Early Stocks in Motion
Avid Technology (AVID) reported a loss of $17.8 million, or 46 cents a share, for the third quarter, reversing a year-earlier profit of $19 million, or 54 cents a share. However, earnings before items were $24.2 million, or 60 cents a share, well above the analyst estimate of 46 cents a share. The maker of digital media production products said revenue for the quarter rose to $204.4 million from $147.4 million last year. Analysts expected revenue of $192.2 million. "We are especially pleased with the performance of our broadcast and storage solutions in our video division," said David Krall, president and chief executive. The stock jumped $4.17, or 9.5%, to $48 in after-hours trading.
Maximum Integrated Products (MXIM) said it earned $105.4 million, or 31 cents a share, for the first quarter ended Sept. 24, down from $144.5 million, or 45 cents a share, a year ago. Excluding items, the company earned $133.2 million, or 39 cents a share, matching analysts' mean estimate. The supplier of analog and mixed-signal products reported revenue for the quarter of $424.4 million, above Wall Street's forecast of $418.1 million. The stock fell $2.92, or 7.5%, to $36.04 in after-hours trading.
TechTeam Global (TEAM) said it earned $1.23 million, or 12 cents a share, for the third quarter, down from $1.52 million, or 16 cents a share, a year ago. The information-technology outsourcing provider said revenue rose 21.4% to $41.3 million from $34 million last year. The two analysts polled by Thomson First Call had an average estimate for the company to earn 18 cents a share on revenue of $44.2 million. The stock was down $1.90, or 15.6%, to $10.25 in after-hours trading.
@Road's (ARDI) third-quarter earnings rose to $33.4 million, or 54 cents a share, from $2.9 million, or 5 cents a share, a year ago. The results included a tax benefit of $34.2 million. The provider of mobile resource management said revenue rose 31% to $25 million from $19.1 million last year. Analysts expected a loss of 3 cents a share on revenue of $23.5 million. "We believe that market momentum continues to build, and we are looking for customer demand for both our hosted solutions and licensed software to continue to grow," said Krish Panu, president and chief executive, in a statement. The stock was up 55 cents, or 12.4%, to $4.99 in after-hours trading.
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