Covad shares reverse course
By Jason Margolis, CBS.MarketWatch.com
Last Update: 5:07 PM ET Sep 11, 2000 NewsWatch
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NEW YORK (CBS.MW) - Covad Communications (COVD: news, msgs) shares jumped 10 percent just before the close of the regular session, after the company announced it expects it will beat Wall Street expectations. But shares fell in after-hours trading.
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Updated:
9/11/2000 4:24:06 PM ET
Also active during the late session were Oakley, PRI Automation and Solectron.
Shares of Covad were the most actively traded after the closing bell on Island ECN. Minutes before the closing bell, the company announced a $600 million deal with SBC Communications to provide DSL to the local phone carrier for six years.
Covad, a Santa Clara, Calif.-based broadband services provider, said it expects to reach an installed subscriber base of 200,000 by the end of the quarter.
Covad also announced that they plan to issue $500 million of convertible notes due 2005.
After the market closed, shares were active on Island, down 93 cents to $19.43, after closing up $2 to 20.38.
After the market closed, Oakley (OO: news, msgs) said that based on current sales trends, the company expects to beat the third-quarter consensus estimate from Wall Street.
The company anticipates sales of $100 million, with earnings of 21 cents a share. Analysts polled by First Call currently expect 18 cents a share.
Last year, the company reported sales of $70.8 million, and earnings of 15 cents a share. The company noted that several of its key eyewear styles are contributing to this strong sales growth.
Oakley shares were active after closing, rising 56 cents to $17.06 after closing down 81 cents at $16.50.
PRI Automation (PRIA: news, msgs), announced that it anticipates lower-than-expected revenues of $84 million for the fourth quarter ending Sept. 30.
PRI expects income for the quarter to break even, compared with net loss of $5.1 million, or 23 cents per share, for the same quarter 1999.
A survey of analysts conducted by First Call expected earnings of 52 cents per share.
Shares of PRI were up 24 cents to $42.93 on Island ECN after closing down 94 cents to $42.69.
Electronics manufacturer Solectron (SLR: news, msgs) reported after the bell that fourth-quarter income reached $171 million, or 27 cents per share. This compares to $103 million, or 17 cents per share the same quarter a year ago.
Profits exceeded a survey of analysts by First Call by .01 cent.
Reported sales were a record $4.7 billion, a 75 percent increase from $2.7 billion in the same quarter a year ago.
Solectron shares rose 19 cents to $47.69 in after-hours trading, after closing the day down $1 at $47.50. |
