Last Week's Biggest Stock Movers: Drug Trials and Tribulations

Bradley C. Bower/Bloomberg/Getty Images In any given week, some stocks are sure to shoot up, and others will plummet. The big gainers inspire us to keep investing. The presence of the decliners keeps our greed in check while reminding us about the risks of the equity markets. Let's go over some of last week's best and worst performers. Avanir Pharmaceuticals (AVNR) -- Up 64 percent last week Last week's biggest gainer was Avanir Pharmaceuticals. The volatile biotech soared after revealing favorable clinical trials data on its AVP-923 drug candidate that treats agitation associated with Alzheimer's. This is a major hurdle cleared on the long path to gaining regulatory approval, but this is just the second of three clinical trial phases that Avanir needs to shine through to get its treatment on the market. Novatel Wireless (NVTL) -- Up 33 percent last week Novatel Wireless moved higher after IT products distributor and services provider Synnex announced an expanded deal to offer Novatel products throughout the U.S. and Canada. H.C. Wainwright followed by initiating coverage of Novatel with a buy rating and a $4 price target that it deems as conservative and one that it's likely to raise "sooner rather than later." Apogee Enterprises (APOG) -- Up 14 percent last week There weren't too many companies reporting quarterly results last week, but Apogee was one that managed to shine through. The provider of value-added glass products and services saw revenue soar 30 percent in its latest quarter. Adjusted earnings climbed 67 percent to $0.35 a share, beating Wall Street expectations. The strong showing finds Apogee raising its outlook for fiscal 2015. VirnetX (VHC) -- Down 65 percent last week The market's biggest loser was VirnetX, shedding nearly two-thirds of its value after an unfavorable patent ruling. The U.S. Court of Appeals for the Federal Circuit rejected a jury award of $368.2 million that VirnetX initially won against Apple (AAPL) in 2012 for patent infringement related to virtual private networking and FaceTime. Investors were hoping that VirnetX would not only hold on to the initial jury award but also see it expanded in light of subsequent Apple product releases. Rite Aid (RAD) -- Down 18 percent last week Drugstore operator Rite Aid posted better-than-expected results -- the chain's eighth consecutive quarterly profit -- but came undone with a problematic outlook for the balance of the year. Lower reimbursement rates and leaner margins on new generics are forcing Rite Aid to lower its profit guidance for the entire year. Rackspace (RAX) -- Down 17 percent last week Web-hosting specialist Rackspace was booted offline after announcing that it is no longer looking to be acquired. Rackspace excited investors in May by announcing that it was putting itself up on the block, but a lack of interested buyers willing to pay an acceptable premium didn't help. It also introduced a new CEO to oversee Rackspace's newfound emphasis on making things work as a stand-alone company. The market wasn't happy with the announcement. "Based on Rackspace's reaccelerated revenue growth and its potential trajectory for the coming year, the board concluded the company is best positioned to maximize shareholder value by executing its strategy as the #1 managed cloud company," the company explained. Top-line growth hasn't been an issue at Rackspace. The problem is that profitability has taken a step back in recent years as intensified competition from tech giants has resulted in margin-smashing price wars. Rackspace may think that it's better off as a swinging single, but the market doesn't seem to think so. More from Rick Aristotle Munarriz
•For Sony, It's Not 'Game Over' -- Yet •Wall Street This Week: Earnings from Nike, AutoZone and More •Could McTablets Help McDonald's Start Paying $15 an Hour?

Apple set to unveil new iPhones and iWatch

  The iPhone evolved NEW YORK (CNNMoney) Tim Cook & Co. are set to unveil the latest iDevices Tuesday.

At an event in Cupertino, Calif., Apple (AAPL, Tech30) is widely expected to unveil a pair of larger iPhones, an "iWatch" smartwatch and a mobile payments system.

The two new iPhones, likely to be dubbed "iPhone 6" are rumored to have screens that measure 4.7 inches and 5.5 inches, up from just four inches on the iPhone 5S. The larger iPhones could have scratch-resistant sapphire crystal screens along with bigger batteries to power the larger displays.

The iPhones are expected to feature Apple's new iOS 8 software, a relatively minor update from iOS 7. Among the bigger iOS 8 additions is new HealthKit application that monitors users' heart rates, sleep, weight and blood pressure among other health-related information. IOS 8 will also feature HomeKit, a new platform for people to control all the items in their homes with the iPad or iPhone.

The company may also unveil an "iWatch" smartwatch, its first wearable device. The iWatch is expected to pair with the new iPhones to display notifications, and it will likely have some health and fitness features. Oh, and it will tell time too -- we're pretty sure of that.

Google (GOOGL, Tech30) has already unveiled its smartwatch software called "Android Wear." Samsung (SSNLF), Motorola, LG and other gadget makers have already launched smartwatches, which have received mixed reviews and tepid interest from consumers.

  The Moto 360 in 60 (seconds)

Apple is also expected to launch a mobile payments platform that works with the new iPhones and iWatch. Using a technology called "near field communications," or NFC, the new iDevices will be able to interact with payment terminals in a simple tap. Apple reportedly has deals in place with the major credit card companies, including American Express (AXP), MasterCard (MA) and Visa (V).

NFC chips can also be placed in stickers. NFC stickers are a convenient way to quickly change a phone's settings -- say, silence a phone with a tap of an ! NFC sticker that's on your desk. The technology has been used in Android and Microsoft (MSFT, Tech30) Windows phones for years, but Apple has resisted putting NFC in the iPhone.