State-owned Guangxi Nonferrous Metals Mining Group.
Identive Group, Inc. (NASDAQ: INVE) soared more than 113% on Tuesday after the company announced that its subsidiary ACiG Technology has been selected as the exclusive supplier of near field communication (NFC) RFID stickers for the roll out of Google’s (GOOG) marketing campaign for Google Places in Austin, Texas. The NFC stickers are manufactured by ACIG’s sister company, Singapore-based Smartag, which was acquired by INVE on November 1, 2010, from France-based Group FCI SA.
Skilled Healthcare Group, Inc. (NYSE: SKH) rallied more than 9% after the company announced that its Board of Directors has engaged J.P. Morgan Securities LLC to assist the company in exploring strategic alternatives to maximize stockholder value, including a potential sale of the company's real estate assets or the whole company.
Edison International (NYSE: EIX) jumped more than 3% after Barclays upgraded its rating on the company to Overweight from Equal Weight.
AVI Biopharma, Inc. (NASDAQ: AVII) rallied more than 4% after Piper Jaffray initiated coverage on the company with an Overweight rating and a price target of $3.50 a share.
Extreme Networks Inc. (NASDAQ: EXTR) plunged more than 14% on Tuesday, a day after the company said that revenue for its third quarter will likely fall short of expectations. For the quarter, net revenue is expected to be $75.5-76.5 million. "The revenue for the quarter was impacted by the deferral of $2.6 million in product revenue for a large customer and the timing of several large and relatively complex customer transactions," said Oscar Rodriguez, President & CEO of Extreme Networks. "We expect to be able to complete our obligations under these deals in future quarters, which will represent additional revenue for Extreme Networks at that time. In addition, we have begun to execute on our stated strategic company transformation, and have announced new products and are consolidating our product portfolio to reduce expense and eliminate under-performing or obsolete products. As a result, we experienced some customer purchase decision delays, as we worked to transition our customers to new products and architectures. Other factors impacting this quarter's results were a relative slowdown in our EMEA sales and longer sales cycles for business in the U.S., and increased competitive pressures related to customers in the horizontal enterprise IT market.Overall Asia Pacific performed well, and is expected to show double-digit revenue growth from Q3 FY10. EMEA is expected to show low single digit revenue growth from Q3 FY10. North America is expected to show a decrease in revenue from Q3 FY10. Overall, year-to-date revenue growth is expected to be 9% to 10% vs. the same period in FY2010."
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