Stocks in Focus

InterMune may come under selling pressure after it said the FDA has issued a complete response letter on its NDA for Esbriet for the treatment of patients with idiopathic pulmonary fibrosis to reduce decline in lung function. A complete response letter is issued by the FDA when the review of an application is completed, but there are one or more reasons that preclude the approval of the NDA.

UTStarcom tumbled in Tuesday’s after hours session after it announced the resignation of its CFO Kenneth Luk due to personal reasons. The company noted that Luk would leave the company after the filing of its quarterly report on Form 10-Q for the quarterly period ended March 31, 2010. Additionally, the company announced the appointment of Edmond Cheng as senior vice president and CFO.

Pioneer Natural Resources could see weakness after it reported first quarter earnings of $2.08 per share compared to a loss of 13 cents per share last year. Excluding non-cash unrealized gains on derivatives and one-time gains totaling 20 cents per share, the company reported earnings of 48 cents per share. Revenues and other income totaled $817.43 million, up from $477.88 million last year. Analysts estimated earnings of 43 cents per share on revenues of $507.64 million.

Myogen tumbled in Tuesday’s after hours session in reaction to its earnings and revenue miss. The company reported third quarter revenues of $90.8 million, up 5% year-over-year. The company reported earnings of 33 cents per share compared to 25 cents per share last year. The year-ago results included a loss from discontinued operations of 13 cents per share. The results missed the consensus estimates, which called for earnings of 39 cents per share on revenues of $97.84 million. For the full year, the company expects earnings of $1.30-$1.35 per share and revenues of $360 million to $365 million. Analysts estimate earnings of $1.50 per share on revenues of $381.52 million.

Sonus Networks may be in focus after it reported that its first quarter revenues fell to $62.4 million from the year-ago’s $68.7 million. The company reported a loss of $0.1 million compared to a net loss of $16.2 million in the year-ago period, while on a per share basis, the company reported break-even results compared to a loss of 6 cents per share last year. Analysts expected a loss of 1 cents per share on revenues of $51.82 million.

XL Capital could gain ground after it reported first quarter operating earnings of 44 cents per share compared to the consensus estimate of 19 cents per share, although lower than 57 cents per share last year.

Chesapeake Energy is also expected to see some buying interest after it reported first quarter adjusted earnings of 82 cents per share compared to 46 cents per share last year. Total revenues rose to $2.80 billion from $2.0 billion in the year-ago period. Analysts estimated earnings of 70 cents per share on revenues of $2.37 billion.

Integrated Device Technology is likely to see some activity after it reported that its fourth quarter revenues rose to $138 million from $107.4 million last year. On a non-GAAP basis, the company reported earnings of 9 cents per share compared to a loss of 3 cents per share last year. The consensus estimates called for earnings of 8 cents per share on revenues of $136.22 million.

News Corp. could also be in focus after it reported that its third quarter revenues rose 19% to $8.8 billion. The company reported earnings of 32 cents per share compared to $1.04 per share in the year-ago period. The year-ago results included a net gain of $1.2 billion on the partial sale of the company’s stake in NDS and a $1.2 billion non-cash tax benefit.

Unum Group may move in reaction to its announcement that its first quarter earnings rose to 69 cents per share from 50 cents per share last year. On an adjusted basis, the company reported earnings of 67 cents per share. Revenues climbed 5% year-over-year to $2.45 billion. Analysts estimated earnings of 66 cents per share on revenues of $2.52 billion. The company reaffirmed its full year earnings per share growth outlook of 4%-6%.