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Looking ahead, BMC Software forecast second-quarter pro forma earnings of 20 cents to 25 cents a share, in line with expectations, on sales of $355 million to $370 million, which compares to the $360 million that analysts had been expecting. For fiscal 2006, the company now expects pro forma earnings of 90 cents to 96 cents a share, up from previous guidance of 86 cents to 92 cents a share. Sales are now expected to be between $1.49 billion and $1.52 billion, up from previous guidance of $1.48 billion to $1.5 billion. Analysts had been expecting earnings of 86 cents a share on sales of $1.48 billion. Shares were trading up $1.59 to $20.41.

Shares of Analog Devices (ADI) fell 5% after the chip maker previewed third-quarter results that were weaker than expected. The company expects to report earnings of 31 cents a share, which is at the low end of its previous guidance, on sales of $580 million to $585 million, which is down 3% to 4% on a sequential basis. In May the company said it would earn 31 cents to 33 cents a share and post sequential growth that would be flat to up 3%. Analysts had been expecting earnings of 33 cents a share on sales of $617.2 million. Analog Devices blamed the sales shortfall on a $23 million sequential decline in sales of GSM/GPRS base band chipsets to wireless handset customers in Asia. Shares were trading down $1.89 to $38.83.

Overland Storage (OVRL) fell 19% after the company said that Hewlett-Packard (HPQ) would not buy its next-generation tape automation product line. Overland expects H-P to start purchasing the first product of the new line from an alternate supplier during calendar 2006. "Although H-P will continue to purchase the tape automation products currently supplied by Overland for some time, the new product will eventually replace the majority of those purchases," Overland said. Even though Overland will have a lower sales base, it said, the company expects its gross margin percentage to increase significantly as it concentrates on branded sales. Finally, the company said that it can't predict how quickly the transition will take place, but it believes the impact to sales will be minimal during its current fiscal year, which ends June 30, 2006. Shares were trading down $1.85 to $7.80.

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