Tech Stocks in Motion
Shares of FileNet (FILE) were among technology's winners Tuesday, rising 6% after the company posted second-quarter results that topped forecasts.
The software company reported earnings of $8.7 million, or 21 cents a share, on sales of $104.6 million. Analysts surveyed by Thomson First Call were expecting earnings of 19 cents a share on sales of $103.2 million. A year ago the company earned $2.2 million, or 5 cents a share, on sales of $94.1 million. "We are proud of our results for this quarter, the best second quarter we have ever had, with strong revenue growth and expanded margins and earnings per share," the company said. Shares were trading up $1.56 to $28.82.
Faro Technologies (FARO) fell 12% after the company said that second-quarter earnings would fall below expectations. Faro expects earnings to be significantly less than the 29 cents a share that it earned a year ago. Analysts had been expecting the company to post earnings of 32 cents a share during the second quarter. Faro blamed the shortfall on lower gross margin, higher SG&A expenses as a percentage of sales, and a short-term inability to ship late-arriving orders. As for sales, the company expects about $30.9 million. Analysts are expecting sales of $30.4 million. A year ago the company posted sales of $24.1 million. Shares were trading down $3.19 to $24.52.
Shares of Check Point Software (CHKP) rose 8% after the company reported second-quarter earnings that topped forecasts and lifted its full-year earnings estimate. The network security company earned $78 million, or 31 cents a share, on sales of $144.6 million. Excluding items, the company earned $79.8 million, or 32 cents a share. Analysts were expecting earnings of 30 cents a share on sales of $144.3 million. A year ago the company posted pro forma earnings of $65.9 million, or 25 cents a share, on sales of $126.9 million. Looking ahead, Check Point now expects full-year earnings of $1.23 to $1.28 a share, up from previous guidance of $1.18 to $1.24 a share. Analysts are expecting earnings of $1.24 a share. Shares were recently trading up $1.75 to $23.37.
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