More news...
NEW YORK, July 15 (Reuter) - Shares in Ascend
Communications Inc dropped by nearly two points in after-hours
trade Tuesday after the networking solutions company released
earnings results that were under expectations, traders said.
Dealers said Ascend traded at 52 after the bell, below an
unofficial close of 53-7/8.
The company posted second quarter earnings of $0.31 per
share before merger costs, compared with $0.23 per share for
the year ago period.
According to First Call, analysts' consensus forecast the
earnings results would come to $0.36 per share.
Also causing commotion after the bell was Intel Corp, the
world's largest semiconductor manurfacturer.
Dealers said Intel traded at 83 after-hours, well above an
unofficial close of 80-29/32, also after releasing second
quarter earnings performances.
The company reported earnings of $0.92 per share on
revenues of $6.0 billion, compared with $0.59 per share on
revenues of $4.6 billion for the year-ago period.
Analysts had forecast that Intel would post earnings of
$0.90 per share.
Elsewhere, Amgen Inc (NASDAQ:AMGN) edged downward by 1/4 point,
hampered by second quarter earnings of $0.72 per share,
compared with $0.64 for the same period in 1996.
Dealers said the biotechnology company's stock price fell
to 57 during a busy after-hours trading session, down from
57-1/4 at the U.S. market close.
"It's still pretty heavy after the bell," a trader said
late in the session.
The accelerated trading followed an equally busy day on
Wall Street. The Dow Jones Industrial average jumped 53 points
to close at 7976, while the Nasdaq Composite added 18 points,
rising to 1542.
The New York Stock Exchange said session one volume was
40,400, compared with 104,600 on Monday. Session two volume
fell to 629,189 from 3,801,339 the previous day.
Copyright 1997, Reuters News Service
Happy Investing!
Vanni |
