Tech Stocks in Motion
Shares of Multi-Fineline Electronix (MFLX) were among the best-performing technology stocks Thursday, soaring 22% after the company increased its earnings forecast for the current quarter.
The company, a maker of printed circuit and component assembly products for the electronics industry, now expects fiscal first-quarter earnings of $15 million to $17.5 million. In November, Multi-Fineline targeted a profit of $11 million to $12.4 million. The company attributed the raised guidance to leveraging of fixed costs and strong wireless communications sales. The shares recently were up $8.32 to $47.
Integrated Alarm Services (IASG) announced that it hired Allen & Co. to help the company explore strategic options, sending shares up about 5%. The security-alarm services company said the options could include acquisitions, joint ventures, a merger or a recapitalization. Shares were up 14 cents to $2.95.Shares of Cherokee International (CHRK) surged 12% after the maker of power supplies boosted its fourth-quarter revenue projection. The company expects revenue growth to be in the mid-to-high teens percentage from the third-quarter, when the top line came in at $26.4 million. Previously, Cherokee projected mid-teen revenue growth. Cherokee said it is seeing strength in the storage and server markets, as well as demand from its telecom accounts in Europe. The company also has seen a pick-up after customer delays in the second and third quarters. Cherokee shares traded up 50 cents to $4.52. Shares of LivePerson (LPSN) challenged their 52-week high after being initiated with a buy rating at brokerage WR Hambrecht. The company sells software for customer service and other online transactions. Hambrecht, which set a $7.50 price target on the stock, said LivePerson should benefit from currently strong demand for Web analytics and communication technology. The brokerage said revenue growth should be 36% this year and 32% in 2006. Recently, the stock was up 39 cents, or 7.7%, to $5.43. The 52-week range is $2.24 to $5.63.
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