From Briefing.com: 5:35PM Tuesday After Hours price levels vs. 4pm ET: The after hours session is sporting a positive disposition thanks to a number of better than expected quarterly reports. The S&P futures, at 1049, are 1 point above fair value, while the Nasdaq 100 futures, at 1428, are 5 points above fair value. Encouraging reports from technology companies mostly have supported forecasts of stronger 2H03 corporate growth, and lent support to the Nasdaq's 46% rally year-to-date.
Despite its own 82% run since January, Intel (INTC 31.74 +0.66) has managed to tack on further gains following its Q3 (Sept) report. The semiconductor company turned in a 79% sequential increase in EPS, to $0.25, that were $0.02 ahead of the Reuters Research consensus estimate. Revenues rose 15% sequentially, to $7.83 bln (consensus of $7.72 bln), and contributed to an over 900 basis point expansion in gross margins, to 58.2%. Management said that Q4 (Dec) revenues should be $8.1-8.7 bln (consensus of $8.3 bln), gross margins should be 60% (plus or minus a couple points), and capex should be $3.6-3.7 bln versus the previous expectation of $3.5-3.9 bln. Shares of related companies such as AMD and TXN have also traded higher.
Another semiconductor company, Linear Tech (LLTC 42.09 +0.09), reported Q1 (Sep) earnings of $0.22 per share, which were a penny better than the Reuters Research consensus estimate. Net sales rose 23% to $174.1 mln due to improved demand for portable product areas such as cell phones, notebook computers and high-end portable consumer products. Should these trends continue, Linear Tech expects similar percentage growth sequentially in sales and profits in Q4.
Shares of Novellus (00C0 37.85 +0.43) have also found a bid following the chip maker's Q3 (Sept) report and Q4 (Dec) guidance. The company said that net sales were down 8%, to $221.1 mln (consensus of $220.3 mln), and EPS was $0.04. The latter was $0.04 ahead of the consensus expectation calling for breakeven. As for its Q4 outlook, NVLS said that (among other things) SAB 101 revenues should be $210-220 mln with its best estimate at $214 mln, and EPS should be $0.02-0.07 with its best estimate at $0.05. The Reuters Research consensus estimates were set at $0.05 for EPS and $242.8 mln for revenue. For the complete details behind NVLS's outlook, be sure to visit Briefing.com's In-Play page.
Powerwave (PWAV 7.45 -0.14) stock has gotten hit in the after hours trade following the communications equipment company's Q3 (Sept) earnings miss. Powerwave reported a net loss of $0.08 per share, a penny below the consensus estimate calling for a loss of $0.07, on revenues that fell 31% to $63.2 mln. Looking to Q4 (Dec), the company expects to complete its restructuring efforts and anticipates another sequential improvement in quarterly revenues, with net sales pegged at $65-75 mln (consensus of $69.2 mln).
In the biotech space, IDEC Pharmaceuticals (IDPH 34.86 +0.73) reported an 18% increase in EPS, to $0.26, that was in line with the consensus estimate. Total revenues rose 34%, to $138.5 mln, due largely to the $134 mln recorded for IDEC's joint business arrangement with Genentech (DNA) for the commercialization of Rituxan, a non-Hodgkin's lymphoma drug. The latter figure was largely expected following Genetech's Q3 (Sept) report last week that showed a 26% increase in Ritxuan sales, to $371.7 mln.
For complete coverage on these, and other developments, be sure to visit Briefing.com's In Play, Earnings Calendar, and Guidance pages.-- Heather Smith, Briefing.com |
