Tech Stocks in Motion
Updated from 2:13 p.m. EDT
Shares of American Superconductor (AMSC) were among technology's losers Thursday, falling 5.3% after the company posted fourth-quarter sales that fell well below expectations.
The maker of electronic converters posted a loss of $8.2 million, or 28 cents a share, on sales of $12.9 million. Results included a $2.7 million litigation charge. Analysts polled by Thomson First Call were expecting a loss of 19 cents a share on sales of $14.5 million. A year ago, the company reported a loss of $4.5 million, or 16 cents a share, on sales of $11.6 million. Looking ahead, American Superconductor forecast a fiscal 2006 loss of $18 million to $23 million, or 55 cents to 70 cents a share, on sales of $55 million to $65 million. Analysts are expecting a loss of 59 cents a share on sales of $57.3 million. Shares traded down 52 cents to $9.36.
Giga-tronics (GIGA) rose 13% after the company swung to a fourth-quarter profit and posted a 60% jump in sales. The maker of microwave components posted earnings of $203,000, or 4 cents a share, on sales of $5.3 million. A year ago, the company reported a loss of $1.7 million, or 36 cents a share, on sales of $3.3 million. Orders from continuing operations rose 133% over last year and the company's book-to-bill ratio rose to 2.31 from 1.58 a year ago. Shares traded up 51 cents to $4.42.Shares of Global Sources (GSOL) fell 34.9% after the business-to-business media company posted a year-over-year decline in first-quarter earnings and sales. The company earned $2 million, or 6 cents a share, on sales of $22.8 million. A year ago, the company earned $2.6 million, or 8 cents a share, on sales of $23.7 million. Revenue from China accounted for 46% of total sales compared with 44% a year ago. Looking ahead, Global Sources forecast second-quarter earnings of 7 cents to 9 cents a share on sales of $30 million to $31 million. For the entire year, the company expects earnings of between 20 cents and 25 cents a share on sales of $109 million to $111 million. Shares traded down $3.32 to $6.20.
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