Tech Stocks in Motion
Updated from 12:41 p.m. EST
Shares of Sunrise Telecom (SRTI) were among technology's winners Thursday, rising 29.2% after the company raised its fourth-quarter sales guidance.
The telecommunications-equipment maker now expects sales of $18 million to $20 million. In October, Sunrise forecast sales of $12 million to $16 million. When the company posts its results on Feb. 1, analysts polled by Thomson First Call are expecting break-even earnings on sales of $13.7 million. Strength in the company's wireless protocol business, coupled with a weak dollar that boosts its export business, led to the revised fourth-quarter outlook. Shares traded up 78 cents to $3.45.
Open Text (OTEX) rose 3.1% after the software company said its second-quarter results would top expectations. Adjusted earnings are now expected to be between 26 cents to 30 cents a share on sales of $110 million to $113 million. Previously, it expected earnings of 18 cents to 26 cents a share on sales of $100 million to $106 million. Analysts had been expecting earnings of 23 cents a share on sales of $103.4 million. "Our second-quarter results demonstrate that the IXOS integration continues to be on track, and we are experiencing strong demand from the cross-selling of Open Text and IXOS products," the company said. Shares traded up 61 cents to $20.32.Shares of Overland Storage (OVRL) fell 9% after the data storage company cut its second-quarter earnings and sales guidance. The San Diego-based company now expects earnings of 18 cents to 20 cents a share, down from its previous guidance of 20 cents a share. Sales are expected to be down 10% from previous guidance of $69 million. Analysts had been expecting earnings of 20 cents a share on sales of $68.7 million. Overland blamed the shortfall on weaker-than-expected sales to both OEM and branded customers in the Americas region. Overland will report its second-quarter results on Feb. 3. Shares traded down $1.45 to $14.65.
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