Today's Tech Winners and Losers
Shares of Marvell Technology (MRVL) were among technology's winners Friday, rising 10% after the chipmaker posted better-than-expected first-quarter results.
The company earned $75.3 million, or 23 cents a share, on revenue of $521.2 million. Excluding items, Marvell earned $141.1 million, or 44 cents a share. Analysts polled by Thomson First Call expected earnings of 42 cents a share, before items, on revenue of $516.9 million. During the year-earlier period, the company posted adjusted earnings of $84.2 million, or 27 cents a share, on revenue of $364.8 million. "We are having strong success in driving the adoption of our advanced technologies into a number of exciting high-volume consumer and enterprise markets," the company said,
Looking ahead, Marvell forecast second-quarter revenue of $580 million to $585 million, including $30 million from the printer semiconductor business that it recently acquired. Analysts project revenue of $548.8 million. Shares were trading up $4.85 to $54.56.
SafeNet (SFNT) shares plunged 20% after the network-security company said it received a subpoena from the U.S. Attorney for the Southern District of New York related to the company's stock option grants. The company also said the Securities and Exchange Commission has launched an informal inquiry into the company's accounting policies and practices, including stock option grants that were awarded to directors and officers of the company. SafeNet said it is "actively engaged in responding to these requests, and will cooperate fully with both offices." Shares were down $3.78 to $15.43.Shares of Supertex (SUPX) rose 9% after the chipmaker posted better-than-expected fiscal fourth-quarter results. The company earned $5.1 million, or 37 cents a share, for the quarter ended April 1. Revenue totaled $24 million. Analysts expected earnings of 32 cents a share and revenue of $22.2 million. A year earlier, the company earned $433,000, or 3 cents a share, on revenue of $11.8 million. "The quarter was characterized by continued top-line growth, both in our focused markets and in our key territories," Supertex said. "The growth was driven primarily by our medical ultrasound and electroluminescent driver product lines, resulting from our increased investment in new product development over the past years." Shares were trading up $3.42 to $40.03.
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