CBS:After Hours It's a tech buyers market after hours
www2.marketwatch.com
By Nicole Maestri, CBS.MarketWatch.com
Last Update: 5:20 PM ET Feb 14, 2001
NEW YORK (CBS.MW) - The regular-session buying interest in technology
shares continued during Wednesday's after-hours session.
Shares of computer heavyweights Cisco (CSCO: news, msgs) and Sun Microsystems
(SUNW: news, msgs) posted gains, and software company Oracle (ORCL: news,
msgs) ticked up.
In the fiber-optics area, JDS Uniphase (JDSU: news, msgs) , Broadcom (BRCM: news,
msgs) , Juniper Networks (JNPR: news, msgs) , Ciena Corp. (CIEN: news, msgs) and
Sycamore Networks (SCMR: news, msgs) all added to regular-session gains.
Separately, shares of Rare Medium and Arch Wireless surged in Island trading. Rare
Medium shares climbed nearly 19 percent after the company beat quarterly
expectations, and Arch bounced up 25 percent after saying it received a $250 million
payment from Nextel Communications.
Shares of Nvidia and Wireless Facilities rose after the companies posted
better-than-expected quarterly results, while Credence Systems' shares slipped after
the company reported numbers.
In the broader markets, the Nasdaq battled its way back into the plus column to register
a 2 percent gain, getting a lift from a strong performance by semiconductor stocks.
The Dow Jones Industrial Average remained lower but managed to erase over half of
its losses courtesy of smart gains in its technology components. Read Market Snapshot.
Rare Medium
Rare Medium (RRRR: news, msgs) reported earnings of $3.5 million, or 6 cents per
share, compared with $3.2 million, or 4 cents per share, for the comparable quarter a
year ago.
The New York-based Web hosting and consulting company was expected to report
earnings of 2 cents per share, according to First Call/Thomson Financial.
On Island, Rare Medium shares traded at $2.65. Shares finished the regular session up
5.7 percent to $2.31.
Arch Wireless
Arch Wireless, Inc. (ARCH: news, msgs) said it has received the advances from
Nextel Communications (NXTL: news, msgs) for $250 million under its previously
announced agreement to sell 900 MHz Specialized Mobile Radio licenses.
Under the agreement and after regulatory approval, Nextel will acquire the SMR
licenses held by a subsidiary of Arch for $175 million and will invest $75 million in a
new Arch equity issue.
Arch shares closed up 3.7 percent to 88 cents.
Credence Systems
Credence Systems (CMOS: news, msgs) reported first-quarter figures 3 cents a share
ahead of the First Call/Thomson Financial estimate, but off from last year's numbers.
The maker of test equipment for the semiconductor industry reported earnings of
$154.7 million, or 27 cents a share, down from $16.9 million, or 35 cents a share,
during the same quarter last year.
Sales grew by 21 percent, reaching $123.2 million.
On Friday, the maker of automatic test equipment for the computer chip industry said it
would cut 14 percent of its work force due to weakened order activity and
lower-than-expected revenue.
Credence shares traded down 63 cents to $22.63 on Island after shares of the Fremont,
Calif.-based company closed up $1.63 at $23.35.
Wireless Facilities
After the market closed Wireless Facilities (WFII: news, msgs) , which plans, designs,
deploys, and manages wireless networks reported a better-than-expected fourth-quarter
profit.
The company posted earnings of $12.1 million, or 24 cents a share, compared with the
year-ago total of $4.6 million, or 11 cents a share. Analysts polled by First Call
expected a profit of 22 cents a share.
San Diego, Calif.-based Wireless Facilities said revenue totaled $80.1 million, up 124
percent compared with the year-ago period.
The stock closed up 50 cents to $30.75 and added another $2.50 to trade at $33.26 on
the Island ECN.
Nvidia
Nvidia Corp. (NVDA: news, msgs) , which manufactures graphics cards for
multimedia computer programs, beat fourth-quarter earnings expectations.
The Santa Clara, Calif.-based tech. company reported earnings of $31.1 million, or 38
cents a share, vs. $14.6 million, or 19 cents a share, during the same quarter last year.
Nvidia was expected to earn 37 cents per share, according to First Call.
Revenue jumped 70 percent, reaching $218.2 million.
Shares traded at $50.23 on Island after closing up $3.25 at $47.69 ahead of the news |
