On Friday, Shares of Advanced Micro Devices, Inc. (NASDAQ:AMD), lost -4.28% to $1.79, hitting its lowest level.
Advanced Micro Devices, declared that revenue for the second quarter ended June 27, 2015 is predictable to be lower than formerly guided. The company now anticipates second quarter revenue to decrease about 8 percent sequentially, contrast to the previous guidance of down 3 percent, plus or minus 3 percent. The sequential decrease is primarily due to weaker than predictable consumer PC demand impacting the company’s Original Equipment Manufacturer (OEM) APU sales. The company anticipates second quarter channel sales and channel inventory reduction efforts to be in-line with the company’s plans.
Advanced Micro Devices, Inc. operates as a semiconductor company worldwide. The company’s products primarily comprise x86 microprocessors as an accelerated processing unit (APU), chipsets, discrete graphics processing units (GPUs), and semi-custom System-on-Chip (SoC) products.
Shares of AbbVie Inc. (NYSE:ABBV), remained unchanged to $69.99, during its last trading session.
C2N Diagnostics and AbbVie, declared that the U.S. Food and Drug Administration (FDA) has granted their investigational recombinant humanized anti-tau antibody, C2N-8E12 (ABBV-8E12), an orphan drug designation for the treatment of progressive supranuclear palsy (PSP). The companies also have begun a Phase 1 clinical study of C2N-8E12 in patients with PSP.
“The FDA’s orphan drug designation recognizes the lack of treatment options for patients with PSP, a debilitating neurological disease, and is an important milestone in the development of potential therapies,” stated Joel Braunstein, M.D., chief executive officer, C2N Diagnostics.
“We are encouraged by the preclinical data of anti-tau antibodies and are committed to exploring the potential of this class of molecules,” said Jim Sullivan, Ph.D., vice president, pharmaceutical discovery, AbbVie.
AbbVie Inc. discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company’s products comprise HUMIRA, a biologic therapy administered as a subcutaneous injection to treat autoimmune diseases; VIEKIRA PAK, an all-oral, short-course, interferon-free therapy, with or without ribavirin, for adult patients with genotype 1 chronic hepatitis, counting those with compensated cirrhosis.
Finally, Stone Energy Corp. (NYSE:SGY), ended its last trade with -7.49% loss, and closed at $9.39, hitting its lowest level.
Stone Energy Corporation, offered a drilling and production update. In the Gulf of Mexico deepwater, operations at the Cardona #6 development well, located in Mississippi Canyon block 29, have been proceeding ahead of plan and below budget, and drilling has been accomplished through the targeted zones. The well encountered about 288 feet of net pay in two intervals, similar to the Cardona #5 net pay of 275 feet. Analysis of logging and pressure data confirmed the existence of oil in the pay zones. The well has been successfully cased and cemented across all productive zones, the subsea tree has been installed and completion operations have begun. The well will be tied into our existing Cardona subsea infrastructure, which flows into Stone’s Pompano platform. It is predictable that gross production from Cardona #6 will reach about 5,000 Boe per day (65% working interest) from the lower completion by late September. The upper completion is predictable to have a similar production rate and will be accessed in the future by hydraulically shifting sleeves between the upper and lower completions.
Upon completion of the Cardona #6 well, the ENSCO 8503 deepwater drilling rig will be released for about 60 days to receive planned maintenance and to be outfitted with mooring capabilities. The rig will then be mobilized to Mississippi Canyon block 26 to finish the completion of the Amethyst discovery (100% working interest). Amethyst will also be tied back to the Pompano platform, where first production is predictable early in the first quarter of 2016. Following the Amethyst completion, the rig is presently projected to drill the Cardona #7 development well and the Lamprey deep water exploration prospect.
Stone Energy Corporation, an independent oil and natural gas company, engages in the acquisition, exploration, exploitation, development, and operation of oil and gas properties in the Gulf of Mexico and the Appalachia region.
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