Today's Early Winners and Losers

Shares of LTX (LTXX Quote) surged in late trading Tuesday after the maker of semiconductor test systems posted better-than-expected third-quarter results and gave a fourth-quarter projection well above forecasts. The company said it swung to a third-quarter profit of $8.1 million, or 13 cents a share, from a charge-laden loss of $45.7 million, or 75 cents a share, a year earlier. Sales for the quarter ended April 30 jumped to $56.3 million from $25.5 million. Analysts polled by Thomson First Call expected earnings of 9 cents a share and sales of $52.7 million.

For the fourth quarter, LTX forecast earnings of 22 cents to 24 cents a share, with revenue of $68 million to $70 million. Wall Street had forecast earnings of 11 cents a share and sales of $57.1 million. LTX shares advanced $1.26, or 22%, to $7.07 after-hours.

Photronics (PLAB Quote) shares advanced after the chip-equipment maker's fiscal second-quarter sales topped forecasts. The company posted net income of $5.3 million, or 12 cents a share, including a charge of 22 cents a share related to restructuring and a gain of 4 cents a share from the sale of investments. Analysts, whose forecasts usually exclude one-time items, predicted earnings of 21 cents a share for the April quarter. A year earlier, Photronics earned $10.6 million, or 28 cents a share. Second-quarter sales rose to $119.5 million from $112.9 million, surpassing Wall Street's estimate of $116 million. Shares rose 69 cents, or 3.9%, to $18.50.

Applied Materials(AMAT Quote) shares were lower even after the chip-equipment maker announced second-quarter earnings that topped expectations. The company earned $412.8 million, or 26 cents a share, on sales of $2.25 billion. A year earlier, the company earned $304.8 million, or 18 cents a share, on $1.86 billion in sales. Analysts were expecting earnings of 23 cents a share, with sales of $2.14 billion for the quarter ended April 30. In February, Applied Materials forecast earnings of 22 cents to 23 cents a share on sales ranging from $2.1 billion to $2.14 billion.