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Stock Market Digest: Generics drug major Actavis plc (NYSE:ACT), Iridium Communications Inc. (NASDAQ:IRDM), Ruckus Wireless Inc (NYSE:RKUS)

Boston, MA 06/02/2014 (wallstreetpr) – Generics drug major Actavis plc (NYSE:ACT) is out to spoil the party for the Swiss-based AstraZeneca plc (ADR) (NYSE:AZN). ACT filed an Abbreviated New Drug Application with the U.S Food and Drug Administration (FDA) in attempts to seek market approval for a generic version of AstraZeneca’s type 2 diabetes drug known as Onglyza. However, ACT also announced that AstraZeneca filed a lawsuit with a U.S. District Court to derail its attempts to bring a generic version of Onglyza to the market. AstraZeneca is among the several drug companies that are fighting off generic competition for their bestselling products. Pfizer Inc (NYSE:PFE), a giant U.S. drug company, is also facing potential revenue loss due to generic competition.

Despite the fact that AstraZeneca is up in arms to stop Actavis plc (NYSE:ACT) in its tracks in developing a generic version of Onglyza, ACT hopes that it will get its way eventually. ACT’s plans for the future are big and visible. The company plans to invest about $48 million to expand or reactivate two of its manufacturing facilities in Puerto Rico.

Iridium Communications Inc. (NASDAQ:IRDM) will continue to offer satellite connectivity solutions to SkyBitz to support the latter’s SkyBitz as a Service (SBS) offering. The expansion of the agreement between the two companies will see the clients of SkyBitz enjoy enhanced asset remote tracking and management solutions. IRDM said its new deal with SkyBitz also eliminates the need for upfront capital investment on the side of SkyBitz’s clients. The new agreement also extends the score of the satellite connectivity offering.

Ruckus Wireless Inc (NYSE:RKUS) has reportedly been hired by the world’s Internet engine Google Inc (NASDAQ:GOOG) to build Wi-Fi networks for businesses across the U.S. The large-scale Wi-Fi network will be cloud-based. Google seeks to entice small and mid-sized businesses into its public network with free hotspot service.

Ruckus Wireless earned 5 cents per share in 1Q2014 released on April 30. Analysts expected earnings of 4 cents per share for the quarter.

Published by Steve Hackney

Steve Hackney is a corporate finance professional with over 14 years of experience in cash management and investing. He earned a Bachelor of Science in Finance from Florida State University and holds a Certified Treasury Professional certification. Steve lives in Orlando, Florida with his family.

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