Pier 1 Imports (NYSE:PIR) announced it retired $69.5 million worth of convertible notes, in an exchange for new notes that bear higher interest and are convertible into common stock at approximately $2.50 per share. The company also entered into an amendment to its credit facility, reducing the commitment by $25 million down to $300 million, and giving the company more flexibility in the future to repurchase the balance of its existing notes. Pier 1 shares down over 14% Friday morning.
Ariad Pharmaceuticals (ARIA) reported a net loss of 24 cents per share, sending shares more than 18% lower early Friday. The results reflected higher research and development expenses. In its report the company warned that in the event it cannot secure adequate financing, it may be required to reduce its operations, and delay or terminate clinical trials.
Powerwave Technologies (PWAV) reported second quarter results after the bell Thursday. Net sales plunged over 44 percent, and the company earned 5 cents per share. Excluding a gain associated with the repurchase of outstanding debt, the company would have lost a penny per share. Shares fell over 14% in early trading Friday.
Synaptics (NASDAQ:SYNA) is losing its CEO, the company reported when it announced its results for its quarter ended June 30. Mr. Lee will continue to serve as Chairman and the company's current president and COO will take on the CEO role. Synaptics shares plunged nearly 30% Friday morning.
And shares of Dun & Bradstreet (NYSE:DNB) fell over 13 and a half percent Friday morning after the company reported earnings of a $1.21 per share for the quarter, and said it now expects a tougher second half of 2009 than originally expected. The company lowered its financial guidance for the year.
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