Tech Stocks in Motion
Shares of Adobe Systems (ADBE) were among technology's winners Friday, rising 9% after the software maker posted third-quarter earnings that topped Wall Street forecasts.
The company earned $144.9 million, or 29 cents a share, on sales of $487 million. Excluding items, the company would have earned $146.4 million, or 29 cents a share. Analysts surveyed by Thomson First Call were expecting earnings of 27 cents a share on sales of $487 million. A year ago the company earned $104.5 million, or 21 cents a share, on sales of $403.7 million.
Looking ahead, Adobe forecast fourth-quarter earnings of 27 cents to 29 cents share on sales of $490 million to $510 million. Analysts had been expecting earnings of 28 cents a share on sales of $508.5 million. Shares were recently trading up $2.44 to $29.34.
InFocus (INFS) fell 7% after the company announced the resignation of its chief financial officer and laid out plans to restructure its business. Roger Rowe, who most recently served as corporate controller, will replace CFO Mike Yonker. Rowe's appointment is effective immediately. Yonker, meanwhile, will stay with InFocus through the rest of the year and serve in a transitional role.The company also said it will simplify its business and reduce operating expenses by 20% to 25% from second quarter of 2005 levels. InFocus said it will no longer invest in developing thin displays leveraging its technology and plans to exit the business for those products. The company is also evaluating headcount and discretionary program spending in all areas of the company infrastructure, it said. "Our performance to date has made it clear that the time for decisive action is now," the company said. "To return the business to profitability, we must become a more focused company." Since the beginning of the year, shares of InFocus have fallen by about 64%. Shares were recently trading down 24 cents to $3.22.
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