Exelixis slides, Allstate up in after-hours trade

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Exelixis slides, Allstate up in after-hours trade

Post  Swinderman on Tue Nov 01, 2011 3:08 am

Exelixis EXEL -35.32% shares slid 34% to $5.10. The South San Francisco-based company said it will pursue a late-stage clinical trial for a prostate cancer treatment without guiding comments from the U.S. Food and Drug Administration. Exelixis had originally pursued a special protocol assessment, or SPA, with the FDA for its prostate cancer treatment cabozantinib. A SPA is a declaration from the FDA that a firm’s clinical trial design will be capable of supporting a drug efficacy claim before the trial begins.

Exelexis said it will begin the clinical trial by the end of this year and will no longer pursue a SPA.

Allstate ALL +2.77% said third-quarter earnings excluding one-time items were 16 cents a share and total revenue rose 4.2% to $8.24 billion. Analystsdiscount nfl jerseys polled by FactSet Research had been expecting earnings of 8 cents a share on sales of $6.75 billion.

Its shares gained 3.5% to $27.26.
Profit at Allstate slid to $165 million, or 32 cents a share, from $367 million, or 68 cents a share, a year ago, with the results hurt by a spike in catastrophe losses.

“Maintaining auto icheap nfl jerseys free shippingnsurance profitability and proactively managing our investment portfolio enabled us to overcome an increase of $691 million in catastrophe losses from the third quarter of 2010 and still earn a profit,” said Allstate’s Chief Executive Thomas Wilson in a statement. Read about Allstate's results.

Shares of Leap Wireless International Inc. LEAP +11.22% extended gains, trading 8.1% higher at $7.51. The mobile services provider which runs the Cricket brand said it added 10,000 net customers during the third quarter. It also posted a narrower third-quarter loss of $68.8 million, or 90 cents a share, on revenue of $763.3 million. Analysts polled by Thomson Reuters had expected a loss of 79 cents a share on $764 million in revenue.

A year ago, Leap lost $533.3 million, or $7.06 a share, on $638.1 million in revenue.

Ahead of late-session trading, U.S. stocks stumbled oCheap NFL Jerseysn the last day of October, with resource stocks among those hurt as a surge in the U.S. dollar hit dollar-denominated commodities. But the major indexes each posted double-digit gains for the month. Read about Monday's moves in U.S. stocks. http://c-4gaming.forumotion.com/t60-exelixis-slides-allstate-up-in-after-hours-trade

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