After the Bell: Earnings News Boosts Serena, Triquint
By Vishesh Kumar
Several stocks moved higher on earnings news in a relatively quiet after-hours session. Serena Software, an e-business software provider, jumped $3.48, or 16.2 percent, to $24.98 in late trading. Serena said it sees fourth-quarter revenues ranging from $29.5 million to $30.5 million, below current consensus estimates of $33.8 million. But it said it would meet expected fourth-quarter earnings from operations of $9.8 million to $10.4 million (24 cents to 25 cents a share). The company expects revenues for the full year ending Jan. 31, 2002 of between $135 million and $140 million, with operating earnings of between 95 cents and $1.
Triquint Semiconductor also reported stronger-than-expected profits. The stock is up $3.09, or 9.5 percent, to $35.59
Cisco Systems, which is due to report earnings Tuesday after the close of trading, is down a fraction at $34.50.
Meanwhile, eToys has plunged 55 percent, to 12.5 cents, as the company effectively announced its demise. The company stated it is laying off all 293 of its remaining employees, effective April 6. The company reiterated that it anticipates its current cash – cash equivalents and cash that may be generated from operations – will be sufficient to meet its anticipated cash needs until approximately March 31. But, the company says, "there can be no assurance in this regard." In order to continue operations in 2001, the company said it would require an additional, substantial capital infusion. EToys said it does not believe additional capital will become available to the company. |
