Bought Avant at 9.75-10.00
>Shares of Avant (AVNT: news, chart, profile) soared 55 percent after the company posted its third-quarter report, with revenue topping $100 million. On a pro forma basis, the company, a software provider for integrated circuit design, earned $24.2 million, or 64 cents a share, a 41 percent increase over the year-ago total of $18.4 million, or 45 cents a share. Analysts polled by First Call anticipated a profit of 49 cents a share. Third-quarter revenue totaled $101 million, an 11 percent increase over the year-ago total of $91 million. Including items, the company earned 45 cents a share, compared with the year-ago total of 50 cents a share. "We have strong momentum going into the fourth quarter which we believe should enable us to grow both our revenue and pro forma earnings per share on a sequential basis," said President Paul Lo. Shares traded up $2.96 to $10.10. |
