After-Hours Update: GBE, LLY, GNBT
Tuesday, October 19, 2021 8:39 PM

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Grubb & Ellis Co. (NYSE: GBE) slumped more than 19% in late trading after the company said that it expects to report revenue of approximately $144 million and negative adjusted EBITDA of approximately $3 million. The company believes that, while it remains on track to meet its full-year revenue guidance, it no longer expects to achieve its previously announced full-year adjusted EBITDA target of $10 million to $15 million. Full-year adjusted EBITDA for 2010 is now expected to be negative, but management anticipates that adjusted EBITDA for the fourth quarter of 2010 will be positive, representing an improvement in each quarter of 2010. The company cited weakness in its Investment Management segment, including equity raised and delays in the receipt of certain Investment Management fees as the primary causes for the reduced full-year performance.

Eli Lilly and Company (NYSE: LLY) announced late Tuesday that the U.S. Food and Drug Administration has issued a complete response letter regarding the New Drug Application for BYDUREON (exenatide extended-release for injectable suspension). In the complete response letter the FDA requested a thorough QT study with exposures of exenatide higher than typical therapeutic levels of BYDUREON. Shares of the drugmaker dropped more than 2% in extended trading.

Generex Biotechnology Corporation (NASDAQ: GNBT) announced Tuesday that on October 19, 2021 the NASDAQ Listing Qualifications Panel notified the Company that the Panel has determined to delist the Company's common stock from the NASDAQ Capital Market and will suspend trading of the stock effective at the open of trading on Thursday, October 21, 2021 as a consequence of the Company's non-compliance with NASDAQ's minimum $1.00 per share closing bid price requirement. Shares of the company sank more than 19% in after-hours trading.

Disclosure: Author doesn't own any of the stocks discussed here.

 

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Market news:

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                    • BAGHDAD - Iraq's prime minister appealed to the country's political factions for unity after formally accepting on Thursday a request by the president to form the next government, part of a deal to end an eight-month deadlock over who would lead the country the next four years.
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