Dow Jones Newswires -- April 10, 1997
Technology Stocks Active In N.Y. After-Hours Trading
NEW YORK (Dow Jones)--A slew of technology companies reported earnings after the close of the market Thursday, sparking a series of ater-hours trades.
PT Discount Brokerage trader Rick Marolda said shares of Western Digital Corp. (WDC) were trading at 65 7/8. The stock closed at 66 1/8.
Western Digital reported better-than-expected third-quarter earnings of $1.76 a share, compared with 42 cents a year ago and a First Call Inc. consensus estimate of $1.45.
Despite reporting better-than-expected earnings, C-Cube Microsystems Inc. (CUBE) dropped to 25 3/4 from its close of 27. The company said it earned 41 cents a share in the first quarter, compared with 38 cents a year ago and a First Call estimate of 39 cents.
Marolda said shares of Cascade Communications Corp. (CSCC), after reporting lower-than-expected first-quarter earnings, were trading at 30 1/4, off their close of 30 3/8. Cascade reported an operating net of 15 cents a share, compared with 11 cents a year ago and a First Call estimate of 19 cents.
Other technology stocks were also active on the back of earnings news: Microsoft Corp. (MSFT) rose to 97 1/2 from its close of 96 3/4; 3Com Corp. (COMS), which closed at 32 5/8, was trading at 32 1/2; Ascend Communications Inc. (ASND) dipped to 46 1/4 from 46 3/8; and Tellabs Inc. (TLAB) rose to 38 from 37 7/8.
In unrelated trades, Marolda said shares of Boston Scientific Corp. (BSX) plummeted to 53 from 60 1/2.
Boston Scientific said it expects its first-quarter earnings to be ''significantly'' below views, citing revenue growth and foreign exchange rates for the weaker period.
Finally, shares of BE Aerospace Inc. (BEAV) rose to 23 3/8 from a close of 23 1/4 following a better-than-expected fourth-quarter earnings release. The company earned 29 cents a share, compared with a loss of $1.77 a year ago and a First Call estimate of 28 cents. |
