Thursday February 12, 8:50 pm Eastern Time ( CREAF news )
Creative rises, boosted by Nasdaq gains
SINGAPORE, Feb 13 (Reuters) - Multimedia products company Creative Technology (CREAF - news) rose sharply in early trade on Friday, following a rally on Nasdaq overnight.
At 0135 GMT, Creative jumped 17.65 percent or Singapore $5.40 to S$36 on 133,850 shares.
Analysts said it leapt on Nasdaq on news it was shipping out a new product earlier than expected.
Overnight on Nasdaq, Creative rose US$4\02 to US$22\09.
Earlier this week, Creative said it expected to ship out its first gaming cards based on the 3Dfx Voodoo2 chip by end-February.
''This is 30-60 days ahead of the time expected and is positive,'' said an analyst at a European broking house.
Another analyst at a Singapore broking house said the speed of the product was also faster than expected.
Analysts also said they thought a team of analysts from Goldman Sachs, currently in the U.S. on a marketing trip, was likely to have met Creative and reinforced their buy recommendations.
''Creative is one of the most undervalued stocks with price-earnings of about 10 times, not including one-time items,'' the analyst at the Singapore broking house said. |
