Tuesday's Tech Winners & Losers
iRobot (IRBT) shares jumped 17.7 %, adding $3.09, to $20.60 on Tuesday after the company said second-quarter revenue grew 33.5% to $34.6 million, up from $25.9 million for the same quarter one year ago. Guidance for the full year is $182 million to $192 million.
It narrowed its loss to $1.8 million, or 8 cents a share, compared with a loss in the second quarter of 2005 of $3.1 million, or 30 cents a share.
"iRobot reported another strong quarter, with sustained growth and product momentum throughout the first half of 2006," Colin Angle, co-founder and CEO of the company, said in a statement. "The increased acceptance of our robots and iRobot's ability to effectively execute on its plans are key drivers behind the company's success."
Powerwave Technologies (PWAV) plummeted 16.4 % on Tuesday after falling short of the Street's second-quarter earnings forecast. The wireless communications product company earned $12.6 million, or 10 cents a share, vs. $13 million, or 11 cents a share, a year earlier.Excluding items, Powerwave made $17.5 million, or 13 cents a share. On that basis, the company missed the Thomson First Call average by a penny. Sales grew to $232.4 million from $186.3 million, but fell short of analysts' projection of $247.2 million. Shares fell $1.30 to $6.64. eBay (EBAY) also slipped on Tuesday, falling 1.7% after an analyst cut his price target to $28 from $35 on the stock. Benjamin Schachter of UBS noted that "we believe that Ebay's multiples have come down more precipitously because of increased concern about the core marketplace business." "Until investors see declining growth in the core business stabilize, newer initiatives are not likely to have a meaningful impact on the stock," he noted Monday. UBS does and seeks to do business with the companies it covers.
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