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Technology Stocks : Rockwell-Spins off Conexant (CNXT) -- Ignore unavailable to you. Want to Upgrade?

To: tech101 who wrote (321)	7/22/1999 5:53:00 PM
From: w molloy	Read Replies (1) \| Respond to of 2013

The Motley Fool's Market Movers (Heroes) The Motley Fool - July 22, 1999 17:11 July 22, 1999/FOOLWIRE/ -- Communications chipmaker Conexant Systems (Nasdaq: CNXT) connected for a $7 1/2 gain to $65 1/2 after posting fiscal Q3 EPS of $0.24, up from $0.08 last quarter and $0.05 ahead of the IBES mean estimate. The company had tipped off analysts last month that their earnings estimates for the period were too low, but in subsequent revisions, analysts ended up underestimating the company's growth anyway. Conexant's revenues increased 20% sequentially to $380 million, thanks to 76% sequential sales growth for the firm's network access products. For Q4, the company is predicting 10% sequential revenue growth and higher operating margins than the 8% turned in during Q3. With demand for its remote access components, xDSL chipsets, and CDMA power amplifiers white hot, and revenues rising nearly 50% faster than operating expenses, Conexant looks poised to surprise again in the current quarter. With that in mind, Merrill Lynch and Credit Suisse First Boston both raised their fiscal 1999 earnings estimates today.