STOCKS TO WATCH: Brocade Communications, Dell, EMusic.com, Informatica and ITC DeltaCom
Neville:
This is certainly an amusing reaction by the market to the news and these guys turned out to be wrong with respect to BRCD,at least so far.
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By Larry Barrett ZDII
Expect the following technology stocks to be among Tuesday's most actively traded issues: Brocade Communications, Dell, EMusic.com, Informatica and ITC DeltaCom.
Brocade Communications Systems Inc. (Nasdaq: BRCD)
Even at $320 a share, it's safe to assume Brocade's ascent will continue Tuesday after it rolled past analysts' estimates in its fourth quarter, earning $3.6 million, or 12 cents a share, on sales of $30.1 million.
First Call consensus expected the network equipment maker to earn 8 cents a share in the quarter.
Ahead of the earnings report, Brocade shares scampered up $13 a share to an all-time high of $320.
The $30.1 million in sales represents a staggering 457 percent improvement compared to the year-ago quarter when it lost $3.1 million, or 17 cents a share, on sales of $5.4 million.
Since its spectacular initial public offering in May, Brocade shares have made beeline north. The company announced a 2-for-1 stock split on Nov. 8 effective Dec. 3.
For the year, Brocade raked in $2.5 million, or 10 cents a share, on sales of $68.7 million. That's a 187 percent jump in sales from fiscal 1998 when it lost $15.1 million, or 84 cents a share, on sales of $24.2 million.
Analysts were expecting a loss of 2 cents a share in the fiscal year.
zdii.com |
