one potential source of RSYS jump since RSYS does some business with TEK:
(note: I was told by someone who works close to RSYS that RSYS is screaming for every available technical hand they can find due to increased demand for their products)
16:06 DJS Tektronix Stock Jumps Amid Earnings Increase, Job Cuts
6:06 DJS Tektronix Stock Jumps Amid Earnings Increase, Job Cuts
NEW YORK -(Dow Jones)- Shares of Tektronix Inc. jumped Thursday after
the company late Wednesday announced first-quarter net income rose 18% and was
in line with analysts' estimates. News of job cuts also aided the advance.
At the close Thursday, the stock (TEK) was up $5, or 8.02%, to $67.375
on volume of more than 1.1 million shares. Average daily volume is almost
200,000 shares.
The maker of color printers and other networking hardware said
first-quarter net income was $26.7 million, or 80 cents a share, compared with
$22.7 million, or 69 cents a share, in the year-earlier period. A First Call
survey of nine analysts had predicted net income of 79 cents a share in the
recent period.
The company reported sales increased 9% to $481.3 million.
Meanwhile, the company said it will cut 250 jobs from its video and
networking unit to reduce costs, and take a charge of up to $55 million to
reflect those cuts.
First Call predicts Tektronix will earn 93 cents a share in the second
quarter. In the year-ago second quarter, Tektronix reported earnings of $26.5
million, or 81 cents a share, on sales of $477 million.
The company said employees affected by the cut will be offered
positions in other units where possible.
Tektronix said it named a new president to head the unit, and will
streamline product offerings and reduce the unit's cost structure. A list of
candidates wasn't available.
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All Rights Reserved.
09/18 4:06p CDTEOF |
