Orlando, FL -- (SBWIRE) -- 09/18/2013 -- Hot Stock Profits provides investors and traders with valuable trading tools and content as well as micro-cap stock alerts via eMail and text messages. To Join Our Text Message Alerts Service Just Text The Word Stocks To 555888 From Your Cell Phone. Our Focus Today Is On Qihoo 360 Technology Co Ltd (NYSE:QIHU), Arena Pharmaceuticals, Inc. (NASDAQ:ARNA).
Qihoo 360 Technology Co Ltd (NYSE:QIHU) shares increased 1.60% to $85.86. The company on Sept. 5 announced the closing of its private placement of US$600 million in aggregate principal amount of convertible senior notes due 2018, including US$50 million in principal amount of notes issued upon the exercise in full of the over-allotment option that the Company previously granted to the initial purchasers of the notes. Qihoo 360 anticipates using the proceeds for general corporate purposes.
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Additionally, the company on August 25 said its profit for the quarter surged to $33.0 million or $0.26 per ADS from $7.0 million or $0.06 per ADS last year. Adjusted net income rose to $51.0 million or $0.40 per ADS from $20.6 million or $0.17 ADS last year. Total revenues for the quarter rose 108 percent to $151.7 million from $72.8 million last year.Analysts expected earnings of $0.26 per ADS on revenues of $144.19 million for the quarter.
Moreover, QIHU‘s stock had its “buy” rating reiterated by investment analysts at JPMorgan Chase & Co. in a note issued to investors on Sept. 17. They currently have a $94.00 price objective on the stock.
Arena Pharmaceuticals, Inc. (NASDAQ:ARNA) stock jumped 0.85% to $5.90. The company on August 28 announced the completion of a Phase 1b clinical trial for APD811, an investigational oral prostacyclin (IP) receptor agonist intended for the treatment of pulmonary arterial hypertension (PAH). The company plans to initiate a Phase 2 clinical trial for APD811 in the first quarter of 2014.
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Additionally, the company announced that data from the BELVIQ(®) (lorcaserin HCl) Phase 3 clinical trial program will be presented at the 49(th) Annual Meeting of the European Association for the Study of Diabetes (EASD) at Barcelona, Spain: September 23-27, 2013. BELVIQ (pronounced BEL-VEEK) is approved by the US Food and Drug Administration for chronic weight management, and is available by prescription in the United States. BELVIQ( )is believed to decrease food consumption and promote satiety by selectively activating serotonin 2C receptors in the brain. The exact mechanism of action is not known.
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