Shares of Optelecom-NKF (OPTC) were among technology's winners Tuesday, jumping 14% after the provider of IP-video network products posted big gains in fourth-quarter earnings and sales.
The company earned $1.3 million, or 37 cents a share, up from $419,176, or 3 cents a share, a year earlier. Sales surged to $10 million from $5.4 million. "We continue to see an elevated emphasis in both the public and private sectors on upgrading infrastructure systems for security," the company said. Shares were trading up $2.72 to $22.57.
J2 Global Communications (JCOM - Get Report) rose 3% after the communications-services company said it plans to buy back up to 1 million shares. The repurchase program will extend through Dec. 31, 2008. Shares recently changed hands at $45.30, up $1.43.
Shares of Qualcomm (QCOM - Get Report) rose 2% after the wireless technology company lifted its second-quarter outlook. The company now sees earnings, excluding items, of 40 cents to 41 cents a share. Previously, the company predicted earnings of 35 cents to 37 cents a share. The company increased its sales projection to a range of $1.75 billion to $1.82 billion from a prior range of $1.63 billion to $1.73 billion. Analysts polled by Thomson First Call project earnings of 37 cents a share on sales of $1.71 billion. Qualcomm attributed the increased guidance to higher-than-expected shipments of mobile-station modem chips. The company now sees shipments rising to 47 million to 48 million, up from an earlier view of 44 million to 46 million.Separately, Qualcomm raised its quarterly dividend rate to 12 cents a share from 9 cents. Shares were trading up $1 to $48.24. Microchip Technology (MCHP - Get Report) traded actively after the company raised its fourth-quarter earnings and sales estimates. The chip company now sees earnings of roughly 35 cents a share for the quarter ending March 31, with sales of $243 million to $245 million. Previously, the company predicted earnings of roughly 34 cents a share and sales of $242 million. Analysts project earnings of 34 cents a share and sales of $242.1 million. "We are experiencing broad-based strength by end markets, geographies, sales channels and product lines," the company said. Despite the better-than-expected outlook, shares were trading down 51 cents to $35.58.