Tech Stocks in Motion
Shares of Phazar (ANTP) were among the winners of technology stocks Friday, soaring 50% after the antenna maker posted big gains in second-quarter earnings and sales.
For the quarter ended Nov. 30, the company earned $699,000, or 30 cents a share, on sales of $3.8 million. During the year-earnings period, the company earned $505,000, or 21 cents a share, on sales of $3.3 million. Shares recently were trading up $5.23 to $15.75.
Lucent Technologies (LU) fell 3% after the telecom equipment maker cut its 2006 sales forecast and projected first-quarter sales below Wall Street's estimate. The company now says that 2006 sales growth likely will be flat to up in the low-single-digit range. Previously, the company predicted sales would rise in the mid-single-digit range. For the first quarter, Lucent sees sales of about $2.05 billion, down from fourth-quarter sales of $2.43 billion. Analysts polled by Thomson First Call had been projecting first-quarter sales of $2.44 billion and full-year sales of about $10 billion. Lucent blamed the sales shortfall on lower sales in the U.S. and China. "While we are clearly disappointed, we consider this to be a temporary setback to the progress we have made, and we are confident that our performance will be much stronger for the remainder of the year," the company said.
Separately, Lucent said it named Frank D'Amelio chief operating officer. D'Amelio, who currently serves as chief financial officer, will continue to serve in his CFO capacity until a replacement is found. In his new role, D'Amelio will be in charge of overseeing sales, the products groups, the service business, the supply chain, IT operations and labor relations, the company said. Shares of Lucent were recently trading down 9 cents to $2.62.Shares of Arrowhead Research (ARWR) fell 4% after the nanotechnology concern said it plans to sell about 5.6 million shares of restricted stock to York Capital Management and Knott Partners for about $19.6 million, or $3.50 a share. The sale price represents a 25% discount to Thursday's closing price of $4.67. "This capital infusion enables Arrowhead to expand its existing subsidiaries and make additional strategic investments and acquisitions, as appropriate," Arrowhead said. Shares were trading down 18 cents to $4.49.
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