Tech Stocks in Motion
Updated from 12:27 p.m. EDT
Shares of PacificNet (PACT) were among technology's winners Monday, rising 14% after the company posted a big jump in first-quarter results.
The information technology services company earned $415,000, or 4 cents a share, on sales of $9.1 million. Earnings came in at the top end of the company's guidance, and sales were better than the $8.5 million to $9 million that PacificNet had forecast.
According to Thomson First Call, the one-analyst estimate called for earnings of 3 cents a share on sales of $8.5 million. A year ago, the company earned $141,000, or 2 cents a share, on sales of $3.5 million. Looking ahead, PacificNet forecast second-quarter earnings of $550,000 to $700,000, or 5 cents to 6 cents a share, on sales of $10.5 million to $12 million. That's in line with the one-analyst earnings forecast of 6 cents a share on sales of $10.5 million. Shares traded up $1.04 to $8.49.Simclar (SIMC) fell 23.8% after the company disappointed investors with its first-quarter results. The electronics contract manufacturer posted earnings of $293,000, or 5 cents a share, on sales of $12.4 million. A year ago the company earned $481,000, or 7 cents a share, on sales of $12 million. In the most recent period, Simclar said it experienced gross margin pressures in one business sector and a loss in one of its manufacturing facilities. The company expects the facility to return to profitability during the third quarter. Inefficiencies associated with the start-up of a new facility also hurt first-quarter results. Shares traded down $1.18 to $3.77. Shares of InfoSpace (INSP) rose 3.6% after the company announced plans to repurchase up to $100 million of its stock. "Our strong cash position and profitability provide us with the flexibility to repurchase shares while continuing to invest in future growth." As of March 31, InfoSpace had cash and marketable investments of about $384 million and no debt. Shares traded up $1.04 to $30.26.
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