ADC, Agilent, Autodesk, more
By Debra McGarry, CBS Marketwatch
Last Update: 6:49 PM ET Aug 17, 2000
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U.S. stocks to watch
ADC Telecommunications (ADCT: news, msgs) posted third-quarter
earnings of $137 million, or 20 cents a share, excluding non-recurring
charges and acquisitions, up 163 percent from last year's profit of $48
million, or 7 cents, in the same period last year. The results were a nickel
a share above analysts' consensus estimate. The supplier of network
equipment, services said quarterly sales soared 67 percent, year-to-year,
to $891 million from $535 million. ADC shares added 2 13/16, or 6.7
percent, to close at 44 3/8 in the regular trading session.
Agilent Technologies (A: news, msgs) reported net income rose 15
percent to $155 million, or 33 cents a share in the second quarter, up
from $135 million, or 29 cents a share in the year-ago quarter. Analysts
expected earnings of 20 cents, according to First Call. The company
earned about 29 cents a share in the quarter when accounting for stock
appreciation rights. Agilent shares rose 3 to close at 46 1/2. See full story.
Autodesk (ADSK: news, msgs) recorded better-than-expected pro forma
earnings of $25.3 million, or 43 cents a share, 2 cents above analysts'
average estimate, according to First Call. In the comparable quarter of
1999, the Internet and software portal services provider made $5.7
million, or 9 cents a share. Quarterly sales increased more than 10 percent
to $226.3 million from $202.9 million last year. Autodesk shares fell 1
1/16 to finish trading at 23 7/8.
After the closing bell, Concurrent Computer Corp. (CCUR: news, msgs)
said fiscal fourth quarter revenue advanced to $18.4 million from $16.2
million recorded in the same period a year earlier. Video-on-demand
revenue soared 36 percent, quarter-to-quarter, to $5 million. The
company incurred a net loss of $1.7 million, or 3 cents a share, mirroring
Wall Street estimates and 2 cents narrower than last year's loss of $2.5
million, or 5 cents. The stock leaped 20 percent, or 2 9/16 to 15 3/8.
Ditech Communications Corp. (DITC: news, msgs) reported
better-than-expected pro forma earnings of $14.2 million, or 47 cents a
share, in the fiscal first quarter, 8 cents ahead of Wall Street estimates. In
the year-ago quarter, the company made $940,000, or 4 cents a share.
Revenue surged more than 300 percent to $43.5 million from $9.8 million
recorded in the same quarter of 1999. Ditech is a telecommunications
equipment supplier for voice and data networks. Shares closed up 2
11/16 at 56 3/4.
Gadzoox Networks Inc. (ZOOX: news, msgs) announced, after the
market closed, that its chief financial officer, Christine E. Munson, has
decided to leave the networking service provider for San
Francisco-based Liquid Thinking, a venture accelerator of new economy
companies. After nearly a three-year stint at the company, Christine will
step down in late September. Gadzoox shares closed off 1/8 at 8.
Medquist (MEDQ: news, msgs) announced, after the closing bell, that its
chief financial officer John R. Emery has stepped down to pursue personal
interests. Medquist is the largest electronic medical transcription service
company in the U.S. The stock closed down 9/16 at 21 15/16.
Following the closing bell, Portal Software Inc. (PRSF: news, msgs)
reported net income of $5.6 million, or 3 cents a share, beating the
consensus estimate by 2 cents a share. Revenue totaled $64.5 million, up
210 percent, compared with the year-ago total and up 28 percent
compared with the first quarter. Shares closed up 5/16 to 56 7/16.
After the market closed, ScanSource (SCSC: news, msgs) reported
positive fourth quarter net income of $5.1 million, or 85 cents a share,
compared with $2.2 million, or 39 cents a share, in the year-ago period.
Analysts polled by First Call expected a profit of 50 cents a share.
Revenue reached $149.9 million, up 59 percent compared with the
year-ago total of $94.5 million. The company cited sales growth in its
business telephone and computer telephony unit. Shares closed down 1/4
at 41.
U.S. advancers for Thursday
Agilent (A: news, msgs) shares improved 7 percent as the diversified
technology company is expected to report on its fiscal third quarter after
the close of the regular trading session. First Call pegs the average analyst
estimate of earnings at 20 cents a share. Agilent shares rose 3 to close at
46 1/2.
Ciena (CIEN: news, msgs) shares jumped 10 percent after the telecom
company registered third-quarter earnings of 19 cents a share, surpassing
the First Call consensus estimate by 2 cents. Ciena reported earnings of 1
cent a share in the year-ago period. Revenue for the quarter came in at
$233.3 million, up a heady 80 percent compared to the year-ago period.
The stock added 15 15/16 to 179 3/16. See full story.
