Amgen's bone drug Xgeva delayed the spread of cancer to the bones of prostate cancer patients but did not prolong their lives, according to results from a closely watched clinical trial reported Monday night. Shares of the company jumped by 8.3% to $58.60 in premarket trading Tuesday.Best Buy is expected to announce third-quarter earnings before the market opens Tuesday. Analysts, on average, are expecting earnings of 61 cents a share on revenue of $12.47 billion. There were no premarket quotes for Best Buy. Shares on Monday ended 0.2% lower to $41.70.
Yahoo! employees could be notified Tuesday the Internet company is laying off 600 to 700 workers, according to reports. No premarket trades were reported for Yahoo! The stock ended Monday's trading session at $16.70, down 1.8%.
BP agreed to sell almost all of its exploration and production assets in Pakistan to United Energy Group. UEG will pay BP a total of $775 million in cash for these assets which consist of nine producing and exploration blocks in Sindh province and four offshore exploration blocks in the Arabian Sea. Shares of BP rose 3% to $44.75 in premarket trading.
Yingli Green Energy has entered into a three-year sales contract with European solar company S.A.G. Solarstrom to supply modules from 2011 through 2013. Shares of Yingli were up 1.6% to $10.45.
Fiber-optic company Oclaro was downgraded to hold from buy by Auriga with the belief that much of the positive news associated with the stock already has been baked in and that the next few quarters are unlikely to exceeded Wall Street forecasts. Oclaro shares tumbled by 14.1% to $10.53.
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