Tech Stocks in Motion
Shares of OmniVision Technologies (OVTI) were among technology's winners Friday, surging 19% after the maker of semiconductor image sensors posted second-quarter results that easily outpaced Wall Street forecasts and said that third-quarter results would be well above current expectations.
For the second quarter ended Oct. 31, the company earned $22.6 million, or 41 cents a share, on sales of $126.8 million. Analysts surveyed by Thomson First Call expected earnings of 31 cents a share on sales of $113.7 million. OmniVision earned $17.8 million, or 28 cents a share, on sales of $84.4 million during last year's second quarter. OmniVision said strong demand from mobile handset manufacturers fueled second-quarter sales.
The company sees third-quarter earnings of 42 cents to 47 cents a share on sales of $130 million to $140 million. Analysts had forecast earnings of 33 cents a share and sales of $117.9 million. Shares recently traded up $3.50 to $21.75.
SeaChange International (SEAC) jumped 12% after the digital video systems company reported a narrower-than-expected third-quarter loss. The company posted a loss of $2.1 million, or 7 cents a share, on sales of $35.3 million. Analysts expected a loss of 13 cents a share on sales of $30.3 million. SeaChange earned $5.5 million, or 19 cents a share, on sales of $42.6 million a year ago. Shares were trading up 90 cents to $8.70.Shares of Cognos (COGN) traded heavily after the software company warned that third-quarter results would be below expectations. The company now sees earnings of 28 cents to 31 cents a share, below its September projection of 36 cents to 39 cents a share. The company cut its sales estimate to a range of $209 million to $212 million from $230 million to $237 million. Analysts forecast earnings of 38 cents a share on sales of $233.2 million. "I am extremely disappointed with our performance this quarter," the company said in a statement. "Our forecasting and execution against large sales opportunities were poor, and our management of the transition to our new BI platform, Cognos 8, proved challenging." Cognos will issue complete third-quarter results on Dec. 21. Despite the earnings warning, shares of Cognos were trading up 11 cents to $33.02. The shares traded on volume of more than 8 million shares, compared with the average daily volume of 1.6 million.
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