Delia's Inc. (DLIA: news, msgs) shares surged 39
percent after ITurf Inc. (TURF: news, msgs) said
it had agreed to recombine with teen-targeted
e-tailer Delia's in a stock deal. ITurf said it would
issue 1.715 shares for each Delia's share. In April
of last year, ITurf was spun off from Delia's.
Delia's shares advanced 27/32 to 3 1/32 while
ITurf shares lost 25/32, or 26 percent, to 2 7/32.
Elan Corp. (ELN: news, msgs) shares advanced 11 percent after the
Ireland based company and Biogen (BGEN: news, msgs) announced they
are teaming up to develop a potential drug for the treatment of multiple
sclerosis and Crohn's disease. Elan shares rose 5 7/8 to 59 7/8 while
Biogen added 1/4 to 70 1/2. See full story.
Finisar (FNSR: news, msgs) shares bounced up 15 percent after the
provider of fiber optic products said it expects fiscal first quarter revenue
to rise 95 percent, year-to-year, and projected a per-share profit of 3
cents per share. Analysts polled by First Call had forecast a profit of 2
cents a share. Finisar shares rose 4 11/16 to 34 15/16.
ONI Systems (ONIS: news, msgs) shares moved
up 14 percent after the company said it won a
multi-year contract with Qwest Communications
(Q: news, msgs) for optical networking equipment
that will support the delivery of high-speed, local
broadband connectivity to customers in a major
metro market. The amount of the contract wasn't
disclosed. ONI shares added 13 7/16 to 108
15/16.
U.S.-listed shares of Britain's Smallworldwide PLC
(SWLDY: news, msgs) soared 122 percent after
GE Power Systems, a unit of General Electric (GE:
news, msgs), agreed to acquire the software maker
for about $210 million, or $20 per share, in cash.
Smallworldwide shares rose 10 13/16 to 19 11/16,
a new 52-week high. GE's stock edged down 1/8
to 56 11/16. See full story.
U.S. decliners for Thursday
Argonaut Technologies (AGNT: news, msgs)
shares tumbled 21 percent, extending Wednesday's 5 percent drop.
Earlier in the week, US Bancorp Piper Jaffray initiated the stock with a
"strong buy" rating. Argonaut, which went public in July, produces
technology to accelerate drug development. Shares fell 3 11/64 to 11
15/16.
CMI Corp. (CMI: news, msgs) shares slumped 22 percent after the
maker of equipment for heavy-duty construction said it was restating its
first-quarter results to a loss of 5 cents a share. The company had
previously reported a profit of 5 cents. For the second quarter, the
company said it lost 38 cents a share, compared to a profit of 24 cents it
earned in the year-earlier period. Also, CMI said that it was not in
compliance with certain financial covenants. CMI fell 5/8 to 2 3/16.
Shares of GlobalNet Financial.com (GLBN: news, msgs) sank 18 percent
after the online information group agreed to acquire Telescan worth about
$332 million. Telescan provides Internet services to U.S. financial
services. GlobalNet, which operates Web sites, saw its shares fall 2 7/16
to 10 3/4.
Hewlett-Packard (HWP: news, msgs) shares fell 3.3 percent amid debate
about how the tech giant treated its earnings report. The company posted
better-than-expected earnings of $1.05 billion, or 97 cents a share in the
third fiscal quarter, compared to $853 million, or 71 cents a share, in the
same period of 1999. Analysts polled by First Call had forecast a profit of
85 cents a share. Banc of America Securities lowered its rating on H-P to
a "buy" from a "strong buy." H-P shares fell 3 5/8 to 108. See full story.
Oneida (OCQ: news, msgs) shares sank 20 percent after the flatware
maker recorded lower-than-expected earnings of 20 cents a share,
excluding restructuring charges in the second quarter, compared to 46
cents, in the comparable quarter of 1999. Analysts polled by First Call
had projected a profit of 48 cents a share. Sales edged down to $104
million from last year's $109 million. The company blamed lower than
anticipated department store sales. In a separate release, Oneida
announced various strategic actions. Oneida shares fell 3 5/16 to 13 3/8.
PeoplePC Inc. (PEOP: news, msgs) shares slumped 23 percent a day
after its market debut. The computer services specialists' stock fell 2 1/16
to 6 13/16. The stock opened at 10 Wednesday before closing lower.
See full story.
The Titan Corp. (TTN: news, msgs) shares dropped 16 percent. The
technology company said that an August 14 Bloomberg report incorrectly
stated that Titan planned to spin-off its stake in its subsidiary SureBeam
Corp. Titan shares fell 4 9/16 to 23 1/4.
Debra McGarry is a reporter for CBS.MarketWatch.com. |
