Rambus (NASDAQ:RMBS) lowered its guidance for the second quarter, and announced an offering of 150 million dollars of convertible senior notes. Rambus now says revenue will be between 26.7 and 27.2 million dollars, as compared to prior estimates of a range of 27 to 30 million. CEO Harold Hughes said the new guidance reflects the impact of the struggling economy and its impact on sales. Rambus shares were off 13% in early trading Tuesday.
Cytec Industries (NYSE:CYT) also reduced its guidance today, citing deterioration in market demand. The new outlook for 2009 is for earnings of 60 to 90 cents; that's down from prior guidance of a dollar 35 to a dollar 75. Investors punished Cytec shares, driving the stock down 15% on Tuesday morning.
Acura Pharmaceuticals (NASDAQ:ACUR) announced it received a review letter from the FDA, related to the company's new drug application for Acurox tablets. Based on that letter, Acura does not believe it will receive approval; this news sent shares plummeting 29% in early trading Tuesday.
Halozyme Therapeutics (NASDAQ:HALO) priced an overnight offering of 6.15 million shares of common stock at 6 dollars and 50 cents each, raising about 40 million dollars. Shares were trading below the offering price at 6 dollars and 22 cents on Tuesday morning, down over 17%.
And diversified industrial company Actuant (NYSE:ATU) announced an offering of 9 million common shares. Actuant said it would use a portion of the proceeds to reduce debt. In early trading Tuesday, shares were off over 13%.
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