Allscripts (Nasdaq: MDRX) shares plunge on weak outlook, board changes

ShawShank, VA 4/27/12 (StreetBeat) -- Allscripts Healthcare Solutions Inc's (Nasdaq: MDRX) shares plunged 42 percent in premarket trade on Friday, after the company forecast weak full-year earnings, hurt by software development costs and weaker bookings.

On Thursday, the healthcare information technology provider reported a lower-than-expected quarterly profit and also announced the resignation of its CFO, three directors and board Chairman Phil Pead.

Citigroup (NYSE: C) analyst George Hill said the results were strongly disappointing and downgraded the company's stock to "neutral" from "buy."

Hill said he was most troubled by the loss of long tenured CFO Bill Davis, who had been the public face of Allscripts to investors for many years.

"We suspect CEO Glen Tullman won a power struggle at the 11th hour leading to the board departures," Hill said.

"Too few customers are buying its products, due to lack of confidence or satisfaction," Barclays Capital analyst Lawrence Marsh wrote in a note.

Allscripts shares were trading at $9.27 in premarket trade. They had closed at $16.02 Thursday on the Nasdaq.

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LargeCap Stocks to Watch Today

Tomahawk, WI 4/16/2012 -- Citigroup (C) reported lower first-quarter profit on Monday as the bank worked to contain expenses in the face of volatile capital markets and the need to finish overhauling its business portfolio after the financial crisis.

Mattel (MAT), the toy company, said Monday that first-quarter net income declined 53%.

Mattel posted profit of $7.8 million, or 2 cents a share, down from year-earlier earnings of $16.6 million, or 5 cents. Adjusted earnings in the latest quarter were 6 cents a share.

The Federal Communications Commission has proposed fining Google (GOOG) $25,000 for obstructing an investigation into the company's collection of data from unencrypted Wi-Fi networks in 2010, according to a published media report.

Meanwhile, Oracle's (ORCL) case against Google over smartphone technology begins Monday in San Francisco with jury selection.

Oracle claims that Google's Android operating system infringes patents and copyrights associated with the Java programming language, which Oracle obtained through its purchase of Sun Microsystems.

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Citigroup (NYSE: C) quarterly profit falls

Austin, Tx 4/16/12 (StreetBeat) -- Citigroup Inc (NYSE: C) reported lower first-quarter profit on Monday as the bank worked to contain expenses in the face of volatile capital markets.

The New York-based lender said net income was $2.93 billion, or 95 cents a share, compared with $2.99 billion, or 99 cents a share, a year earlier.

Earnings per share were $1.11 excluding the impact of accounting adjustments for changes in the value of the bank's debt and that of its counterparties.

Revenue from its ongoing securities trading and investment banking declined 12 percent from the strong quarter a year earlier, but rose 65 percent from the weak 2011 fourth quarter.

"While the operating environment improved in the first quarter, there is still much macro uncertainty and we will continue to manage risk carefully," Chief Executive Vikram Pandit said in a statement issued by the company.

Citi shares were up 59 cents, or 1.8 percent, to $34.00 in premarket trading.

Please contact www.thestreetbeat.com for interest in our latest investor relations platform the “CEO Interview Series” with its host Steve Kanaval. The package includes a one-on-one interview with a seasoned industry professional; published segment to our web site with embedded audio/video file; and a compressed file that can be easily e-mailed out to your current and/or potential investors. Please e-mail bflautt@gmail.com or call (662) 392-0740 for pricing and scheduling.

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GTx (Nasdaq: GTXI) takes hit with delay of Capesaris trials, greater net loss

Tallahassee, FL 2/21/12 (StreetBeat) -- Shortly after receiving news from the U.S. Food and Drug Administration that clinical trials for its Capesaris drug would be put on hold, Memphis-based pharmaceutical company GTx Inc. (Nasdaq: GTXI) reported a net loss of $10.7 million for the fourth quarter of 2011, compared to a loss of $7.5 million in the fourth quarter of 2010.

Capesaris, which is used to treat prostate cancer, was in its Phase II clinical trial, was put on hold after the company reported an increase in blood clots in subjects participating in the trial. The FDA announced the hold on Feb. 17, according to a GTx statement.

GTx reported revenue of $14.7 million for year end 2011, a 75 percent decline from $60.6 million the company reported at the end of 2010. However, the company’s revenue was $1.8 million in the fourth quarters of 2011 and 2010, based on sales of the company’s breast cancer drug Fareston.

Annual revenue included $6.7 million in sales for Fareston and collaboration revenue from the company’s previous partnership with French drug company Ipsen, which brought in revenue of $8.1 million.

GTx continues to develop Ostarine, a drug that is used to treat non-small cell lung cancer. The company changed the drug’s name to Enobosarm as it continues Phase III trials. GTx has received encouraging news from early results from the trials, but doesn’t expect to report full results until early 2013.

In late January, Citigroup Inc. (NYSE: C) reported the early results, which caused the company’s stock price to increase nearly 50 percent to $5.88. Shares of the company’s stock are trading down about 35 percent to $3.78 Tuesday morning.

In a statement, Mitchell Steiner, CEO of GTx, said the company is still exploring “a path forward” to continue to develop Capesaris at lower doses.”

“We plan to work with the agency to design appropriate studies for these patient populations,” Steiner said.

“We are pleased with the progress of our clinical development program of Enobosarm, formerly known as Ostarine,” Steiner said. “Our discussions with lung cancer thought leaders and patient advocates confirm the need for a drug to prevent and treat muscle wasting in patients with advanced non-small cell lung cancer.”

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Goldman Sachs (NYSE:GS) May Post Q3 Loss

Tomahawk, WI 10/11/2011 (PennyPayDay) – Goldman Sachs Group Inc (NYSE:GS) will likely record a loss in the third quarter, only the second quarterly loss in the Wall Street titan's history, hurt by weakness across trading and investment banking, equity market declines and wider credit spreads during the period, Citigroup said.

Citigroup analysts Keith Horowitz and Craig Singer, in a note titled "Taking One Last Whack to 3Q Ests," said they now expect Goldman to post a loss of 65 cents a share, compared with their prior estimates of a profit of 10 cents per share.

The latest cut to Goldman's outlook by Citigroup analyst Horowitz -- a five-star rated analyst according to StarMine for the accuracy of his earnings estimates on Goldman -- adds to the already grim outlook that Wall Street analysts have for U.S. banks' third-quarter results.

Analysts are estimating that financial companies in the Standard & Poor's 500 index will report earnings only 3.9 percent higher than a year earlier, instead of the 14.6 percent increase they forecast on August 1, according to Thomson Reuters Proprietary Research.

The first big bank to post results will be JPMorgan Chase & Co (NYSE:JPM) on October 13. Goldman will report its third-quarter results on October 18.

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